TAX 9873 Lecture Notes - Lecture 65: Larceny, Mutual Fund

• School: Baruch College
• Department: Tax
• Course: TAX 9873
• Professor: Vitucci

Document Summary

The various possible violations of section 403(b) fall into two distinct categories: those that affect the entire plan and those that affect only the participants whose contracts are involved in the violation. The absence of a written plan document that meets the standards of the regulations; Failure to make elective deferrals available to the extent required by the universal availability principle; Violations of the nondiscrimination rules regarding plan coverage, matching or nonelective employer contributions, or compensation taken into account under the plan; Maintenance of the plan by an ineligible employer; or. The lending of, or other use of plan assets for the benefit of, the sponsor of a plan funded through a retirement income account. Any of these violations means that all contracts of all participants lose their 403(b) status. The second category, which affects only specific participants, includes all other violations, such as the absence of a written plan document that meets the standards of the regulations;