Tax-Deferred Savings Plans. The District will make an employer matching payment to the tax-deferred savings plans. The District payment will be made to the State of Minnesota Deferred Compensation Plan (457) and/or the Special School District No. 1 403(b)
Tax-Deferred Savings Plans. 16.8.1 The District will make an employer matching payment to the tax-deferred savings plans. The District payment will be made to the State of Minnesota Deferred Compensation Plan (457) and/or the Special School District No. 1 (403(b) Plan. All employer and employee amounts paid to the State of Minnesota Deferred Compensation Plan (457) are subject to Social Security and Medicare taxes. All employee contributions to the 403(b) plan are subject to Social Security and Medicare taxes, but employer contributions to the 403(b) plan are not subject to Social Security and Medicare taxes. Employees should ensure tax-deferred payments do not exceed IRS limits. If limits are exceeded, the District will stop deductions to these accounts.
Tax-Deferred Savings Plans. The Board will sponsor 403(b) and 457(b) plans to be available to all eligible teachers of School District 68. To participate in the plans, teachers must complete a salary reduction agreement provided by the plan administrator and must select a 403(b) or 457(b) investment provider recognized by the plan.
Tax-Deferred Savings Plans. Employees shall be eligible to participate in a tax deferred savings plan on an optional basis as established pursuant to Minnesota Statute 123B.02, Subd. 15, subject to limitations provided for in School Board Policy.
Tax-Deferred Savings Plans. (Deferred Compensation):
Tax-Deferred Savings Plans. The District will make an employer matching payment to the tax-deferred savings plans, subject to the provisions in this article. The District Payment will be made to the State of Minnesota Deferred Compensation Plan (457) and/or the Special School District No. 1 403(b) Plan. All employer and employee amounts paid to the State of Minnesota Deferred Compensation Plan (457), are subject to FICA, or social security taxes. All employee contributions to the 403(b) plan are subject to FICA, but employer contributions to the 403(b) plan are not subject to FICA. In connection with the establishment and continuation of the 403(b) plan, the District and the Labor/Management Benefits Committee designed the plan, selected the plan's administrative and investment providers, is the exclusive manager of the plan's communications with employees, and is responsible for ongoing monitoring of the plan's investments and all administrative services provided to the plan. Employees should ensure tax-deferred savings payments do not exceed IRS limits. If limits are exceeded, the District will stop deductions to these accounts. Employer Contributions/Employee Deferrals: ° 403(b) employer contributions are in addition to your limit ° 457 employer contributions are included in your limit ° Employee deferral limits to each plan are based on IRS guidelines: ° $16,500 in 2009 and 2010 ° Participants deferring in a 403(b) and 457 plan can shelter the maximum in each plan, for example $33,000 in 2009. ° Participants age 50 or more will be able to make additional contributions to 403(b), 457. ° 457 catch-up limit will be twice the upper limit. The age 50 catch-up may not be used during the regular catch-up. A teacher who terminates employment with the District prior to the time of the match payment, as a result of resignation, layoff, retirement, or discharge will not be eligible for any further payment to the tax-deferred savings plans under this Section.
Tax-Deferred Savings Plans
