Tax Shelter Annuity Information for Employees403(b) - 403(b) Roth - 457Frequently Asked Questions
1. What is the ISD 622 tax shelter annuity (TSA) program?
The District provides an opportunity for any employee to deduct a certain portion of his/her salary and place it into a tax deferred investment. This program is regulated by the IRS who determines the annual allowable maximum contribution and all other rules and regulations governing the program.2. Who is eligible to participate in the TSA program?The plan is open to all employees of District 622.3. Where can I review the District’s list of vendors?Please click here for the most recent approved list of vendors.
4. Where do I send my completed salary reduction agreement?The completed Salary Reduction Agreement should be sent to the Benefits Office in Human Resources in the District Education Center. See the top of the Salary Reduction Agreement for address and fax number. Incomplete forms will be returned and not processed.5. What is a Third Party Administrator?A third party administrator (TPA) is an outside company hired by a school district to administer the 403(b) plan on behalf of the district.
6. Why did the district choose to use a Third Party Administrator?
ISD 622 does not have the necessary staff currently employed who have either the time or expertise to manage the tax shelter annuity requirements. It was deemed more cost effective to hire an outside party to run the program rather than hiring a specialist to perform those duties in-house. In addition, the TPA will assure that all IRS rules are met and will ensure that the District is held harmless in the event of any errors. Almost all school districts in the metropolitan area have TPA’s to perform this function.7. Who should I call if I have questions about my 403(b) plan?Questions such as hardship transfers, loans, or rolling over a tax shelter annuity may be directed to: Leslie Gubbe, Educator Benefits Consultants, LLC, 763-689-0111, email@example.com
General questions regarding the tax shelter annuity plan such as match eligibility, please contact the District Benefits Office at 651-748-7492
8. How can I get advice concerning 403(b) investments?
The District is not in a position to provide investment advice to employees. You may contact individual vendor providers for that information. Please see the 403(b) Plan Checkup for ISD 622 that was conducted January 2014 for a comparison of the various District plans.