Believe it or not, we are about to enter the last quarter of 2020. With this in mind, ADMIN Partners would like to remind 403(b) Plan Sponsors of their 2020 Universal Availability requirement and how we can help!
UNIVERSAL AVAILABILITY
Each year, the IRS requires 403(b) retirement Plan Sponsors to notify all eligible employees that the Plan is available for their participation. As we enter the last few months of 2020, ADMIN Partners would like to remind our Plan Sponsors of this requirement and encourage you to administer Meaningful Notice to your employees if you have not done so already.
Along with this reminder, ADMIN Partners supports our Plan Sponsors in this effort by providing resources that help satisfy the Universal Availability (UA) requirement. Click the image below to check out our Universal Availability portal which provides more information on UA and provides you access to free templates which can be used when providing your employees with Meaningful Notice.
While you’re there, we also encourage our Plan Sponsors to complete our Universal Availability Completion Checklist. Doing so allows ADMIN Partners to maintain the confirmation of the UA requirement for the Plan should the Plan face an audit in the future. ADMIN will keep record of this data and can provide historical documentation to the Plan upon request.
Looking for more? Be sure to check out our comprehensive blog posts on UA and contact a member of the ADMIN team with any questions you have surrounding your Plan’s UA requirement at 877-484-4400, Option 1.