The IRS has issued new regulations for 403(b) plans that will be effective January 1, 2009.  What does this mean to Martin County School District employees?  Follow the link below for more information:

Upcoming Changes to Voluntary Retirement Plans. Also visit www.themodelplan.com

Voluntary Retirement Model Plan Grid

New Process for Transfers, Hardships and Withdrawals

A part of the new IRS regulations includes a new process for employees requesting transfers, hardships and withdrawals from their voluntary retirement plans.  In the past, employees worked directly with their investment company for these requests. Now these requests must be approved by the employer before they may be processed.  Our third-party administrator, TSA Consulting Group, will be performing the approval process on behalf of Martin County Schools.  Please be aware that this process will add additional time to your request. 

You may still obtain and start the process with your investment company, and then all paperwork should be faxed or mailed to the Risk Management office for processing.