TAX SHELTERED ACCOUNTS WEB SITE NOW OPERATIONAL 

Fort Worth, Texas - Prior to January 1, 2009 the FWISD employed a “plan manager” to assist with collecting employee information and calculating reductions (contributions) to Tax Sheltered Accounts (TSA), more commonly called 403(b)’s.  Also prior to January 1, there were many more investment companies competing for your business. But with a change in IRS rules, companies are now required to take on more administrative responsibilities and participate in increased information sharing. These changes have resulted in fewer companies electing to participate.

FWISD’s Finance Department has been diligently working since last summer to arrange for a new Third Party Administrator that can collect employee information and contributions and funnel those to companies that will invest the funds. This process has proved to be more tedious and cumbersome than anyone, including the I.R.S., had anticipated. But there is light at the end of the tunnel.

The Board of Education just approved a contract with the Region 10 Service Center in Dallas. This agreement allows for the relatively rapid implementation of a TPA to service all FWISD employees who contribute to a 403(b).

“This is really the type of help we have been looking for,” said Ron Wilson, FWISD’s Chief Financial Officer. “Region 10 is currently serving scores of other districts in exactly the type of arrangement we have been seeking.”

To access the TSA Web site go to www.fwisd.org and click on the 403(b) button on the left hand side of the page. Additional information and assistance is also available from  Charles Richardson via email at charles.richardson@fwisd.org or by calling 817-871-2152.

-FWISD-