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 Corvallis 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
Corvallis documentation that an account has been established.
4. Sign Salary Reduction Agreement
403(b) Salary Reduction Agreement
online, print it, sign it, and submit it to
Payroll Office at
Corvallis, along with a copy of documentation that you have established an account with the vendor. Corvallis requires its own 403(b) Salary Reduction Agreement form for all new voluntary deductions and for all changes.
Corvallis School District 509J
1555 SW 35th St
PO Box 359J
Corvallis, OR 97339-1198
Employees need to deliver the Corvallis-approved Salary Reduction Agreement by the deadline established by Corvallis for a month in order for the amount to be deducted from that month’s payroll. Generally, this completed salary reduction must be received by the District Payroll Department by the last day of a calendar month to be effective the first day of the following calendar month.
Continuation Until Cancellation
The most recent 403(b) Salary Reduction Agreement (SRA) document on file at Corvallis 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.
Corvallis May Reduce Or Suspend Contributions
Corvallis School District is required to avoid contributions that might exceed IRS limits. Consequently, the 403(b) SRA stipulates that Corvallis may reduce and/or suspend contributions as necessary to avoid excess deferrals. CCC monitors year-to-date contributions each month and notifies Corvallis 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.