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Eugene School District 4J

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  4. - Tax Sheltered Annuity (TSA) Plan – 403(b)

- Tax Sheltered Annuity (TSA) Plan – 403(b)

Overview

One of the retirement options for benefit-eligible employees at Eugene School District 4J is participation in a 403(b) plan.  The District contributes into this plan each month based on your employment category.  Employees can also contribute to this plan pre-tax, but this is not a requirement. Please see your section below as well as the Plan Administrator information for Carruth Consulting.

A 403(b) plan (tax-sheltered annuity plan or TSA) is a retirement plan offered by public schools and certain charities. It's similar to a 401(k) plan maintained by a for-profit entity. Just as with a 401(k) plan, a 403(b) plan lets employees defer some of their salary into individual accounts.

 

 

It is the employee’s resposibility to set this account up in order to recieve the District’s contribution.  Please follow these steps to get this account set up:

1. Set up a 403(b) account with one of the authorized vendors from this list – Vendor Partners for TSA Plan
2. Complete a District 4J Salary Reduction Agreement form that can be found here: TSA Salary Reduction Form
3. Deliver the form to Financial Services to the Ed Center along with documentation showing that you have set up an account.

Licensed

For benefit eligible Licensed employees, participation is required as the District will contribute $50.00 per paycheck for new licensed employees. See bargaining agreement for amount increase based on years of service. You are also able to contribute on a tax free basis, but this is not required. Click on the link above to find a vendor partner to get your account set up and paperwork complete. You can begin by downloading the enrollment form and following the directions for processing.

Please refer to your bargaining unit contract or your benefit coordinator for additional details.

Classified

For benefit eligible Classified employees, participation is required as the District will contribute 2.5% of the employee’s monthly bargaining unit positions wages. To be eligible for the District paid TSA contribution, the employee must complete their 7 month probationary period. You are also able to contribute on a tax free basis, but this is not required. Click on the link above to find a vendor partner to get your account set up and paperwork complete. You can begin by downloading the enrollment form and following the directions for processing.

Please refer to your bargaining unit contract or your benefit coordinator for additional details.

MAPS

For benefit eligible MAPS employees, participation is required as the District will contribute the amount that is written in your offer letter each month.  You are also able to contribute on a tax free basis, but this is not required. Click on the link above to find a vendor partner to get your account set up and paperwork complete. You can begin by downloading the enrollment form and following the directions for processing.

Please refer to your bargaining unit contract or your benefit coordinator for additional details.

403(b) TSA

To learn more about 403(b) TSA accounts you can watch the recored zoom presentation from Carruth Compliance, passcode: =7RVSTq4 . (about 48 min long)

 

PenServ Plan Services Inc.

PenServ Plan Services Inc. provides compliance assurance and plan administration services to the District on a contractual basis. PenServ Plan Services Inc. serves as a clearing house for administration of the District’s 403(b) Tax Sheltered Annuity Plan (TSA), providing employees with the information they need to take advantage of this tax deferred retirement savings plan.

PenServ Plan Services Inc. provides educational information about advantages of tax deferred savings in general, along with links to websites that provide useful commentary and tools. District policies, practices, and procedures are available online, along with enrollment steps, Salary Reduction Agreement forms, and instructions for changing investment companies or contribution amounts. PenServ Plan Services Inc. monitors contributions for IRS compliance and guarantees its calculations.


PenServ Plan Services Inc.
PO Box 3109
West Columbia, SC 29171

Email: service@penserv.com
Phone: 803-791-4923 | Fax: 803-791-5925