ERISA 403(b)

[rlb64]

Are ERISA 403(b) plan subject to the full content requirements of summary annual reports?

[Ron Snyder]

Governmental plans: No

Non-profit entity plans: Yes

[Lori Friedman]

Yes, a 501©(3) organization's ERISA 403(b) plan is required to distribute a Summary Annual Report. Just as the plan has limited reporting requirements for Form 5500, however, it also prepares a pared-down version of the SAR.

Don't include the SAR section for "Basic Financial Statement". You don't fill in any of the blanks about plan assets, liabilities, revenue, and expenses. Those numbers are taken from Schedule H (or Schedule I), which isn't filed by a 403(b) plan. Also, there's no trust for 403(b) plan assets; the assets are held in annuity contracts and/or custodial accounts, and they're really not plan assets.

If you do an internet search, you'll find numerous examples of SARs for 403(b) plans.