Communique -- July 2017

In this issue
>> Check your inbox for an important e-mail
>> Use current date for payroll to avoid delays
>> Our 403(b) fees
>> Keep us updated for mandatory cash-out
Check your inbox for an important e-mail

Please check your inbox for an important e-mail from WEA Member Benefits. You should have received an email from your dedicated Member Service Representative reaching out to you to introduce themselves and to provide status updates on the district 403(b) participants. (If you haven’t received it, please check your junk folder.)

The e-mail invites you to sign up to receive our free electronic newsletter, Benefit NewsBrief, and confirms the post office address for mailed payroll remittances. If you have any questions or have not received the e-mail, please call us at 1-800-279-4030, Ext. 8567.

Use current date for payroll to avoid delays

If we receive a payroll roster created on our website through yourPLAN ACCESS with a future date on it, we cannot apply the contributions to the employees’ accounts until that day—even if we have the funds.

For example, during June the payroll rosters are created for June 15, June 30, July 15, July 31, August 15, and August 31. A check or ACH is then sent to our bank for the total of all those payrolls and dated August 31. Our system will not be able to apply those funds until the date listed on the submitted payroll, which is August 31.

If you would like to create multiple payrolls and submit them all at once so the funds are applied immediately to the accounts, simply use the current date for those payrolls when you enter the information in our system. This ensures that we can put all the contributions into the accounts as soon as the funds arrive.

Our 403(b) fees

See our fees listed below, then find out why fees matter and how they impact your current and future savings.

Compare our fees with other providers WEA TSA Trust
Annual administrative fee (capped annually at $300) 0.35%
Surrender charges None
Sales commission None
Mortality and expense (M&E) fee None
Fees to open, or close account None
Inactive Account* minimum annual fee $25
Other administrative fees None

*Inactive accounts are accounts with no contributions within a calendar year.

Mutual fund management and redemption fees apply. See Investment Spectrum.

Keep us updated for mandatory cash-out

Some school districts have a plan document that requires mandatory cash-out of an employee’s 403(b) account if the balance is $1,000 or less and if the employee is no longer employed with the district. Due to the mandatory cash-out rules, we must be notified when an employee separates from service. In addition, if an employee returns to work, the district must let us know to prevent the mandatory cash-out.

If you run into this situation, we request that you e-mail the employee’s name, last date of employment, and school district to as soon as possible. If you have any questions, please call 1-800-279-4030.

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