403(b) Reporting requireements

[Guest asonneberg]

What information must be reported on a summary annual report for a 403(b) Plan subject to ERISA?

It is clear that such a plan must file a Form 5500 and it is also clear to me that all ERISA plans must distribute a summary annual report.

The required information on a 403(b) Form 5500 is very limited (basic plan information; no financial or participant data). Based on the 5500, a SAR for a 403(b) wouldn't tell the participants much of anything.

Any help is appreciated.

[Ellie Lowder]

In fact, there is rarely a common trustee in a 403(b) plan, and many plans are funded with individual contracts. I am told that the SAR requirement is rarely met in an ERISA 403(b) plans, and that explanation to the DOL that plan assets are directly owned by the participant who receives statements directly from the product/investment providers has been acceptable.