403(b) Regulations

  • Introduction

    On July 23, 2007, the Internal Revenue Service(IRS) issued final comprehensive regulations govering 403(b) plans for the first time in 43 years. The general effective date of the regulations was January 1, 2009.

    As a result of the new regulations, Wicomico County Board of Education (WCBOE) will be required to become more involved than previously in the administration of your 403(b) plan. The WCBOE 403(b) Plan Administrator is Tina M. Vincent in Human Resources.

    Plan Administrator Contact Information

    Tina M. Vincent, Lead Human Resource Specialist

    410.677.4578 or Ext. 65318

    Fax: 410.677.4416

    Mailing address:  P.O. Box 1538, Salisbury, MD 21802-1538

    E-mail: tvincent@wcboe.org

    LincolnFinancial.com/Retirement

     

    Transaction Authorization 
    In the past, transactions such as distributions, rollovers, hardship withdrawals, loans, and exchanges were generally accomplished through your investment provider without any involvement of your employer. However, the new regulations now require your employer and your investment provider to share certain information and to coordinate with each other when performing these transactions. A transaction authorization process will be utilized in order to facilitate necessary coordination and information sharing. If you wish to perform a distribution, rollover, hardship withdrawal, loans, or exchange; your investment provider must receive authorization from the 403(b) Plan Administrator for WCBOE.

    The WCBOE 403(b) Plan Administrator will review the document to ensure the transaction is in compliance with plan provisions and the Internal Revenue Code. If the transaction is approved, the WCBOE 403(b) Plan Administrator will sign off on the document. If the transaction cannot be approved or if additional information is required, the WCBOE 403(b) Plan Adminsitrator will contact you.