|Salary Reduction Agreement
Approved Vendor List for 403b
Employees are able to participate in a tax sheltered annuity plan through payroll deduction as authorized under Section 403(b) and Section 457 of the Internal Revenue Code.
In order for an employee to participate in this program, the employee MUST complete a Salary Reduction Agreement. The Salary Reduction Agreement must be complete with all necessary items completed by the employee and the employee's agent.
Employees may choose any Tax Sheltered Annuity company that is on the current provider list. The number of different Tax Sheltered Annuities that any one employee can have cannot exceed 5 companies.
Tax Sheltered Annuities may be entered into by employees on the following dates during each year, if the TSA Company regulations permit such transactions:
1. July 1st (for 10, 11 & 12 month employees)
2. Sept. 1st or the first day of school, whichever is later (teachers/9 month employees)
3. January 1st
4. April 1st
5. Within 2 weeks after the Master Agreement or Wage and Benefit Agreements are approved by the Board.
Tax Sheltered Annuities may be exited at any time of the year with a two weeks' written notice to the Superintendent's Office, if the TSA company's regulations permit such transactions.
Employees will only be able to withhold the amount allowed per year by the Internal Revenue Service.
EMPLOYER MATCHING CONTRIBUTIONS
To initiate the Employer Match, employees must complete a Salary Reduction Agreement. This form must be submitted to the Superintendent's Office by July 1st for all 10, 11 and 12 month employees and by September 1st or the first day of school for teachers and all other 9 month employees to start the program for that school year.
To receive subsequent increases in employer match, employees must ensure that their contribution is greater than or equal to the District match by July 1st for all 10, 11 and 12 month employees and by September 1st or the first day of school for teachers and all other 9 month employees.