5500/SAR question

[Santo Gold]

This is about as basic a 403b question as it gets: It seems like there is very little in the way of information that is needed when preparing a 5500 for a 403(b). Am I reading the instructions correctly that only the Form 5500 needs filed and that there are no schedules that need to be attached (e.g., not schedule H/I financial information)? Furthermore, participant count information on the 5500 is also not needed (line 6&7)?

Finally, if the above is true, then does the SAR omit the financial and participant count information as well?

Thanks for your help.

[Guest LauraVanSteeter]

Yes.

[jpod]

Santo: You probably know this, but just in case you don't, if the only contributions under the 403b program are employee contributions, you may not need a 5500 at all. Check the instructions.

[Santo Gold]

LVS and JPOD - Thanks for the confirmation. A follow-up rhetorical question (no reply needed) is - given the little information provided on the 5500, what real value is there to the government for requiring a filing every year? Knowing how many 403(b)s are out there? OK; thats the one and only reason I can think of.

[John Feldt ERPA CPC QPA]

Perhaps. Or, that way they can set up an exam (audit) program to look at the compliance (or lack thereof).

[Guest mjb]

The proposed new and improved 5500 will require the same reporting for 403b plans subject to ERISA as 401k plans.