Featured Jobs
|
Strategic Retirement Plan Consultant Retirement Plan Consultants
|
|
MAP Retirement
|
|
Retirement Relationship Manager MAP Retirement
|
|
DWC - The 401(k) Experts
|
|
Pattison Pension
|
|
MAP Retirement
|
|
Defined Benefit Plan Consultant/Actuarial Analyst Sentinel Group
|
|
Plan Administrator, Defined Benefit & Cash Balance The Pension Source
|
|
Sentinel Group
|
|
Regional Vice President, Sales MAP Retirement
|
|
BPAS
|
Free Newsletters
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
|
|
|
About Reporting Those Late Deposits to 403(b) Plans
The Business of Benefits 
[Guidance Overview] Oct. 9, 2013
"Though late deferrals to an ERISA 403(b) plan do need to be reported under the Compliance portion of the Form 5500 Schedule H or Schedule I, Form 5330 cannot be filed -- in spite of the silence in the Form 5500 instructions.... Late ERISA 403(b) deposits are, however, violations of ERISA's prohibited transaction rules under ERISA Section 406. This means that the DOL's Voluntary Fiduciary Compliance Program (VFCP) does apply to these deposits.... [M]any auditors pick up the posting date of the contribution to the participant's contract, and claim that the late posting represents a late deposit, and a prohibited transaction. This is not the rule."
|
| Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
| An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |