403B News - New IRS Rules...
Attn: Waco ISD Employees
Please be aware that the IRS has changed the
rules regarding Rev. Rul. 90-24 transfers from Section 403(b) annuity accounts
administered through our benefits program. These rules effect account balance
transfers made after September 24, 2007.~ We are currently developing a plan to
address these new changes, which must be in place by January 1, 2009 as required
by the IRS.~ However, until this issue can be addressed through our plan, we
will not approve transfers or exchanges made on or after September 25, 2007 from
PLEASE NOTE THAT IF YOU ATTEMPT TO TRANSFER FUNDS FROM
ONE 403(b) ANNUITY OR INVESTMENT ACCOUNT TO ANOTHER AFTER SEPTEMBER 24, 2007, IN
A MANNER THAT DOES NOT COMPLY WITH THE NEW REGULATIONS, YOUR ENTIRE 403(b) FUND
BALANCE COULD BE CONSIDERED BY THE IRS TO BE TAXABLE INCOME TO YOU.
Contact for Consumer Concerns
The Teacher Retirement System (TRS) is required by law to maintain on the TRS website a list of companies certifying that they meet the requirements established by law and TRS rules for offering qualified 403(b) investment products through salary reduction agreements. TRS 403(B) Approved List
Salary Reduction Agreement (pdf)