Carruth Compliance Consulting

     Retirement Readiness      For Employees      For Employers      For Vendors      About Us      Contact Us 

    Login   
Skip Navigation Links.

Fossil School District Plan Document Page

CCC's Relationship with Fossil

CCC provides web-based 403(b) Plan Document service and annual announcements to Fossil on a contractual basis, which began on 10/7/2007. Please contact your Employer regarding enrollment procedures, Vendors holding Payroll Slots, or other aspects of administration of the 403(b) Plan.

The Plan Has Few Optional Features

Because the Fossil School District 403(b) TSA Plan has so few participants, and because new IRS Regulations require significant Employer oversight responsibilities to administer a full-featured Plan, it would not be cost-effective for Fossil to offer a 403(b) Plan that allowed loans, hardship distributions, exchanges, transfers, rollovers, and other optional features generally available in 403(b) Plans. Therefore, the Fossil 403(b) Plan allows only the following two optional features (see Plan Document for details):

  • Age 50+ Catch-up Provision; and
  • In-Service Distributions After Age 59-1/2

 

Fossil School District Participation Eligibility Policy

Any individual who receives a paycheck from Fossil School District is eligible to make elective deferrals to the Employer’s 403(b) TSA Plan. This includes all regular full-time or part-time employees, all substitute teachers, and even student employees. Fossil School District encourages you to take advantage of this excellent supplemental retirement savings plan.

Plan Document for Fossil

If you'd like to review Fossil official board-adopted Plan Document governing 403(b) policies for Employees of Fossil, you may do so here. The Plan Document is maintained by Carruth Compliance Consulting, Inc. (CCC) for Fossil School District on a contractual basis.

Participation Eligibility and Contribution Limits (Fossil School District)

2017 403(b) TSA Announcement for Fossil


Supplemental Retirement Saving Opportunities

Fossil School District 21J (Fossil) offers an excellent program through which you may contribute a portion of your current income into supplemental retirement savings accounts. The Fossil supplemental retirement savings program is offered under Section 403(b) of the Internal Revenue Code, and is called the Tax-Sheltered Annuity Plan (TSA Plan).

All part-time and full-time employees are eligible to contribute.

You may begin participating in the TSA Plan at any time, by establishing an investment account with an authorized vendor and then completing and submitting a salary reduction agreement via signed hard copy.

Optional Features Available in the Plan

Fossil has adopted the CCC “Plan Document Only Services,” with the result that your Plan will have exactly two optional features, as follows:

  1. Age 50+ Catch-Up Provision (see the Contribution Limits section below)
  2. In-Service Distributions After Age 59-1/2

Optional Feature 2 above allows participants who reach age 59-1/2 to be eligible for distributions from their accounts, irrespective of their employment status.

You are able to begin and/or continue contributions to TSA Plan accounts, but you are not able to withdraw, exchange, or transfer accumulated benefits until you become eligible for a distribution. Distributable events include:

  • Attainment of age 59-1/2
  • Severance from employment
  • Death
  • Disability


Contribution Limits for 2017

The basic elective deferral limit for 2017 is the lesser of $18,000 or 100% of your compensation.

If your 50th birth date occurs on or before December 31, 2017, you are eligible to defer an additional $6,000, provided your compensation is large enough to allow the extra deferral.

Participant Responsibilities

When contributing to an employer-sponsored supplemental retirement savings plan, it is important that you monitor your account activity regularly for accuracy (e.g., deposits of your contributions) and make sure your beneficiary and your contact information is up-to-date. If you believe that a problem may exist, please contact the Third Party Administrator (see contact information below) and/or your employer immediately.

Contact the District Office for Additional Information

Click here for rendered version of 2017 UA & Limits Announcement for Fossil


According to CCC records, the following apply to the Fossil School District 403(b) Tax Sheltered Annuity (TSA) and 457(b) Deferred Compensation Plan (DCP) and were incorporated in the Universal Availability and Limits announcements for 2017:

  • Roth contributions are allowed in the 403(b) Plan? No
  • 15 years of service catch-up allowed in the 403(b) Plan? No
  • A 457(b) Deferred Compensation Plan (DCP) is offered to employees? No
  • Roth contributions are allowed in the 457(b) Plan? No
  • CCC provides administrative services for the 457(b) Plan? No

2016 403(b) TSA Plan Announcement


Supplemental Retirement Saving Opportunity - The 403(b) TSA Plan

Your Employer offers an excellent program through which you may contribute a portion of your current income into supplemental retirement savings accounts. Your Employer’s supplemental retirement savings program is offered under Section 403(b) of the Internal Revenue Code and is called the Tax-Sheltered Annuity Plan (“TSA Plan”).

All part-time and full-time employees are eligible to contribute to the TSA Plan.


You may begin participating in the TSA Plan at any time, by first establishing an investment account with an approved investment provider, and then completing a salary reduction agreement, signing it, and submitting it to your payroll office.

Optional Features Available in the Plan

Your Employer has adopted the CCC “Plan Document Only Services,” with the result that your Plan will have exactly two optional features, as follows:

  1. Age 50+ Catch-Up Provision (see the Contribution Limits section below)
  2. In-Service Distributions After Age 59-1/2

Optional Feature 2 above allows participants who reach age 59-1/2 to be eligible for distributions from their accounts, irrespective of their employment status.

You are able to begin and/or continue contributions to TSA Plan accounts, but you are not able to withdraw, exchange, or transfer accumulated benefits until you become eligible for a distribution. Distributable events include:

  • Attainment of age 59-1/2
  • Severance from employment
  • Death
  • Disability

Contribution Limits for 2016

The basic elective deferral limit for 2016 is the lesser of $18,000 or 100% of your compensation.

If your 50th birth date occurs on or before December 31, 2016, you are eligible to defer an additional $6,000, provided your compensation is large enough to allow the extra deferral.


Participant Responsibilities

When contributing to your employer-sponsored retirement savings plan, it is important that you monitor your account activity regularly for accuracy (e.g., deposits of your contributions). If you believe that a problem may exist, please contact the Third Party Administrator (see contact information below) and/or your employer immediately.

Contact the District Office for Additional Information