WEA Tax Sheltered Annuity (TSA) Trust 403(b)
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1 WEA Tax Sheltered Annuity (TSA) Trust 403(b) The 403(b) offered by WEA Trust Member Benefits provides a retirement savings investment opportunity for all of your employees. We administer all accounts in accordance with Section 403(b) of the Internal Revenue Code and school district plan directives and give careful attention to eligibility, contribution limits, post-employment contributions, and exchange, transfer, rollover, and withdrawal rules. For your employees to participate in our 403(b) program, an authorized representative of your school district (the employer) must have signed a Joinder Agreement and 403(b) Service Provider Agreement with us, as well as provided us with a copy of the district s 403(b) Plan Document. The Joinder Agreement makes the employer a grantor of the WEA TSA Trust 403(b) program and is eligible to offer this program to its employees, including teacher, administrators, office staff, and union and nonunion employees. The 403(b) Service Provider Agreement, Plan Document, and Adoption Agreement provide important information regarding the transactions allowed in your 403(b) plan. We have Joinder Agreements and 403(b) Service Provider Agreements with nearly all Wisconsin school districts. If you do not already offer the WEA Tax Sheltered Annuity (TSA) Trust 403(b) program to your employees but would like to get started, please contact one of our plan administration specialists at , Option 3. Employees who are interested in opening a new account with us should call , Option 2, or visit our Web site at to enroll online. Our Web site and enrollment booklet contain enrollment forms and current investment information. We encourage employees to coordinate enrollment with their employer so that all forms are completed and sent to us before contributions are remitted. Contributions cannot be credited until we receive and process a signed 403(b) program application or a Web enrollment. Legal and Tax Regulations Generally, universal availability provisions require that all statutorily eligible employees be allowed to participate. Some exceptions for excluding employees are allowed and should be discussed with legal counsel to ensure compliance. Among some of the violations found in Internal Revenue Service (IRS) audits were employers who were not making 403(b) programs available to substitute teachers who normally worked less than 20 hours per week and other part-time or seasonal employees. The IRS mandates that employers be involved in administering their 403(b) programs; however, we will work to assist you in meeting plan compliance responsibilities. We offer a comprehensive contribution limit calculation service to help you comply with the rules governing 403(b) plan contribution limits. If employees have questions about how contribution limits apply to their particular situation, they may wish to contact their personal legal or tax advisor.
2 Page 2 Contribution Sources If allowed by the plan document, employers may remit elective before-tax, elective after-tax (Roth), and nonelective (employer-paid) contributions on behalf of their employees and under postemployment agreements on behalf of retirees. Elective contributions (subject to FICA) At the direction of the employee, the employer withholds before-tax or, if offered, Roth money from an employee s salary through payroll deduction according to the Salary Reduction Agreement (SRA) that the employee has signed. This includes payroll amounts received from an Internal Revenue Code (IRC) Section 125 plan that is deferred to a 403(b) account. All elective contributions should be stated on a single SRA form. Nonelective contributions (not subject to FICA) An employer may contribute money on behalf of active employees as a retirement benefit. The IRS rules that became effective January 1, 2002, gave employers a new option that includes post-employment nonelective contributions for up to five years after an employee retires or separates service. Post-employment contributions can come from two sources: 1. Employer nonelective contributions can be made for five years following an employee s severance from service. Contributions can be made each year up to the total contribution limit of the lesser of 100% of compensation or $50,000 (2012) and as indexed by the IRS in the future. The final regulations clarify that any contribution to a 403(b) plan under this rule on behalf of a former employee must be an employer contribution and that post-employment contributions cannot continue after the employee s death. 2. Former employees can electively defer compensation up to the later of 2½ months after severance from service or the end of the year in which they separate from service. The postemployment elective deferrals must represent pay that an employee would have received or accumulated vacation/sick leave that could have been taken if they had continued to work. The SRA must be initiated prior to compensation being paid or made available. Elective deferrals are always subject to FICA, which must be deducted from these amounts before deferring into the plan. Important Note: Employees may not be given a choice between cash and nonelective contributions. The 403(b) plan is the only type of retirement plan to which post-employment contributions may be made. Opening and Making Changes to an Account for Elective Contributions Employees who wish to open an elective account are required to complete a 403(b) plan application. Elective contributions require a 403(b) SRA before the employer remits contributions.
3 Page 3 Many employers have created their own SRA or use standardized SRAs provided by vendors or third-party administrator (TPA) organizations. We offer a standardized sample SRA for employee use. Please see the Payroll Coordinator Resources section of this Web site for a copy of our SRA. On occasion we have found that an employee s initial contribution is sent to us before we have received the application or Web enrollment. If this occurs, please realize that the contributions cannot be invested for the employee until we receive the completed application or Web enrollment. If the signed 403(b) application or Web enrollment is not received within 60 days of the initial contribution, such monies will be returned to the employer. Your office may request a supply of enrollment booklets or an employee may obtain an enrollment booklet by calling our staff directly or visiting our Web site at You may substitute a different SRA for our sample SRA. As most employer SRAs are available to print when completing a Web enrollment, it is wise for you to provide us with any updates. On your SRA, we ask that you indicate the employee s Social Security number, the number of pay periods, and the contribution amount. The SRA should be signed by both the employee and the employer before withholding the employee s elective contribution. A new employee who already has a 403(b) account with us through a former employer should call our office at to discuss their options. Opening and Making Changes to an Account for Nonelective Contributions Before sending nonelective contributions, the employer should make sure the plan document allows for these types of contributions. If it does not, the employer should contact the document provider to get the documents amended prior to remitting nonelective contributions. In addition, the employer may want to complete and submit the necessary participant information to us on the Group Enrollment and Remittance Data form. Please call , Extension 8567, to request the form. We must receive a signed 403(b) application or a Web enrollment for new participants before nonelective contributions can be invested for the participant. If the employee already has an account with us, simply add him or her to the nonelective remittance report. Existing participants must call our office to instruct us regarding their nonelective investment allocations. Nonelective post-employment contributions are limited to 100% of an employee s compensation during his or her last working year, up to a maximum of $50,000 in 2012, and as indexed by the IRS in the future. Only employers can make before-tax contributions up to this limit for each of five years following the retirement year. The post-employment period starts the tax year after the employee terminates employment; e.g., payments start in 2012 for termination in 2011.
4 Page 4 To learn more about post-employment 403(b) employer contribution plans or about adding employees and/or retirees to this type of plan, you may call our retirement and investment services consultants at , Option 2, or access our post-employment 403(b) contributions brochure on this Web site. Salary Reduction Agreements IRS regulations require that a written SRA be in place before withholding elective contributions from an employee s compensation. An SRA is required whenever an employee: Opens an elective 403(b) account. Increases an existing annual elective contribution amount, defers all or part of a Section 125 cash option benefit, or adds a lump sum amount. Decreases or stops an existing annual elective contribution. Resumes elective contributions after terminating a previous SRA. An employee may change the amount of contributions by completing a new SRA as many times as the employer s plan document allows. (Many employers allow employees to start or change their SRA a minimum of once a monthly or once a quarter.) When the SRA states that the contribution will be a percentage of salary or an amount equal to all or part of an employee s Section 125 cash option benefit, a new SRA is not required each time these factors cause a contribution variance. Contribution Limit Calculation (CLC) Form Employers should monitor their employees annual contributions to assure that employees are not exceeding their contribution limits. This responsibility may be assigned to a TPA or to the approved vendors in the plan. To assist you with this responsibility, we offer a CLC service for all of our participants. You may order a supply of our CLC forms for your employees by calling us at , or access our CLC form on this Web site. Employees are always welcome to call our staff for assistance in completing the CLC form. The results of these calculations are sent to the employee (participant). It is the employee s responsibility to provide you with a copy of this information. How Do You Know When an Employee Should Complete a CLC Form? First, check your plan document to make sure these catch-up options below are available in your plan. If you answer Yes to any of the questions below, you should require the employee to complete the form and forward it to WEA Trust Member Benefits for processing. If the answer is No to all of the questions, an employee does not need to complete the form. 1. Does the employee have 15 or more years of service with your district, and would they like to know if they are eligible for the years of service catch-up contribution? 2. Does the employee receive employer contributions to your 403(b) plan?
5 Page 5 3. Does the employee make salary deferral contributions to another 403(b) plan, 401(k) plan, SIMPLE plan, or SEP plan? 4. Do you require him or her to provide you with written documentation of the CLC results? The elective (aggregate total of before-tax and Roth) contribution limit base for 2012 is $17,000. In addition, if an employee will be age 50 or older in 2012, he or she may contribute an additional $5,500 without completing a contribution limit calculation. However, if an employee is eligible for the 15 years of service catch-up, the age 50 catch-up amounts will be designated first to any available years of service catch-up amounts. Please note all limits shown are for 2012 only. These limits may be indexed for succeeding years. When and Where to Send Contributions for Employees Accounts Remittance reports must accompany the payment, which should be made payable to the WEA TSA Trust. Remittance reports and payments should be mailed to our bank deposit address: WEA TSA Trust P.O. Box Chicago, IL Not using the remittance reports we send each month could mean errors and/or delays in contribution posting, which may result in noncompliance with IRS 403(b) rules. Here are two easy solutions to help you save time and ensure accurate remitting of staff contributions. 1. The Ideal Solution: Go Electronic Many of you (188 districts currently) already use our electronic remittance system that automates the remitting process. This is the ideal solution, ensuring more accurate information and timely contributions. This is a free service that takes as little as 10 minutes to set up, is secure, and you can use your current payroll system to transmit information electronically. In addition, it can be used to make all types of 403(b) contributions, including elective before-tax, Roth, and nonelective contributions. Districts still have control over when the money is released, but there are no checks to print, and the chance for errors or delayed contributions is greatly reduced. If you are interested in learning more about how electronic remittance works and how it can save you time and compliance worries, call , Extension Second Best Solution: Use Our Remittance Report For those who continue to remit on paper, it s important to recognize that unless you are using our monthly remittance form to make your changes, you are increasing your chances of human error
6 Page 6 and delayed contributions, which could be a compliance issue for the district. When you submit your own paper report, the remittance process becomes manual. Because your report is likely in a different format with different data fields, it requires a significant amount of time to reconcile it with our system. This takes time and can result in delays, especially if we need to follow up with you for essential data. For best results, please send the WEA TSA Trust monthly remittance report with your changes noted along with the check for the 403(b) contributions. If you have any questions about how to use our monthly remittance form, call us at Exchanges/Transfers/Rollovers A participant who wants to exchange/transfer/rollover funds to us from another retirement account should call us to confirm that their employer s 403(b) plan allows these transactions and to request a 403(b) Exchange/Transfer/Rollover form. If the employee does not already have an account with us, he or she must also submit a 403(b) application form or enroll online at Participants who wish to exchange/transfer/rollover funds from their WEA TSA Trust 403(b) account to an account with another vendor should contact us at to request our 403(b) Exchange/Transfer/Rollover form. If the employer has hired a TPA, participants wishing to exchange/transfer/rollover funds to us (or from us) will follow a different procedure based on the TPA; however, each TPA will authorize any type of financial transactions requested for participants accounts. Please verify the procedure for financial transactions directly with your TPA firm. Withdrawals Participants who wish to take a withdrawal may request a withdrawal form by calling us at Because there are important IRS rules regarding distributions, withdrawal forms are not available on our Web site. When certain distributable events occur, withdrawals are not subject to penalties. The two most common penalty-free distributable events are reaching age 59½ and retirement or separation from service at age 55 or later. Generally, if a retired employee age 55 or older returns to work at the same employer they retired from and seeks to take a withdrawal from that employer s plan, the availability of such withdrawal is subject to the terms of the employer s plan. Even though it may be a permissible withdrawal under the plan, it could be subject to penalties. Roth TSA distributions require that the account be held for five years and the employee is age 59½, deceased, or disabled. The five-year taxable period begins on the first day of the tax year in which the employee first contributed to the plan. When early withdrawals are allowed, they are generally subject to federal and state tax penalties. An active employee who requests a withdrawal for hardship purposes must submit a 403(b) Hardship Withdrawal Request form. This form is available
7 Page 7 by calling us at Check your plan s adoption agreement or plan document to verify that hardship withdrawals are available in your plan. When retired participants reach age 70½, they must take a required minimum distribution (RMD) no later than April 1 of the year following the year in which they reach age 70½ or April 1 of the calendar year in which the employee retires (if allowed in the plan). We will notify participants in this age group of this requirement and provide them with appropriate information. Please advise us of any employee who is age 70½ or older and still working. We encourage participants to seek professional tax advice before taking a withdrawal. Contact Us Please inform us if our data about your employer plan is not correct (new address, new TSA payroll person, etc.). We want our services to be as helpful as possible to you and your employees. Because we constantly strive to improve our services, we hope you will call us whenever you have questions or comments. You can reach us at , us at memberbenefits@weabenefits.com, or visit our Web site at This article is for informational purposes only and not intended to be legal or tax advice. Consult your tax-advisor or attorney before taking any action.
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