Deferred Compensation Programs. In accordance with Section 403(b) of the Internal Revenue Code and MS 356.24, the School Board will match an amount equal to the minimum match, the maximum match, or any amount in between the contribution of an eligible teacher according to the following schedules towards an approved 403(b) tax sheltered annuity plan. Teachers who have been contributing to a 457 plan prior to the ratification of the 2013-2015 contract will be grandfathered in, with the district contributing matching funds to the 457 plans. Teachers hired on or after July 1, 2014 or new enrollees to the deferred compensation program will have all matching funds contributed to a 403(b) plan. The plan must meet the School District’s guidelines for approval. The contribution and match are forwarded each pay period to the plan account.
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