It is very important to communicate to us if there is a change in any of your employee’s employment status. In order to determine if any employee is allowed to take a distribution from their 403(b) account, we will need the most recent employment status on file and the date of separation, if separation has occurred. Please review your employees’ status through the yourPlan Access web portal and make any changes necessary.
Please keep in mind that if the employee returns to the district in any capacity, it is the school district’s responsibility to update the employment status. If you have any questions regarding how to update the employment status, please call 1-800-279-4030 to speak with a Member Service Representative.
Be aware that employee start dates are equally important with regard to participants’ 403(b) accounts. Those dates are critical to calculating contribution limits under IRS rules. We will be asking for this whenever a new employee starts. We appreciate your assistance in helping us gather this information in order to meet regulatory requirements
We have recently upgraded to a new computer system to provide additional options and benefits to our 403(b) and IRA participants as well as the employers we work with. Many employers now transmit payments and contribution information electronically, removing the need for paper checks or remittances entirely. The new system also allows employers to monitor the contributions WEA Member Benefits has received and provides a system to prevent any contributions over the IRS limits.
WEA Member Benefits offers individual benefit programs, including auto, home, renters’ insurance, individual long-term care insurance, and 403(b) and IRA retirement savings programs. Member Benefits is separate from WEA Trust, which provides group insurance products like health insurance.
Wisconsin public school employees who are eligible to participate in their district’s 403(b) plan and are employed in a district that includes WEA TSA Trust as an approved 403(b) provider are not required to maintain union membership to participate in this or other programs offered by Member Benefits.
Additionally, eligibility for programs offered by Member Benefits is not determined by the health insurance provider a district chooses, employment classification, or years of service.
Discounts are available in some Member Benefits programs for WEAC members.
Wisconsin public school employees (and their family members) who participate in Member Benefits programs may currently continue participating even if they change positions, leave public education, or cease to maintain a WEAC membership. Underwriting, residency, and other legal restrictions may apply.
Please contact us if you have any questions about participation.