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Universal Availability in 403(b) Plans [2019]
Date: 11/21/2019 Start Time: 12:00 PM (ET) Duration: 60 Min.

Description

With the upcoming end to the 403(b) remedial amendment period (and the adoption of plan documents by more 403(b) sponsors), the IRS is focusing more attention on 403(b) plans. One of the primary focuses in IRS examinations of 403(b) plans is the universal availability requirement. A 403(b) plan, unlike a 401(k) plan, does not have an ADP test. However, 403(b) plans are subject to the universal availability rule (elective deferral nondiscrimination requirement). In general, the universal availability rule requires a 403(b) plan to cover all employees and prohibits the plan from imposing an eligibility requirement with respect to elective deferrals. However, the rule does permit the plan to exclude certain employees (e.g., the 20 hour/week exclusion).

The exclusions come with very specific rules. In recent guidance, the IRS has provided some flexibility with respect to universal availability as to exclusions for ERISA plans and with respect to the application of eligibility requirements for 403(b) plans. Because the universal availability requirement continues to be a hot topic for IRS examiners, understanding the universal availability rule, the exclusions and the recent flexible IRS interpretations is absolutely necessary for all 403(b) practitioners

In this 60-minute webcast, we provide you with an understanding of the universal availability requirement and explain how to correct a violation of this important 403(b) requirement.

Topics include:
  • Universal availability requirement
  • Plans exempt from the requirement
  • Exclusions
  • New IRS guidance
  • ERISA vs. non-ERISA plans
  • 20 hour/week exclusion and the "once in always in" rule
  • Correction of failure
Prerequisites:

There are no prerequisites or other advanced preparation for this program. The instructor will assume attendees have a minimum of one year of experience.

Level: Beginning
Instructional Delivery Method
Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: David Schultz, J.D.

Objectives: After attending this Web seminar, an attendee should be able to:

  • Explain the universal availability rule
  • Apply the exclusions
  • Implement new IRS guidance
  • Design plans to take advantage of the new guidance
  • Correct a plan that has violated the universal availability requirement
  • Apply properly the 20 hour/week exclusion

How to participate

Please connect at least 10 minutes prior to the event to troubleshoot any issues. You will need a phone and internet access. The graphics presentation and illustrations will be viewed via the web connection, while the presenter's audio portion will be via the telephone. Important Note: The user registrant must be logged in via the internet for CE purposes. Select the "Fees" link on the right side menu of this page for more information.

System Requirements for Webex

WebEx supports both Windows and Mac operating systems. For Windows, we recommend using Internet Explorer 11 or Microsoft Edge browsers. For Mac, we recommend using Google Chrome or Mozilla Firefox browsers. For the easiest connection to the event without the need to download any additional software, try the new Webex web app by clicking on the "Join by browser" link below the login fields. Then connect by telephone as prompted.

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