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Aviben strives to make things easier for its clients by keeping abreast of laws, rules, and regulations and brainstorming ways to simplify compliance. We would like to introduce you to a new enhancement we have made to our 403(b) Administration and Compliance System (ACS) related to the Universal Availability Notice.
It is the responsibility of the plan sponsor to be sure that all employees receive a Universal Availability Notice at least annually. This notice can be emailed, mailed, faxed or given to each employee at some point during the year. Aviben is implementing a tool in our software that serves as a reminder that it is time to send out the notice.
As of Monday September 25, 2023 the ACS system will have a new look once you log in. You will see a red bar across the top of your home page. This bar will be red the first time you login, which will generally be a notification that something needs to be done by you, the employer. However, as long as you have already sent your Universal Availability Notice to your employees for the year, you just need to attest that this has been completed by clicking on the red bar.
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