UA and Meaningful Notice
An IRS rule stipulates that if a Plan Sponsor permits one employee to participate in a 403(b) plan, the Sponsor must offer a "meaningful" opportunity to all employees to participate. While certain employees may be excluded from the plan, these limited exclusions require extra scrutiny from the Plan Sponsor and make it easier for the sponsor to mistakenly assume certain employees fall under this exemption.
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Once a year, the IRS requires employers sponsoring a 403(b) Plan to notify all eligible employees of their right to contribute. It can be done in any way that reaches all of them, such as regular mail, internal mail (ex: a paycheck insert), or email.
ADMIN Partners created the below templates for your use, if you choose to use any of them. The majority are Word documents, so they can be customized for each Plan Sponsor.
Standard 403(b) Meaningful Notice Letter: Informs which employees are eligible to contribute to the retirement plan and what they must do. It also has optional Roth language. (See the instructions for this letter)
New Employee 403(b) Notice: Flyer telling a new employee they are eligible to participate in a 403(b) retirement program.
Retirement Savings Opportunity: Flyer encouraging all employees to participate in a 403(b) retirement program.
UA Completion Checklist: an online checklist for notifying your employees and how it can be done. Please fill this out when you have finished for compliance purposes.
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