The Internal Revenue Service recently issued new regulations regarding 403(b) plans which significantly increase the administrative and reporting responsibilities of plan sponsors (Seguin Independent School District). These requirements include making the plan sponsor responsible for the review and approval process of any transaction made to any account that is a part of the sponsored 403(b) plan.
In response to these requirements, SISD has contracted with TSA Consulting Group. On behalf of SISD, TSA will be responsible for the approval process of transactions such as Distributions, Enrollment, Exchanges, Transfers, and Rollovers. Upon reviewing submitted paperwork to ensure that the transaction complies with IRS regulations, TSA will forward approved paperwork to your authorized provider who will complete the transaction by disbursing funds directly to you or directly to an account specified by you.
The goal of TSA is to efficiently facilitate the process for you, the participant, as well as SISD, the plan sponsor, and your product provider. We have listed below the steps for enrolling in the plan, as well as steps required for approval of transactions that you may wish to have processed. Carefully reviewing this information and submitting the correct, completed documentation will help ensure that your request will be processed as quickly as possible. If you have questions while preparing documentation, a TSA representative can be reached at 1-888-796-3786.
Participation in your 403(b) retirement plan:
Getting Started
To enroll in the SISD Supplemental 403(b) Retirement Plan, you must do five things:
1. Select the company(s) you wish to invest with from the
List of certified companies on its Web site.
2. Establish an account with that company.
3. Complete the
“Salary Reduction Agreement” (SRA) form, which authorizes SISD to withhold the amount you elect to contribute to your 403(b) via payroll deduction. Your employer will forward the contribution to the investment company on your behalf.
4. Return the completed SRA to SISD by the 5th of the month prior to when your deduction will begin.
Important-You MUST establish an account with your selected provider prior to the date you begin the Salary Reduction. If the account has not been properly established, your contributions will be returned to you and will be taxable. Verifying that account has been established before submitting the SRA will expedite the process and help to avoid having funds returned to you.