Raffa Resources
Raffa Resources
Raffa Resources

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​403(b) Plan ResourceCenter

Section 403(b) of the Internal Revenue Code has been in place since 1958.  On July 26, 2007 the Department of Labor issued final regulations, effective for tax years beginning after December 31, 2008, that made significant changes to the regulations governing section 403(b) plans.

Beginning with 2009 Form 5500 filings, employee benefit plans under section 403(b) of the Internal Revenue Code that are sponsored by charitable organizations and covered under the Employee Retirement Income Security Act of 1974 (ERISA) will be subject to the same reporting and audit requirement that currently exist for section 401(k) plans.

Beginning with 2009 plan year Form 5500 filings, ERISA-covered 403(b) plans with 100 or more eligible participants at the beginning of the plan year that file the Form 5500 as a large plan are required to have an annual audit of their financial statements.

The following are some tools and resources that should help you further understand these new 403(b) plan rules: