Third Party Administrator Agreement
Waco ISD has retained First Financial Administrator Inc. (FFA) to provide administrative services concerning the following types of Tax Qualified Accounts and other payroll deducted financial products.
• Section 125 Administration
• Section 403 (b) & 403 (b)(7) Administration
• Section 457 Administration
First Financial Administrators shall provide the following services:
- Assure that the Tax Qualified Accounts comply with IRS and rules of Employer, including but not limited to reviewing salary reduction agreements and Financial Product disclosure statements (if applicable);
- Process and service all existing and future reductions for Financial Products;
- Allow Waco ISD’s payroll or accounting department to submit one payment monthly to FFA for all payroll reductions/deductions for Financial Products;
- FFA shall disburse the funds received from Waco ISD to the providers underwriters of Financial Products within two normal business days after receipt.