Insurance Companies

[Jilliandiz]

I have a takeover Erisa 403(b) audit...with a calendar year end. The Life INsurance Company holds the assets and does the TPA work on this plan, but they said they will not any info until September?? How can that be? Don't they have to have all info released by April 30? Can someone help me understand why it might be taking them so long to provide the client with any year end information?

[Ron Snyder]

Sounds like the insurance company should be replaced with someone who does their work timely.

[Lori Friedman]

Why is a 403(b) plan being audited?

[Jilliandiz]

Because its an ERISA Employer plan, I guess its always been audited...are they not required to be audited? This is my first 403b plan and our company has it as a takeover?

Any input would be appreciated.

[Jilliandiz]

Can a nonprofit have a regular 401K plan only? Maybe its a regular 401k plan? We have been provided no information thus far..I was just told I was to do an audit for a nonprofit retirement plan...I assumed it was a 403b plan?

[Lori Friedman]

What's your organization's exempt status? Is it exempt under I.R.C. Sec. 501©(3)?

Yes, any exempt organization can sponsor a 401(k) plan, but only a 501©(3) organization can offer a 403(b) arrangement.

[E as in ERISA]

Some sponsors choose to have large plans audited even if not legally required by ERISA. Large plans with lots of money that look very similar to a 401(k). For reasons similar to those underlying the legally required audits.