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403(b) Universal Availability EPCU Project - FAQs

These frequently asked questions and answers provide general information only and shouldn’t be cited as legal authority. They provide you with information responsive to general inquiries. Because these answers don’t apply to every situation, yours may require additional research.

  1. Does the 403(b) Universal Availability Closing Letter always require schools to make contributions to tax-sheltered annuity plans?
  2. Should the school advise the EPCU that it has made correction?
  3. The closing letter refers to a period of relief for 240 days, is this the time permitted for self-correction?

 


 

Does the 403(b) Universal Availability Closing Letter always require schools to make contributions to tax-sheltered annuity plans?

No. IRS sent the letter to schools where contributions may be necessary to keep their 403(b) plans qualified. The letter is an educational tool to assist schools in determining whether they meet the Universal Availability rule and to explain the appropriate correction methods, if needed.


 

Should the school advise the EPCU that it has made correction?

Not at this time, but this information may be requested in the future as part of a follow-up EPCU project or an audit.


 

The closing letter refers to a period of relief for 240 days, is this the time permitted for self-correction?

Yes, to avoid a sanction due to a Universal Availability failure identified by the EPCU, self-correction needs to be completed within 240 calendar days of the date on the closing letter.

Page Last Reviewed or Updated: 30-Apr-2014