403(B) Plans

A type of defined contribution plan, 403(b) plans are retirement plans offered to employees of tax-exempt or non-profit organizations such as public schools, colleges, hospitals, libraries, philanthropic organizations and churches. We service a variety of 403(b) plan clients in New York, New Jersey, Maryland, Virginia and Washington, D.C., as well as throughout the United States.

At Buchbinder, employee benefit plans are a priority. We have been conducting audit and assurance services for more than 60 years. Our partners are efficient and effective, therefore, keeping your cost down. A quality audit will provide the trustees, directors, and/or administrator with information to help them more efficiently run the plan.

Exceptions to ERISA

Unlike 401(k) plans, some 403(b) plans may be exempt from ERISA regulations. According to the law, ERISA does not apply to any employee benefit plan that is a “governmental plan” or “church plan.” Public schools are also not subject to ERISA because they are considered governmental entities. 403(b) plans sponsored by entities that have 100 or more eligible participants are required to file audited financial statements and Form 5500. Smaller plans will still need to file Form 5500, but will be eligible for an audit waiver.

There is an increasing amount of requirements that non-profit and tax-exempt organizations need to be aware of in order to remain in compliance. We understand that in many cases, organizations may not have the resources or the time to monitor everything on their own. Our partners are constantly staying informed about new laws and regulations. We consider it our responsibility to inform you of any changes that will impact your organization. We take your fiduciary responsibility seriously.

Similar to 401(k) plans, 403(b) plans are employee benefit plans for non-profit and tax-exempt organizations. Does ERISA require your plan to have an audit? Our experienced team monitors the changing Department of Labor regulations and keeps on top of everything that affects your organization.