In 2007, the IRS created a ruling that made the insurance carriers and the school districts communicate about your 403(b) account. Due to the change in the law TPAs were created. School districts did not have the time or the funds to maintain a relationship between both the employee and the insurance carrier.

What is a TPA?

  • TPA stands for Third Party Administrator. The TPA oversees some of your benefits including 403(b)s, and some districts allow their TPA to oversee their Section 125 cafeteria plan.

What is the process of starting a 403(b)?

  • Once the application is completed and submitted to the insurance company, your information is sent to the TPA your district has selected, authorizing the TPA to take the agreed upon amount out of your paycheck. Once the TPA has received the funds from the school district those funds are then sent to the annuity provider. The annuity provider will then place those funds within your account.

I want to increase the amount that I am putting into my 403b, how do I do that?

  • It is best if you contact ATRS, LLC. to increase your contributions. There are several websites that you must go to and boxes to click, and if you do not do it appropriately, you could possibly mess up the amount that you are putting in, or worse delete the whole account.

How do I change my password?

  • It is best if you contact ATRS, LLC to change your password. Again, it is very sensitive and it works best if you have someone that is experienced walking you through the steps.

If I want to take a loan how long will it take to receive a check?

  • The IRS ruling has changed the way 403(b)’s work, and loans are of no exception. Loans now take at a minimum of 30 days to complete.

How long does it take to transfer funds from my previous carrier?

  • Transfers are of no exception to the ruling either. Transfers typically take 45-75 days depending on the annuity carrier.

When do I have to fill out paperwork?

  • The TPA requires original paperwork when you complete a loan, transfer, or surrender. The TPA has to approve the loan, transfer, or surrender. After they have stamped their approval on the paperwork, it can then go to the annuity carrier, where they will either send out the transfer paperwork or complete the loan or surrender. 

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