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Universal availability rule compliance is an issue for many 403(b) plans. Following are steps for universal availability compliance and monitoring: For a thorough discussion of issues relating to universal availability compliance, see the 2015 report by the Employee Plans Subcommittee of the IRS’s Advisory Committee on Tax Exempt and Government Entities (ACT), available at ACT, 2015 Report of Recommendations, pp. The plans of private employers, but not governments or churches, are subject to the same as the rules that apply to qualified plans under I.
The DOL has provided guidance on other issues concerning the safe harbor, as discussed in the following sections. § 403(b) are permissible activities that will not take a non-ERISA 403(b) plan out of the safe harbor. The employer may initially not permit elective deferrals based on an expectation they will work less than 20 hours per week and will not exceed 1,000 hours for they year (a permissible exception, as noted above). For example, a school often hires substitute teachers whose work schedule is unpredictable. Unlike the universal availability rule, these nondiscrimination requirements apply on a related-entity basis under the employer aggregation rules of I. §§ 414(b), (c), (m), and (o), rather than just to the employer maintaining the plan. As with employer contributions under a qualified plan, employer contributions, including those made by the employee under a salary reduction agreement, and earnings are not included in the employee’s income until distributed (except for after-tax and Roth contributions).
That is, plans are permitted to incorporate other documents, such as annuity contracts and custodial agreements. Under the safe harbor rules, the employer could presumably limit the funding media or products available to employees, or the annuity contractors who may approach employees, to ones that agreed to include and administer such provisions.