Notice of Cancellation for Salary Reduction
December 9, 2008
TO: All 403(b) Tax-Deferred Contribution Participants
As was conveyed in President Hays’ October 15th notification, the IRS has implemented new regulations pertaining to 403(b) annuities (voluntary employee tax-sheltered retirement accounts). In our efforts to comply with the IRS mandates, SWOSU has selected a sole vendor to coordinate our 403(b) plan. This change is effective January 1, 2009. Therefore, any 403(b) contributions after December 31, 2008, will be via the new vendor, Lincoln Financial Group.
This document serves as your notification that SWOSU is terminating your AGREEMENT FOR SALARY REDUCTION for Section 403(b) Tax Sheltered Annuity that is currently in place.
I understand you may likely have questions concerning this change; however, this announcement is a stand alone cancellation notice. You will receive a separate document today that will address many of the questions associated with this change.
Director of Human Resources