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Participation Eligibility & Contribution Limits (Ukiah School District)




2019 403(b) TSA Announcement for Ukiah


Supplemental Retirement Saving Opportunities

Ukiah School District 80R (Ukiah) offers an excellent voluntary program through which you may contribute a portion of your current income into supplemental retirement savings accounts. The Ukiah supplemental retirement savings program is offered under Section 403(b) of the Internal Revenue Code, and is called the Tax-Sheltered Annuity Plan (TSA Plan). Ukiah has contracted with Carruth Compliance Consulting (“CCC”) to act as the independent Third Party Administrator (TPA) for the TSA Plan.

All part-time and full-time employees are eligible to contribute.

You may begin making elective deferrals, change deferral amounts, change vendors, and/or discontinue deferrals in the TSA Plan at any time, subject to payroll deadlines. You may begin participating in the TSA Plan by establishing an investment account with an authorized vendor and then completing and submitting a salary reduction agreement via signed hard copy.

Optional Features Available in the Plan

Ukiah has adopted the CCC “Plan Document Only Services,” with the result that your Plan will have exactly two optional features, as follows:

  1. Age 50+ Catch-Up Provision (see the Contribution Limits section below)
  2. In-Service Distributions After Age 59-1/2

Optional Feature 2 above allows participants who reach age 59-1/2 to be eligible for distributions from their accounts, irrespective of their employment status.

You are able to begin and/or continue contributions to TSA Plan accounts, but you are not able to withdraw, exchange, or transfer accumulated benefits until you become eligible for a distribution. Distributable events include:

  • Attainment of age 59-1/2
  • Severance from employment
  • Death
  • Disability


Contribution Limits for 2019

  • The basic elective deferral limit for 2019 is the lesser of $19,000.00 or 100% of your compensation.

  • If your 50th birth date occurs on or before December 31, 2019, you are eligible to defer an additional $6,000.00, for a total of $25,000.00, provided your compensation is large enough to allow the extra deferral.

Participant Responsibilities

Participants are responsible for monitoring account activity regularly for accuracy (e.g., deposits of your contributions), updating contact and beneficiary information. If you believe that a problem may exist, please contact your vendor(s) or your employer.

Limits described above apply to your total contributions to all 403(b) Plans in which you participate during a given year. If you have more than 50% control of a corporation, partnership, and/or sole proprietorship, then the above limit is based on contributions made to this Plan as well as contributions made to any 403(b) or qualified plans maintained by the businesses you control. If you control another business that maintains a plan in which you participate, then you are responsible for providing CCC or your employer with information necessary to apply the annual contribution limits.

Contact the District Office for Additional Information

Click here for rendered version of 2019 Eligibility & Limits Announcement for Ukiah


2018 403(b) TSA Announcement for Ukiah


Supplemental Retirement Saving Opportunities

Ukiah School District 80R (Ukiah) offers an excellent program through which you may contribute a portion of your current income into supplemental retirement savings accounts. The Ukiah supplemental retirement savings program is offered under Section 403(b) of the Internal Revenue Code, and is called the Tax-Sheltered Annuity Plan (TSA Plan). Ukiah has adopted the services of Carruth Compliance Consulting, Inc. (CCC), an independent third party administrator, to provide compliance and administration services for the 403(b) TSA Plan.

All part-time and full-time employees are eligible to contribute.

You may begin making elective deferrals in the TSA Plan at any time by establishing an investment account with an authorized vendor and then completing and submitting a salary reduction agreement via signed hard copy.

Optional Features Available in the Plan

Ukiah has adopted the CCC “Plan Document Only Services,” with the result that your Plan will have exactly two optional features, as follows:

  1. Age 50+ Catch-Up Provision (see the Contribution Limits section below)
  2. In-Service Distributions After Age 59-1/2

Optional Feature 2 above allows participants who reach age 59-1/2 to be eligible for distributions from their accounts, irrespective of their employment status.

You are able to begin and/or continue contributions to TSA Plan accounts, but you are not able to withdraw, exchange, or transfer accumulated benefits until you become eligible for a distribution. Distributable events include:

  • Attainment of age 59-1/2
  • Severance from employment
  • Death
  • Disability


Contribution Limits for 2018

The basic elective deferral limit for 2018 is the lesser of $18,500.00 or 100% of your compensation.

If your 50th birth date occurs on or before December 31, 2018, you are eligible to defer an additional $6,000.00, provided your compensation is large enough to allow the extra deferral.

Participant Responsibilities

When contributing to an employer-sponsored supplemental retirement savings plan, it is important that you monitor your account activity regularly for accuracy (e.g., deposits of your contributions) and make sure your contact information and beneficiary information are up-to-date. If you believe that a problem may exist, please contact your vendor(s) or your employer immediately.

Contact the District Office for Additional Information


 

 

Page Last Modified: 2/19/2018 4:35:57 PM