N-2018-95: 403(b), relief for part-time employees from "once-in-always-in" condition
Internal Revenue Service (IRS) sent this bulletin at 12/04/2018 02:32 PM EST
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Issue Number: N-2018-95Inside This IssueNotice 2018-95 provides transition relief from the “once-in-always-in” (OIAI) condition for excluding part-time employees under § 1.403(b) 5(b)(4)(iii)(B) of the Treasury Regulations. Under the OIAI exclusion condition, for a § 403(b) plan that excludes part-time employees from making elective deferrals, once an employee is eligible to make elective deferrals, the employee may not be excluded from making elective deferrals in any later exclusion year on the basis that the employee is a part-time employee. In addition, in applying the OIAI exclusion condition for exclusion years after the transition relief ends, this notice provides a fresh-start opportunity for plans. Notice 2018-95 will be in IRB 2018-52, dated December 24, 2018. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |