Attached is an electronic copy of TSA Consulting Group, Inc.’s (TSACG) 2020 403(b) Meaningful Notice (MN)/Plan Information brochure. This electronic version of our MN is provided to (Streetsboro City Schools, OH) as requested, in lieu of or in addition to printed materials, for posting on the District’s internal Intranet site as well as emailing to District employees. Please note that TSACG does not authorize any editing/changing of this electronic document, and TSACG retains all Copyright authority governing this document.
DOCUMENT LINK: STREEOHB4595_3_33
IRS regulations state that, “The universal availability requirement of section 403(b)(12)(A)(ii) provides that all employees of the eligible employer must be permitted to elect to have section 403(b) elective deferrals contributed on their behalf if any employee of the eligible employer may elect to have the organization make section 403(b) elective deferrals.” The position of TSACG is that all employees, regardless of status (full or part-time) are eligible to participate in the 403(b) plan. In other words, any employee with wages reported on a W-2 should be considered eligible to make elective deferrals into a 403(b) account under the plan. Please be advised that school board members and/or trustees continue to be ineligible under IRS rules. While it is true that current regulations allow a Plan Sponsor to exclude employees that normally work less than 1000 hours per year based upon each of the trailing 12 month periods beginning on their hire date, we do not recommend using this exclusion due to the inherent liability of miscalculation in future years and subsequent penalties for operational failures.