Tax-Sheltered Annuity Plan (TSA plan)

Remember that you are eligible to sign up for these plans anytime through Carruth Compliance Consulting (CCC).  If you already participate, they also manage any plan changes (amounts, vendors, etc). 
IMPORTANT INSTRUCTIONS FOR 2021 ELIGIBILITY AND LIMITS ANNOUNCEMENT

Eligibility and Universal Availability

Federal regulations require that employers sponsoring 403(b) plans meet certain Universal Availability (UA) rules. Generally, universal availability means that if an employer permits one employee to defer salary into a 403(b) plan, the employer must extend this offer to all employees, other than those whom the plan allows to be excluded. All eligible employees must receive meaningful notice of their right to participate in the plan, this notice is referred to as the UA notice. Failure to provide such notification is considered by the IRS to be a plan defect, which would be time consuming and expensive to correct.

UA Notices for Distribution

Carruth Compliance Consulting (CCC) provides draft UA notices to our clients for distribution to employees that include updated compliance limits for next year and your plan-specific contributions and catch-ups. Click one of links below to access your UA notice:

Distribution and Documentation

The announcement should be distributed in either November or December to all employees, additional notifications are encouraged as well. Please use the 2021 Universal Availability Survey as a guide for distribution to employees and a tool to document appropriate UA notification in the event of an IRS audit of the 403(b) plan. In addition to completing the survey, we recommend that you further document distribution internally by doing the following:

  • Create a physical file specifically for annual notice tracking;
  • Keep a copy of the notice in the form it was distributed; and
  • Document when and how the notice was distributed.

Contribution Limits for 2021: $19,500.00 Basic Limit, $6,500.00 Age 50+ Catch-up Limit.

This Email message has been delivered to the following individual or individuals.

 

  1. Linda Murray (North Marion) - linda.murray@nmarion.k12.or.us
  2. Amy Lieuallen (North Marion) - amy.lieuallen@nmarion.k12.or.us
Please let us know if anyone should be added to or removed from this list, as well as if you have any other questions or concerns.

 

With best regards,
CCC Management Team
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Carruth Compliance Consulting, Inc.
11515 SW Durham Road, STE E-10
Tigard, OR   97224
Toll-free: 877-222-3090
503-968-8961
www.ncompliance.com

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