• Tax Sheltered Annuities

    2023 Tax Sheltered Annuity Notice - 403(b) Plan and 457(b) Deferred Compensation Plan Information

    2023 Tax Sheltered Annuity Retirement Guide

    The District currently offers 403(b), 457(b) and Roth 403(b) tax sheltered annuity accounts (TSA) to employees for retirement savings. All employees with the exception of private contractors, school board members and student workers are eligible to participate in a TSA plan immediately upon employment. Employees may make voluntary elective deferrals to the plan.

    A personal retirement savings plan can greatly supplement retirement income. Most of us have a good idea of what we want from retirement, but we need a better understanding of how to make our expectations a reality. Financial experts are available to assist you. Click HERE for the list of authorized TSA vendors.

    The District uses the IBC Model Plan, which is a program designed to help Florida K-12 employers meet IRS regulations governing the operation of 403b accounts. The state's four major education associations - the Florida Education Association, the Florida Association of District School Superintendents, The Florida School Boards Association and the Florida Association of School Administrators - formed the IBC to negotiate the best possible deal for Florida's 350,000 school employees. The result was the IBC Model Plan. The IBC established three different categories of pricing and service: annuities, multi-product custodial accounts and mutual funds.

    US Omni & TSACG Compliance Services provides independent compliance administration and educational services for the District. Visit their website at www.tsacg.com for information about enrollment, investment providers, distributions, transfers, loans and rollovers.

    How to Enroll in a TSA

    • Select the company and investment product best suited to your needs.
    • Establish an account with that company.
    • Complete a Salary Reduction Agreement (SRA) form, which authorizes the District to withhold the amount you elect to contribute to your TSA via payroll deduction. The District will forward the contribution to the investment company on your behalf.
    • Return the completed SRA form to the Payroll Department.
    • The District will forward the contribution to the investment company on your behalf.
    • The SRA forms can be downloaded at https://www.collierschools.com/benefits/forms.asp. A list of authorized vendors and their contact information can be found at www.tsacg.com/individual/plan-sponsor/florida/collier-county-public-schools.

    Important: You MUST establish an account with your selected provider prior to the date you begin the salary reduction.  If the account has not been properly established, your contributions will be returned to you and will be taxable. Verifying that account has been established before submitting the SRA will expedite the process and help to avoid having funds returned to you.

    Changes or Stopping Contributions
    A new Salary Reduction Form must also be completed any time that you wish to:

    • Change your product vendor
    • Change the allocation between vendors
    • Change the contribution amount
    • Stop your deduction or restart your deduction after a stop

    All SRA forms must be submitted to your plan sponsor by the cutoff date for the payroll for which you wish the change to be effective.