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RCC 403(b) Plan Information Summary

General Description

RCC sponsors a 403(b) plan to offer supplemental tax-advantaged retirement savings opportunity in addition to other plans that may be available (such as the state retirement plan). All part-time and full-time employees are eligible to contribute to the TSA and DCP Plans, except student employees who are exempt from “FICA” taxation.

When can I enroll in a 403(b) retirement account?

New and rehired employees may enroll within 30 days of being hired into an eligible position. A Salary Reduction Agreement (“SRA”) must be received by HR within 30 days of the date of hire, and contributions will begin with the payroll cycle immediately following.

In addition, RCC offers a quarterly open enrollment period for the TSA Plan to start, increase or decrease contributions and/or make vendor changes. If you submit a SRA by the deadline (the last day of the open enrollment period) your new contribution will be deducted from the payroll immediately following the enrollment period. If your form comes in after the deadline, your first contribution will be effective with the next quarterly enrollment date. Enrollment Dates are as follows:

Enrollment Date Open Enrollment Period Payroll Contribution Start Date
January 1 December 1 – 31 January 31
April 1 March 1 - March 31 April 30
July 1 June 1 - June 30 July 31
October 1 September 1 - September 30 October 31

You can stop making contributions to your 403(b) account at any time by providing a SRA to HR by the payroll deadline. If notice is not received by the deadline, your contributions will stop with the following month's payroll. However, you can only restart contributions on the quarterly enrollment dates as explained above.

403(b) TSA Contribution Limits for 2020

The basic elective deferral limit for 2020 is the lesser of $19,500.00 or 100% of your compensation. If you are age 50 or better by the end of 2020, you are eligible to defer an additional $6,500.00. If you will have at least 15 years of full-time equivalent service with your current Employer by December 31, 2020, then you may be eligible to contribute up to an additional $3,000 during 2020. For additional details about contribution limits for 2019 and 2020, go to the RCC Eligibility & Limits Page.

403(b) Plan Document Features

Catch-ups under the Plan: *15 Years-of-Service Catch-up Elective Deferral Contributions *Age 50 Catch-up Elective Deferral Contributions Contributions to the Plan: *Direct Rollovers Into the Plan *Employer Contributions Allowed *Employer Post Severance Contributions Allowed *Exchanges Within the Plan Other Plan Transactions: *Hardship Distributions *In-service Distributions After Age 59-1/2 *In-service Distributions From Rollover Accounts *Loans *Permissive Service Credit Transfers *Plan-to-Plan Transfers To the Plan *Plan-to-Plan Transfers From the Plan

403(b) Vendors with Active Payroll Slots

Employees of RCC are eligible to apply for an account under the RCC403(b) Plan with any Vendor whose name appears in the following list. Please see Enrollment Procedures for details.

* The availability of certain account types may be subject to change and/or vendor restrictions.

Please contact Carruth Compliance Consulting (CCC), RCC's 403(b) Third Party Administrator (TPA) with any questions or concerns regarding the plan. CCC can be reached at (503) 968-8961 or toll free at 1-877-222-3090 and via out secure web page at:  Submit A Question To CCC 

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Page Last Modified: 8/22/2018 6:21:51 PM