Edmond Public Schools
403(b) Announcement to Employees
Date: January 28, 2009
To: All Employees
Subject: 403(b) Plan Information
Edmond Public Schools maintains a 403(b) Plan for the benefit of its employees. All employees are eligible and participation in this plan is voluntary.
In 2007, the Internal Revenue Service issued regulations relating to the operation of the plans. These regulations require that the employer assume more responsibility over the administration of the plan. Because of these requirements, we have taken steps to ensure that the plan is operated in compliance with Section 403(b) of the Internal Revenue Code. To assist with the ongoing administration, the District has contracted with AFPlanServ™ to provide administrative services
One requirement of the 403(b) regulations is that all eligible employees must be given information on their eligibility to participate in the plan and that information must contain enrollment information. The first notification is attached.
Outlined in the notification are changes to procedures for plan transactions and possible changes to the list of vendors/providers allowed to receive contributions under the plan. With the requirements of the new regulations, not all vendor/providers will be permitted or able to participate in the plan. Please review the vendor/provider list carefully. If your current 403(b) contributions is to a vendor/provider not listed, your contributions will cease after January 1, 2009, and will stop until you activate a salary reduction agreement with an approved vendor.
Thank you for your attention and cooperation.
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