CalSTRS Offers New IRS Compliance Service for School Districts.SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif. -- The California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). State Teachers' Retirement System (CalSTRS) is launching a new program to assist school districts, county offices of education and community college districts in complying with new Internal Revenue Service regulations regarding 403(b) supplemental retirement savings plans Noun 1. retirement savings plan - a plan for setting aside money to be spent after retirement pension account, pension plan, retirement account, retirement plan, retirement program, retirement savings account . "CalSTRS' relationship with teachers and school districts and its reputation for fiduciary fiduciary (fĭd  `shēĕ'rē), in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. integrity make it uniquely positioned
to fill the need for a compliance program that employers can
trust," CalSTRS Chief Executive Officer Jack Ehnes said. "This
new strategic alliance will fill a void in the marketplace."
School districts are facing increased compliance responsibilities, including providing more hands-on administration of the plans they offer and providing a higher level of accountability. The new IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. regulations become effective January 1, 2008. CalSTRS will offer administration and compliance services on a low-cost basis as a solution for employers who may not have the financial resources, additional staff, or technology to comply with the new regulations. CalSTRS has selected The Omni Group as its partner in the new program. Omni is an independent compliance provider with experience working with hundreds of public school districts around the nation. About CalSTRS: With a $171 billion investment portfolio, the California State Teachers' Retirement System is the second-largest public pension fund in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . It administers retirement, disability and survivor benefits for California's 795,000 public school educators and their families from the state's 1,400 school districts, county offices of education and community college districts. About The Omni Group: The Omni Group specializes in the administration of public school districts' supplemental retirement savings programs by providing IRS compliance and remittance Money sent from one individual to another in the form of cash, check, or some other manner. Financial statements sent by a creditor to a debtor frequently refer to the process of submitting a monthly remittance. REMITTANCE, comm. law. services. It is the first such provider of its kind and serves 700 employers in 15 states, administering compensation programs for 170,000 employees. |
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