10-14-2008 Regular School Board Meeting
Agenda Item #18


Title
403(b)/457(b) Voluntary Retirement Plans/Tax Sheltered Annuities

Discussion

At the Board meeting on September 23, the Board requested the Superintendent and Staff re-evaluate the RFP responses recently provided to the District for 403(b) and 457(b) voluntary retirement plans.  The objective in the re-evaluation process was to provide additional local representation among vendor options for the 403(b) and 457(b) products, while ensuring that the IRS requirements are met by all vendor choices within the Plan. 

The four firms which submitted RFP responses to the District were: Ameriprise Financial, ING, Oppenheimer Fund, and 403b ASP.



Recommendation

Approve the addition of the four companies listed above as authorized vendors for 403(b)/457(b) products, pending Information Sharing Agreements and Service Provider Agreements being executed by each respective company; subsequent to compliance review by the District's Plan Administrator (TSA Consulting Group, Inc.).



Meeting Date(s)
Consent w/o Information - 10/14/2008

Authority for Action
IRS Tax Regulations effective after December 31, 2008 for 403(b)/457(b)

Involves Expenditure of Funds Directly in the Classroom
No

Source of Funding
Agenda Item will not Require the Expenditure of Funds

FY
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Budgeted
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Cost Center
Project
Function
Object
Program

Contact

Charlene Neel x663
Jo Ann Clark X660