2018 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 making elective deferrals 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. You may change your vendor(s) and/or deferral amount(s) at any time during the year and as often as you like, subject to payroll date deadlines.

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:

Contribution Limits for 2018

The basic elective deferral limit for 2018 is the lesser of $18,500.00 or 100% of your compensation.

If your 50th birth date occurs on or before December 31, 2018, you are eligible to defer an additional $6,000.00, 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