1 See Memorandum to Pension Committee No. 27-97 and Pension Operations Advisory Committee
No. 20-97, dated July 14, 1997.
[9260]
September 23, 1997
TO: PENSION COMMITTEE No. 36-97
PENSION OPERATIONS ADVISORY COMMITTEE No. 37-97
AD HOC ADVISORY COMMITTEE ON 403(b)s
RE: NTSA-ASBO STANDARD FORMS PROJECT ISSUES FINAL DRAFT FORMS
______________________________________________________________________________
As you were previously informed,1 the National Tax Sheltered Annuity Association
(NTSAA), representing agents, brokers and companies participating in the 403(b) business, and
the Association of School Business Officials International (ASBO), representing school
administrators in public school districts, have established a project committee to develop a
standard package of forms related to section 403(b) programs. In particular, they have
developed a standard service provider agreement and salary reduction agreement.
Over the summer, the project committee invited the Institute to comment on earlier
drafts. The Institute strongly expressed its concern with numerous provisions in the drafts.
While the attached revised drafts, which are likely to be approved in October for distribution to
ASBO members, include numerous changes, certain basic concerns expressed by the Institute
were not addressed. In particular, the project committee refused to recognize the diversity in
services offered by providers to this market. Copies of these draft standard forms are attached.
We will keep you informed of developments.
Russell G. Galer
Assistant Counsel - Pension
Attachment (in .pdf format)