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Notice
regarding changes to 403(b) regulations.
Per the new 403(b) regulations from the Internal
Revenue Service (IRS), all 90-24 transfers after September 24,
2007 need to be approved by the administrator of the District’s
plan, National Plan Administrators. A 90-24 transfer is the IRS
term for when you transfer your existing 403(b) account to
another 403(b) account.
If National Plan Administrators is not notified
of the transfer after September 24, 2007 in the event that the
IRS audits you or the District, the plan could lose its
tax-exempt status and you could possibly incur a tax penalty.
National Plan Administrators can be contacted at
800-880-2776. |
