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CCC Greater Albany 403(b) Enrollment Information

1. Determine the Amount per Paycheck

This link provides information on maximum allowable contribution (MAC) amounts. However, you may be either unwilling or unable to contribute the maximum allowable amount. You must decide how much you would like to contribute to the plan each month based on your financial goals and your budget constraints. Keep in mind that the tax deferred nature of these contributions means that your net pay is not reduced by the full amount of your contribution. Final determination of the impact of tax deferred contributions on net pay depends on your federal and state marginal tax rates. For additional information, see net pay impact illustrations. For personalized calculations, paycheck evaluation software is useful. Online calculators for various purposes are available on the useful links page. For a personal MAC calculation or if you have additional questions, contact us.

2. Select A Vendor

You may make monthly contributions to one or more investment companies on this List of Vendors for Greater Albany Public School District. Your research into which companies best meet your need may be aided by visits to company and agent links available at the vendor site.

3. Complete Vendor Application

Your paperwork must be completed with your selected vendor and you must submit to Payroll Office at Greater Albany documentation that an account has been established.

4. Sign Salary Reduction Agreement

Complete your 403(b) Salary Reduction Agreement online, print it, sign it, and submit it to Payroll Office at Greater Albany, along with a copy of documentation that you have established an account with the vendor. Greater Albany requires its own 403(b) Salary Reduction Agreement form for all new voluntary deductions and for all changes.

Greater Albany Public School District 8J
Payroll Office
718 Seventh Avenue SW
Albany, OR 97321-2399

Employees need to turn in the Greater Albany-approved Salary Reduction Agreement by the deadline established by Greater Albany for a month in order for the amount to be deducted from that month’s payroll. Salary Reduction Agreements must be submitted to the Payroll Department by the 10th day of every month.

 

Continuation Until Cancellation

The most recent 403(b) Salary Reduction Agreement (SRA) document on file at Greater Albany Public School District remains in effect until you cancel the agreement, change the contribution amount, or change the vendor. One or more of these three actions requires submission of a new 403(b) Salary Reduction Agreement.

Greater Albany May Reduce Or Suspend Contributions

Greater Albany Public School District is required to avoid contributions that might exceed IRS limits. Consequently, the 403(b) SRA stipulates that Greater Albany may reduce and/or suspend contributions as necessary to avoid excess deferrals. CCC monitors year-to-date contributions each month and notifies Greater Albany when such reductions and suspensions are required. Prior to an actual reduction and/or suspension, you are given the opportunity to review the data on which the decision to reduce/suspend was made to verify its accuracy.