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CCC will be closed on Thursday, November 27th and Friday, November 28th for the Thanksgiving Holiday.

Culver Employee 403(b) Information

What is a 403(b) Plan?

In public educational organizations like School Districts and Community Colleges, 403(b) Plans generally serve as supplemental retirement savings plans designed to supplement retirement benefits available from State pension plans and Social Security. The IRS provides a Summary of 403(b) Plan Basics page and a 403(b) Plan Brochure for Employees on its website. Many of the topics covered there are treated in even greater detail on this CCC website, whereas some other topics covered there are not applicable to public employers.

Am I Eligible To Participate?

Yes, if you receive a paycheck for services provided to Culver School District 4, then you are eligible to sign up for elective deferrals into the Culver 403(b) Plan. Click Here to review the Culver eligibility and limits announcements for 2014 and 2015.

How Much Can I Contribute?

Federal law adopted in 2001 greatly simplified calculation of your Maximum Allowable Contribution (MAC), but the calculation remains quite complicated for certain employees. This section gives basic information about limits on your contributions and explains how you may request an individualized calculation from Carruth Compliance Consulting, Inc. (CCC), the Employer's consultant. Culver does not require any minimum monthly contribution amount. Click Here to review the Culver eligibility and limits announcements for 2014 and 2015. Click Here to review general contribution limits information.

Why Should I Use This Plan?

Numerous approaches to supplemental retirement savings are available to you, including Individual Retirement Accounts (IRA), your employer's 403(b) plan, bank certificates of deposit, savings and loan associations, stocks, bonds, and real estate. Some approaches are tax deferred and others are not. This section explains some of the advantages of tax deferred savings and points out some of the unique features of 403(b) plans. Learn More

How Do I Begin Contributions?

First you must select a vendor and complete the paperwork to establish an account with that vendor. Then, you must sign a Salary Reduction Agreement (online version available from the Employer sub-menu, above) and submit it to the Culver Payroll Office. This section gives step-by-step instructions for beginning participation, explains how the online Salary Reduction Agreement should be completed, and specifies the appropriate office for submission. Learn More

How Do I Change Amounts?

You must sign a revised Salary Reduction Agreement (online version available from the Employer sub-menu, above) and submit it to the Culver Payroll Office. This section gives step-by-step instructions for changing amounts (and/or vendors), explains how the online Salary Reduction Agreement should be completed, and specifies the appropriate office for submission. The rules for frequency of changes allowed and when changes become effective are also provided here. Learn More

Does the Employer Contribute?

As a benefit of employment, some Employers make contributions to the 403(b) TSA Plan on behalf of certain employees. The three types of employer contributions possible in a 403(b) Plan are:

  • Employer Discretionary Contributions
  • Employer Matching Contributions
  • Employer Post-Severance Contributions

Please see the 403(b) Plan Document for Culver School District for additional information about these types of employer contributions and whether or not your Employer's 403(b) Plan involves such contributions.

Which Optional Features Does the District Allow in its 403(b) Plan?

403(b) Optional features are either included in, or excluded from, the Plan, as specified below and as further described in the parenthetically referenced sections in the Plan Document for Culver School District 4. These options are listed here in abstract for convenient reference:

    Catch-ups under the Plan
  • 15 Years-of-Service Catch-up Elective Deferral Contributions: Yes
  • Age 50 Catch-up Elective Deferral Contributions: Yes
  • Contributions to the Plan
  • Direct Rollovers Into the Plan: Yes
  • Employer Contributions Allowed: Yes
  • Employer Post Severance Contributions Allowed: Yes
  • Exchanges Within the Plan: Yes
  • Roth Contributions: No
  • Other Plan Transactions
  • Hardship Distributions: Yes
  • In-service Distributions After Age 59-1/2: Yes
  • In-service Distributions From Rollover Accounts: Yes
  • Loans: Yes
  • Permissive Service Credit Transfers: Yes
  • Plan-to-Plan Transfers To the Plan: Yes
  • Plan-to-Plan Transfers From the Plan: Yes

 

What Are My Investment Options?

The Employer maintains a substantial list of investment companies (vendors) and registered representatives (agents). This section provides information about current vendors available to you and their investment products. Also, if you are interested in an investment company or product that is not currently on the vendor list, information about how this company can be added is provided. Learn More

How Do I Change Vendors?

Again, first you must select a new vendor and complete the paperwork to establish an account with that vendor. Then, you must sign a revised Salary Reduction Agreement (online version available from the Employer sub-menu, above) and submit it to the Culver Payroll Office. This section gives step-by-step instructions for changing vendors (and/or amounts), explains how the online Salary Reduction Agreement should be completed, and specifies the appropriate office for submission. Learn More

When Can I Begin Withdrawing?

There are restrictions on when the money you save in a 403(b) plan may be distributed to you. This link provides information on those restrictions. Learn More

What If I Need The Money Earlier?

Under certain circumstances you may be allowed to withdraw portions of your savings early (hardship withdrawals). This link provides information on these circumstances. Learn More

Plan Document for Culver

If you'd like to review the Culver 403(b) Plan Document that governs 403(b) policies for Employees of Culver, you may do so here.

Why did Culver Adopt CCC Services?

The IRS published Final 403(b) Regulations during July of 2007 that dramatically changed the way 403(b) Plans must be structured and administered. As a consequence, both Culver School District 4 and all of the Vendors for its 403(b) Plan were required to follow burdensome and expensive new rules. Several companies that had traditionally offered 403(b) investment products vacated the 403(b) market entirely as a result. Other companies that remained in the 403(b) market removed their products as investment options in some smaller plans. You should review information about 403(b) Vendors available at the "403(b) List of Vendors" link in the Culver Employee Sub-Menu above. Culver School District 4 adopted the services of Carruth Compliance Consulting, Inc., an Independent Third Party Administrator (TPA), to provide compliance and administration services. This Culver section of the CCC website is designed to provide everything you need to know about your 403(b) Plan.

Transaction Types - Definitions

Click here for information about the various types of transactions associated with 403(b) annuities and custodial accounts.

Obtaining Transaction Authorization


CCC offers Plan Administrative Authorizations for plans CCC administers in various formats, depending on the transaction type.

CCC offers Authorization Vouchers for the following transaction types:

  • 403(b) Distributions to the Participant (for qualifying events of Severance from employment and attainment of age 59.5)
  • 403(b) Rollover Distributions (for qualifying events of Severance from employment and attainment of age 59.5)
  • 403(b) Contract Exchanges within the Plan
  • 403(b) Plan-to-Plan Transfers out of the Plan

For more information on requesting an Authorization Voucher, please click here.

Click here for information on submitting 403(b) Loans for authorization.

Click here for information on submitting 403(b) Hardship Distributions for authorization.


For all other transaction types

Participants may request plan authorization by completing the following steps:

  1. Complete a CCC Transaction Submission Cover Sheet and submit it, along with your completed vendor forms, to CCC. You may submit these documents to CCC using one of the following methods*:

    • You may securely upload the documents to CCC by clicking here,

    • You may fax the document to CCC at 503-968-7802, or

    • You may mail the document to CCC at the following address:

      Carruth Compliance Consulting
      11515 SW Durham Rd. Suite E10
      Tigard, OR 97224

  2. Once CCC receives your transaction submission we will review the documents, verify eligibility for the transaction.
  3. If appropriate, CCC will provide plan administrator's authorization for the transaction.

The CCC Transaction Submission Form is to be used to submit any transaction type except 403(b) Loans and 403(b) Hardships to CCC.

*Please note: some Vendors impose specific requirements before they will process certain (or any) transactions. Before you begin the process of submitting transaction, be sure to check for any special Vendor requirements (such as original document via mail only) by visiting their “General Information” page(s) available on the List of All Vendors page or contacting your vendor directly.

For more information on 403(b) transactions, including descriptions of the transaction types, click here.

View: CCC's Authorized Signatures Letter