Plumas Lake Elementary School District

Insurance and Investment Services

2023 Universal Availability Materials - OMNI/TSACG

With the growing reliance on and preference for electronic materials for distribution, which is an IRS acceptable distribution method, U.S. OMNI & TSACG Compliance Services' (OMNI/TSACG) 2023 403(b) Meaningful Notice/Plan Information Brochure (MN) and Annual Retirement Benefits Guide (ARBG) are now provided on Plumas Lake Elementary School's OMNI/TSACG web page at: https://www.tsacg.com/individual/Plan-Sponsor/California/Plumas-Lake-Elementary-School.

What Is Universal Availability/Meaningful Notice?
IRS regulations state that, "The 403(b) universal availability requirement provides that all employees must be given the opportunity to have elective deferrals contributed on their behalf, if any employee is given the opportunity to make elective deferrals." While there are some exceptions to this requirement, it is the recommendation of OMNI/TSACG that all employees, regardless of status (full or part-time) be permitted 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.

OMNI/TSACG web page at: https://www.tsacg.com/individual/Plan-Sponsor/California/Plumas-Lake-Elementary-School.