ESSDACK 403(b)/457(b) Assurances
Participation in the ESSDACK 403(b)/457(b) Plan indicates acceptance and adherence by the participating districts to these assurances established by the ESSDACK 403(b)/457(b) Board of Trustees.
1. Communicate before hand to employees the change that is being made and why.
Information regarding the ‘why and what’ is available from Ameritime and ESSDACK.
2. Plan and Hold Group Educational Meetings
Group meetings of all employees should be held within three months prior to enrollment. These should be mandatory or highly encouraged.
As the change is being implemented, hold informational meetings to allow employees to ask questions and get the answers they need.
3. As the Superintendent, be at the rollout meeting and introduce the Ameritime Advisor.
This communicates district support to participate and that leadership is behind the program.
4. Allow Ameritime Advisors ongoing access to participants through the following types of educational meetings:
403(b) and/or 457(b) update meetings.
Retirement meetings for those within five years of retirement.
Invite the Ameritime Advisor to give up-dates on the plan at district-wide staff meetings.
5. Communicate the strengths and weaknesses of the plan to the participants.
This provides an honest, open approach to benefits of the plan for participants. Strengths can be identified and should be maximized by the participants.
The weaknesses should be identified and strategies suggested to minimize their impact.
These communications can be re-iterated by the Ameritime Advisor at local meetings.
6. Upload payroll report to “Your Future is Daily” website and remit payment within 7 business days of processing payroll.
7. Remit all 403(b)/457(b) payments electronically.
8. Provide digital census data, for all eligible employees, in the provided specified format inclusive of all requested data, as required for plan operation, online enrollment and/or audit purposes.
All census data shall remain strictly confidential and will be used solely for administering 403(b)/457(b) services and financial education. It will not be used for any solicitation purposes nor will any data be shared or sold to third parties.
Privacy and security measures include: Multi-Factor Authentication for login to any user account and data will be independently safeguarded and stored on a secure server system.
9. Employee census data must be provided or uploaded at least 15 business days prior to the first payroll upload.
10. When applicable, withhold and remit payments within seven days of processing payroll for employee loans per the amortization schedule provided to the district.
11. Adhere to the existing plan documents and plan assurances and participation agreement.
As the total dollars under management increases, specific price breakpoints have been established to reduce the cost of operation to the individual investor, thus saving the individual significant dollars over the life of the investment. In addition, the greater the number of participants, the lower the payroll taxes for the district.