• What is a 403(b) Plan?
• Is the money I put in a 403(b) account safe?
• Does the District match contributions?
• Why is the district using a third party administrator?
• Who is CPI Qualified Plan Consultants? 
• How can I track my 403b contributions? 
• Where do my payroll deductions go? 
• Are hardship withdrawals and loans allowed under the HCS plan?
• Are there any fees associated with this change?

 
Q: What is a 403(b) Plan?
A: The 403(b) is a retirement plan available to certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. The 403(b) is named after the section of the IRS code governing it. It is very similar to a 401(k) plan. For information visit 403(b) Wise.

Q: Is the money I put in a 403(b) account safe?
A: Investing in a 403(b) account does have risks. Your investments are not insured and can decrease in value.  Talk with your investment provider to make sure you fully understand all of the risks associated with investing.

Q: Does the District match contributions?
A: No.

Q: Why is the district using a third party administrator?
A: The new regulations put a large burden on HCS to ensure that the 403(b) accounts are maintained properly. CPI, our third party administratotor is an independent administrator that has the expertise to ensure our plan complies with the IRS regulations concerning your account.

Q: Who is CPI Qualified Plan Consultants?
A: CPI is our independent third party administrator.  Our first administrator, Gatekkeeper, merged with CPI in the third quarter of 2009.  CPI does not sell investment products or offer investment advice.  Using their services will ensure that the District's 403(b) plan complies with the IRS regulations.

Q: How can I track my 403b contributions?
A: Creating an online account with CPI allows you direct access to information about the contributions which have been processed for your account.  You can also request hardship withdrawals, distribution requests, and make election changes.

Q: Where do my payroll deductions go? 
A:  When contributions are deducted from your pay, Payroll sends your contributions to CPI.  CPI processes the contributions to make sure they are in compliance with current IRS regulations.  CPI then submits the contributions to your elected vendors.

Q: Are hardship withdrawals and loans allowed under the HCS plan? 
A: Hardship withdrawals are allowed under the HCS plan.  You can download the application from our document page.  Loans are not allowed under the HCS Plan.

Q: Are there any fees associated with this change?
A: CPI charges $3.00 per month for each contributing employee.  Your vendor has the option to pay the fee on your behalf or they may debit the fee from your account.  Please check with your vendor or invesment advisor for specific information on how the fee will affect you.