Voluntary Retirement Savings
Authorized Investment Company Representatives
2013 Annual Retirement Employee Education
403(b) Voluntary Retirement Savings Program
As an employee of the District School Board of Pasco County (District), you have a unique opportunity to invest a portion of your income for retirement. Depending on the plan you choose, you do not have to pay income tax on the amount you contribute or any earnings, until you retire or withdraw funds. You can start with as little as $200 annually and increase your contributions up to $17,500 for the 2013 tax year for both 457(b) Deferred Compensation Plan and the 403(b) or Roth 403(b) plans, totaling up to $35,000 annually. Under certain conditions, the maximum may be even greater. The investment options include a wide selection of mutual funds (includes no load options), fixed accounts, and variable annuities managed by authorized investment companies. (authorized representatives)
Upon employment, all regularly scheduled employees are immediately eligible to contribute to a personal retirement savings account through salary reduction. School Board members are not eligible to participate in the 403(b) plan but may elect to participate in the 457(b) plan.
What is the Voluntary Retirement Savings Program?
The Voluntary Retirement Savings Program is the District School Board of Pasco County’s (District) tax-sheltered annuity (TSA) program that allows eligible employees to save toward retirement through payroll deductions by contributing to either a 403(b), Roth 403(b) or 457(b) plan. Contributions are made solely by the employee through payroll deductions on either a pre-tax or post-tax basis.
A 403(b) plan is a tax-advantaged retirement savings plan for employees of public schools, tax-exempt organizations and ministers. You contribute into a 403(b) plan before you pay income tax on your current salary and contributions grow tax-deferred until you withdraw the money out of the plan.
A Roth 403(b) plan is a tax-advantaged retirement savings plan for employees of public schools and tax-exempt organizations. You contribute into a Roth 403(b) plan after you pay income tax on your current salary. As long as your withdrawals meet qualified distribution rules, you will not be required to pay federal income tax.
A 457(b) plan is a type of tax-advantaged deferred compensation retirement plan that is available for governmental and certain non-governmental employers. You defer portions of your current salary into the 457(b) plan on a pre-tax basis. For the most part, the plan operates similarly to a 403(b) plan. The key difference is that, unlike the 403(b) plan, there is no 10% penalty for withdrawal before age 59 ½. Withdrawals are subject to ordinary income taxation.
You decide the amount of money you want to set aside for retirement through a salary reduction agreement. You must choose from the list of investment companies authorized by the District. Each company provides a selection of investment options where your contributions are invested.
You may establish an account by contacting one of the Board’s authorized investment companies. These companies offer a wide range of account options, and you may request additional information concerning the specific provisions of each plan. It is important to select an account and company best suited to your specific needs and goals.
Once you have selected a company, you must meet with a representative and complete a salary reduction agreement. Both the company’s authorized representative and you must sign the salary reduction agreement. The representative is responsible for forwarding the signed agreement to Employee Benefits for processing. Please read the agreement carefully before signing. Be sure to retain a copy of the agreement for your records. Remember that all SRA forms must be submitted to the Employee Benefits, Assistance and Risk Management department by the cutoff date for the payroll for which you wish the change to be effective.
Authorized Investment Companies
Board Policy and District administrative requirements allow companies which meet certain standards and maintain a minimum number of employee accounts to provide 403(b) TSA accounts to employees. The companies listed above are currently authorized under administrative guidelines to establish 403(b)/403(b)(7), Roth 403(b) and 457(b) accounts for the employees of the Pasco County Schools. All representatives and investment companies are required to abide by solicitation guidelines set forth by the Board.
Ameriprise Financial (813) 994-1190 or (888) 994-1190
American Century (IBC) (800) 345-3533
AXA-Financial (IBC) (813) 282-9088 or (800) 628-6673
Fidelity Investment (800) 343-0860 option 1 (Plan #54083)
Horace Mann (813) 788-5889 or (800) 999-1030
ING Financial (813) 281-3792 or (813) 466-3142
Legend Group (727) 578-2828 or (800) 749-4421
Lincoln Investment Planning (813) 948-8500 or (800) 771-7732
MetLife Resources (813) 956-3057, (800) 752-6120 or (800) 763-2838
PlanMembers (IBC) (800) 874-6910
Members Trust (Suncoast Schools FCU) (813) 246-5211 or (800) 999-5887
TIAA-Cref (IBC) (813) 632-5101 or (877) 518-9161
VALIC (IBC) (813) 269-3362 or (888) 467-3726
Waddell & Reed (727) 573-7711 or (800) 881-3195
The Internal Revenue Service (IRS) requires that the District be accountable for transactions occurring within the District’s 403(b) and 457(b) plan. As a result of IRS requirements, the District hire TSA Consulting Group (TSACG) as the Plan Administrator. TSACG is responsible for making sure that all transaction are in compliance with IRS rules.
Plan Distribution Transactions
Distribution transactiona may included any of the following:
2. Hardship Distributions
6. Withdrawal of Funds (Distribution)
Employees/Participants may request these distributions by completing the necessary forms obtained from the provider and plan administrator as required. All completed forms should be submitted to TSACG, the plan administrator, for processing.
As the 403(b) and 457(b) Plan Administrator for the District, TSACG has developed an online system for you to use when requesting loans, rollovers, distributions, and contract exchanges from your account. This system is known as the ART System and will expedite the time required to process your requests.
For additional information about TSACG’s role in the District’s plan visit TSA Consulting Group.
Related Retirement Topics
403(b)/457(b) Voluntary Retirement Savings
BENCOR Special Plan
Changing Plans - Is a 2nd Election Right for You?
DROP: Deferred Retirement Option Program
FRS Online Estimates
Keys to Retirement Planning
Qualifying for Board-paid Retiree Health Insurance Premiums
Volunteer: Pasco County Schools
Social Security Administration
Center for Medicare and Medicaid Services
Veterans Administration (TriCare)
America Association of Retired People
Florida Retired Educators Association
Benefits Mailing List
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A Message from Mary Tillman
The staff in EBARM wants all employees to be healthy, in mind and body, so they can be ready everyday to do their best for our children. Remember as you access health services that the District is self-insured for all medical, pharmacy and mental health services. Therefore, spend wisely, whenever you can use generics, see a primary care doctor instead of a specialist.
Also, take care of yourself, lose weight if you need to, stop smoking, take your medications as prescribed, and get some exercise. This is all good for your mind, body and wallet.
District Selected as a 2012 Healthiest Employer
The District School Board of Pasco County was selected as a 2012 Healthiest Employers Awards finalist and was honored at an awards celebration luncheon on Thursday, September 13, 2012. At the luncheon, all finalists was recognized on stage and the winners of Healthiest Employer for 2012 announced.
The District School Board of Pasco County was featured in the Tampa Bay Business Journal‘s 2012 Healthiest Employers special publication along with the other honorees. This publication announced the scores of all the 2012 Healthiest Employers in the September 14, 2012 issue of the Tampa Bay Business Journal.
Thank you to the Employee Benefit and Risk Management Department for their hard work and dedication.