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Tax Shelter Annuity

HROG Section:
Work/Life Benefits
Document Title:
Tax Shelter Annuity
Initial Date Posted:
Board Approval:
Applies To:
Full-time and Part-time Benefit Eligible Employees
Source:
District Human Resources
Related TASB Policy:
Last Date Revised:

Purpose

The DCCCD currently offers 403(b) - TSA accounts to its employees who want to invest more into retirement savings plan. These employee accounts are commonly referred to as Tax Sheltered Annuities or TSAs.  All regularly scheduled employees may elect to contribute a limited portion of their salary before taxes to one of the authorized plans available through their employer.

Background

Definitions

Eligibility

Procedures

To enroll

To enroll in your employer's Supplemental 403(b) Retirement Plan, you must do the following:

  • Select the company(s) you wish to invest with,
  • Establish an account with that company,
  • Complete a "Salary Reduction Agreement (SRA) form,
  • Return the completed SRA form.

Salary Reduction Agreement

An employee may elect to participate in the tax sheltered annuity program with the Dallas County Community College District and is required to complete the Salary Reduction Agreement form and again when:

  • Change your product provider
  • Change the allocation between providers
  • Change the amount of contribution
  • Change between contributing a dollar amount or percentage of salary
  • Stop your deduction or restart your deduction after a stop Designate contributions as Roth (post-tax contribution)

The amounts reflected on this form must be confirmed by completion of the Online MAC Calculation (ORP or TRS participant) click here to go to our online MAC Calculator.

Transaction Routing Request form

All transactions require a Transaction Routing Request form. The Transaction Routing Request Form provides important information regarding your request and is vital to ensuring proper processing.   Upon completion, the employee is responsible for delivering the Transaction Routing Request form to the location Human Resources office.  The location Human Resources office may keep a file copy prior to forwarding the from to TSA Consulting Group, Inc., Attn: Participant Transaction Dept. 28 Ferry Road. SE, Fort Walton Beach, FL 32548.

Distributions

Distribution transactions may include any of the following: loan, transfer/exchange, rollover, hardship withdrawal or cash distributions.  Each product provider requires their own form to be submitted. You may request distributions by completing the necessary forms obtained from your investment product provider, other necessary documentation as indicated below and submitting all completed documents to TSACG for processing. 

 

Transaction Requested 

Forms needed for Processing 

Transfers (Contract
Exchanges)/Rollover,
incoming and outgoing

Submit complete provider paperwork for transaction and the following form:

  • Completed Transaction Routing Request form
403(b) Hardship Withdrawals

Submit complete provider paperwork for transaction and the following forms and/or documentation:

  • Completed Transaction Routing Request for
  • Completed Hardship Withdrawal Disclosure form
  • Evidence of expenses equal or more than amount
    requesting

Please note that evidence of expenses MUST be provided for approval of request

457(b) Unforeseen Emergency Withdrawals

Submit complete provider paperwork for transaction and the following forms and/or documentation:

  • Completed Transaction Routing Request form
  • Completed 457 Unforeseen Emergency Disclosure form
  • Evidence of expenses equal or more than amount 
    requesting

Please note that evidence of expenses MUST be provided for approval of request

403(b) and 457(b) Loan
Withdrawals

Submit complete provider paperwork for transaction and the following form:

  • Completed Transaction Routing Request form

403(b) and 457(b) Cash
Withdrawal (due to
Transfers

Submit complete provider paperwork for transaction and the following form:

  • Completed Transaction Routing Request form 
The new IRS 403(b) regulations will go into effect on January 1, 2009. Employers will find themselves facing significantly increased compliance, liability and risk issues.

Employee Responsibility

HR Responsibility

Exceptions To Policy

Other Notes