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TAX SHELTERED ACCOUNTS |
Eligibility
for TSA's
Employees of
public schools are eligible to establish a payroll reduction plan for the purchase
of annuities or other investments as authorized in Section 403(b) and 403(b)(7)
of the Internal Revenue Code. These annuities/investments provide an opportunity
for employees to accumulate individual retirement funds on a tax-deferred basis.
Approximately 3,000 employees are currently participating in annuity programs
through payroll deduction.
JEM
Resource Partners
The District
contracts with JEM Resource Partners, as a third party administrator for the
tax sheltered annuity program.
JEM performs many
services for the District in relation to the tax sheltered annuity program.
The company provides agents the necessary forms for participants, collects and
screens salary reduction agreements, calculates the Maximum Amount Contributable
(MAC) allowance on each participant, and processes the individual company billing
statements.
Liaison
for Employees
Employees of
the District can contact JEM regarding problems and questions with their
annuity. JEM is not an investment counselor and does not sell annuities.
So they cannot help an employee select a product or an agent. JEM is
available to answer specific questions regarding administration of the employee's
TSA plan, product questionnaires, annuity statement, etc.
Liaison
for Agents/Solicitors
JEM will
serve as the District contact for all agents and solicitors regarding products
and procedures. Each agent or solicitor will be provided a packet containing
information on solicitation within the District and the forms required to set
up an annuity.
Enrollment
for TSA's
NEISD employees
may enroll in a tax sheltered annuity program at any time during the year. Salary
Reduction Agreement forms must be sent to JEM prior to the first of the
month that the deduction is to start. Employees interested in participating
in a TSA program will need to contact their respective insurance agent, solicitor,
or JEM for the necessary forms.
Maximum
Deduction Amounts
There are regulations
regarding the amount that you are allowed to contribute to your TSA. Your agent
should be able to assist you in determining the proper amounts or you may contact
the administrator (JEM). Should you have any questions, please do not
hesitate to call JEM.
Information
If you would
like additional information on what TSA's are or how they work, please call
JEM Resource Partners. There is a short TSA Handbook available that briefly
explains how TSA's work and suggested material on how to choose a plan
QUESTIONS REGARDING NEISD EMPLOYEE BENEFITS CALL: 804-7231 or 804-7232
All enrollment forms must be submitted to JEM at the following address:
JEM
Resource Partners
4201 Bee Caves Road, Suite C-101
Austin, Texas 78746
Call
JEM at 1-800-943-9179
Fax: 1-888-989-9247
email: jemtpa@jemtpa.com
website: www.jemtpa.com