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Retirement Manager: New for 403(b) Plans
Due to changes in IRS Regulations, Florida Atlantic University’s 403(b) Plan will be revising certain plan provisions, policies and procedures. To assist us in ensuring that our plan complies with these new regulations, we have contracted with VRSCo to oversee our retirement plan and will be utilizing their Retirement Manager system to help us automate our processes. You can access the Retirement Manager website by signing in as a 'new user' at the following address: https://www.myretirementmanager.com/?fau.
Effective February 8, 2010, all loans and hardship distributions must be determined to be an eligible transaction. In addition to completing the standard retirement plan provider loan or hardship distribution form(s), you must also obtain a 'Certificate of Eligibility' from the Retirement Manager system. Paperwork should then be forwarded to your 403(b) Plan Vendor. If the transaction meets all requirements, the provider will process the distribution and submit all applicable tax reporting. All 403(b) vendors will require this certificate.
HELPFUL LINKS
Retirement Manager - Website (sign in as a 'new user' the first time)
Retirement Manager - Employee Guide illustrates how to log into the Retirement Manager website and obtain a certificate of eligibility for either a hardship or a loan. As mentioned above, this certificate must be submitted to your provider with their loan or hardship distribution paperwork.
Retirement Manager - FAQ's answers questions about the new procedures for processing distributions from your tax-sheltered accounts.
Retirement Manager - Participating Vendors
403b Universal Availability Notice
Visit http://www.brainshark.com/valic/LandH-Presentation-Exchange to view an on-demand seminar illustrating how to log in and create a Distribution Eligibility Certificate.
