4017 Universal Availability for Employee Participation in 403(b)/457 Retirement Savings Plans

Union Public Schools offers all employees the opportunity to participate in 403(b) and/or 457 savings plans that allow the employee to save toward retirement by contributing a portion* of their wages to a 403(b) and/or 457 retirement savings account. Money is deducted from the employee’s paycheck on a tax-deferred basis and is sent to the employee’s selected 403(b)/457 authorized vendor, where the funds are invested in the 403(b) and 457 accounts as per the employee’s choice(s) of investment opportunities. After-tax “Roth,” 403(b) and/or 457 retirement savings plans are also available to employees.

 

Any employee who is interested in participating in 403(b) and/or 457 retirement savings plan(s) may contact any of the district-approved vendors directly, and the vendor(s) will assist the employee in completing the required forms to begin the deductions, as specified by the employee.

 

A list of vendors and contact information is available on Union Public Schools’ website at www.unionps.org, in the Benefits subsection of the Employment section. Employees may also contact the Benefits office for more information.

 

* Contribution limits and other rules/regulations regarding 403(b) and 457 plans are governed by the IRS. District- approved 403(b) and 457 vendors will be able to provide information regarding 403(b)/457 rules and regulations, or information regarding IRS 403(b)/457 rules and regulations may also be accessed at www.irs.gov.

 

Adopted 12/9/13

Revised 11/14/16