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JudyS

Thanks, Admin!

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Admin --

 

A year ago I protested the use of "TSA" as the terminology in my district's benefits booklet. They quite haughtily informed me that a check of IRS regs showed that they were right and I should please be quiet and not bother the really, really important people any more.

 

Yesterday I sent a link to your new glossary to the benefits consultant so that he could see (from a REAL expert!) the problem with the TSA/ 403(b)(7) terminology. Today, I got an answer saying that they would change some of the verbiage in the benefits booklet. So your glossary WORKS!!!!! When the benefits booklet comes out, we'll see how well they did, but I am grateful this fellow listened!

 

Now we're marching on to adjusting their terminology on the pay stub.

 

Gosh, it would be nice if one could take on larger, more important issues and not have to fight for every little thing! How in the world are we going to get these folks to understand the HUGE difference between no-load and insurance (high participant cost) products? I have a sinking feeling that we will have to resort to legal means -- from grievances up to lawsuits. That will not be fun. Sigh.

 

But thanks for all you do... every day, in little and big ways, we out here profit by your work!

 

JudyS

 

 

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Hey Judy,

 

This is great news. These seemingly small victories add up over time. I credit Steve Schullo for this strategy. He was able to get LAUSD to make this change several years ago. Speaking of the IRS, it wasn't that long ago that the term 403(b) wasn't even mentioned in Publication 571, the IRS form that spells out the rules of the 403(b). Today at least the terms TSA and 403(b) are on equal footing in this document which now reads: Publication 571 (3/2008), Tax-Sheltered Annuity Plans (403(b) Plans)

 

Dan Otter

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