METLIFE RESOURCES OFFERS IRS FORM 5500 FILING SERVICES
NEW YORK, March 23, 2010
MetLife Resources, a division of MetLife, today announced that it has made available IRS Form 5500 filing services to its clients as part of its continuing efforts to offer guidance to employers working to meet the new 403(b) regulations.
As a result of updated requirements announced by the U.S. Department of Labor last year, 403(b) plans subject to the Employee Retirement Income Security Act (ERISA) must now file an expanded Form 5500 for plan years beginning January 1, 2009 or later. Prior to January 1, 2009, ERISA 403(b) plans generally filed an abbreviated Form 5500. Effective for plan years beginning January 1, 2009, this limited reporting exception no longer applies and ERISA 403(b) plans will now be subject to the same annual reporting requirements as any other ERISA tax qualified retirement plan, such as a 401(k) plan. As part of its Form 5500 filing services, MetLife Resources offers clients a submission-ready Form 5500 and applicable schedules using information for assets record-kept by MetLife and other information provided by clients.
“Since the new 403(b) guidance was announced in 2007, employers have encountered a number of related challenges. MetLife Resources is committed to helping its clients meet their new compliance obligations as effectively as possible,” says Thomas G. Hogan, Jr., senior vice president and head of MetLife Resources. “As a result of the regulations, plan sponsors are facing many new demands. We are working to help our clients confidently address these new requirements.”
Under the new regulations, plans may also be subject to audit. MetLife Resources provides its clients with a standard auditing package, featuring a detailed Annual Plan Report that includes information about plan assets, as well as copies of supporting documentation, such as check copies or form copies. MetLife Resources also offers plans and auditors access to step-by-step support from compliance specialists. MetLife Resources’ services also include:
- A consolidated Form 5500 reflecting each outside service provider under the plan;
- A web interface enabling plan sponsors to file their Form 5000 electronically, in addition to video demonstrations on how to do so; and
- Information and support on how to obtain electronic signature credentials.
To further guide its employer clients, MetLife Resources has developed a communications program that includes a hard copy summary, Changes to Form 5500 Filing Requirements, as well as a client webcast to provide additional information and address client inquiries.
About MetLife Resources
MetLife Resources, a division of MetLife, provides retirement plan and other financial services to healthcare, education, and not-for-profit organizations. MetLife is a subsidiary of MetLife, Inc. (NYSE: MET), a leading provider of insurance, employee benefits and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions. For more information, visit www.metlife.com/mlr