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Universal Availability Notices

Q. If an ERISA-exempt 403(b) plan has been closed to new participants and that is indicated in their plan document, do they still need to send an Annual Meaningful Opportunity Notice?

A. I am assuming that the plan is frozen. If that is the case, then yes, a universal availability notice is not required. Remember the employer still will need to restate their plan by March 31, 2020 onto a pre-approved plan.