Staff Members FAQ Information

Below I have outlined most of the key factors the IRS will focus on in their 2007-2008 auditing process. These helpful hints are laid out in FAQ format to help you better understand what is expected and your role with Forrest T. Jones & Company, Inc. (FTJ) in keeping your district compliant with IRS guidelines.

What are the contribution limits?

Answer: Current contribution maximum limits for participants 49 and under is $15,500 and $20,500 for participants 50 and over. There is also a 15-year service catch-up of $3000. This is not a given but is based on a calculated formula.

457(b) contribution limits apply to individuals or vendor/plans?

Answer: Contribution limits apply to individuals not by vendor or plans.

What are the requirements for a hardship withdrawal?

Answer:

Un-reimbursed medical expenses of the participant or his/her spouse and dependents.
Down payment on primary residence.
Tuition and fees for higher education needs, and only for the next 12 months.
Eviction or foreclosure of primary residence.
Payments for the funeral or burial expenses for the Participant’s deceased parent, spouse, child, or dependent.

Please remember when an employee does a hardship withdrawal; all contributions are to be stopped for six months after the withdrawal starting with the payroll period immediately following the hardship distribution.

How do I start my 403(b) plan?

Answer: All participants need to fill out a participation agreement, a new account form and an application, which will need to be completed with the guidance of a Forrest T Jones Financial Investment Advisor. This should be done prior to monies being deducted from payroll.

How can I increase/decrease my contribution?

Answer: Please obtain Participation Agreement forms from your district administrative office or they may be down loaded from this website in the forms library.

What if my question is not here among the FAQs?

Answer: Contact Felicia Black at FBlack@ftj.com

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