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Participation Eligibility & Contribution Limits (Riverside Christian School)




2024 403(b) Plan Announcement


Retirement Saving Opportunity - The 403(b) Plan

Your Employer offers an excellent program through which you may elect to contribute a portion of income into retirement savings accounts. Your Employer’s retirement savings program is offered under Section 403(b) of the Internal Revenue Code and is called the Tax-Sheltered Annuity Plan.

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

You may begin making elective deferrals in the Plan at any time by first establishing an investment account with an approved vendor, and then completing a salary reduction agreement, signing it, and submitting it to your payroll office.

If you make an Elective Deferral your Employer may, in its sole discretion, make a Matching Contribution on your behalf in an amount determined by the Employer. Your Employer currently provides a Matching Contribution equal to your Elective Deferral up to a limit of $25.

Contribution Limits for 2024

The basic elective deferral limit for 2024 is the lesser of $23,000.00 or 100% of your compensation.

If your 50th birth date occurs on or before December 31, 2024, you are eligible to defer an additional $7,500.00, provided your compensation is large enough to allow the extra deferral.

The aggregate amount, including Elective Deferrals and Matching Contributions, that may be contributed to the Plan on your behalf in 2024 is limited to the lesser of $69,000.00 or 100% of your compensation.

Vendor Options Under the Plan

American Funds is the approved vendor for new contributions to Plan. American Funds can be contacted at (877-833-9322) or americanfunds.com/retire.

Your plan’s financial professional is:
Brenda M. Brink, CLU, ChFC, CASL, CLTC
Agent, New York Life Insurance Company
Office (509) 494-7806; fax (509) 494-7851
Email: bbrink@ft.newyorklife.com

Participant Responsibilities

When contributing to your employer-sponsored retirement savings plan, it is important that you monitor your account activity regularly for accuracy (e.g., deposits of your contributions). If you believe that a problem may exist, please contact the Third Party Administrator (see contact information below) and/or your employer immediately.

Additional Information Available from Third Party Administrator

Your Employer has adopted the services of Carruth Compliance Consulting, Inc. (CCC), an independent third party administrator, to provide compliance and administration services. For questions regarding your Employer’s Plan please contact CCC at:

Carruth Compliance Consulting, Inc.
11515 SW Durham Road, Suite E-10
Tigard, OR 97224
Phone: 503-968-8961
Toll-Free: 877-222-3090

403(b) Contribution Limits for 2024

  • Elective Deferral Limit: $23,000.00*
  • Age 50 Catch-up: An additional $7,500.00, for a total of $30,500.00* (Applies to Employees Age 50 or over by 12/31/2024)

*Note: Contributions to the plan above cannot exceed employees’ total compensation.

Participant Responsibilities

  • Participants are responsible for monitoring account activity regularly for accuracy (e.g., deposits of your contributions), updating contact and beneficiary information.
  • Contribution limits are specific to you, the taxpayer. If you participate in another organization’s retirement plan in addition to participating in the Riverside Christian Plan, please note:
    • 403(b) Elective Deferral Limits described above apply to your total deferrals to all 403(b), 401(k), SIMPLE, and SARSEP plans in which you participate.
    • If you control an organization sponsoring a qualified defined contribution plan, all contributions made to that plan on your behalf must be aggregated with any 403(b) contributions at Riverside Christian for the IRC 415(c) limit. This $69,000.00 in 2024 limit applies to the aggregate of elective deferrals and employer contributions, but those Age 50+ may defer an additional $7,500.00.
    • Note: 457(b) contributions do not need to be aggregated with 403(b) contributions for limit consideration.
  • If a problem exists or if you have questions, you should contact CCC or your employer as soon as possible.

Comprehensive information is available online via CCC’s website, www.ncompliance.com.
Please contact CCC with any questions at 503-968-8961 or Toll-Free at 877-222-3090 or via the “Contact Us” page.

Click here for rendered version of 2024 Eligibility & Limits Announcement for Riverside Christian


2023 403(b) Plan Announcement


Retirement Saving Opportunity - The 403(b) Plan

Your Employer offers an excellent program through which you may elect to contribute a portion of income into retirement savings accounts. Your Employer’s retirement savings program is offered under Section 403(b) of the Internal Revenue Code and is called the Tax-Sheltered Annuity Plan.

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

You may begin making elective deferrals in the Plan at any time by first establishing an investment account with an approved vendor, and then completing a salary reduction agreement, signing it, and submitting it to your payroll office.

If you make an Elective Deferral your Employer may, in its sole discretion, make a Matching Contribution on your behalf in an amount determined by the Employer. Your Employer currently provides a Matching Contribution equal to your Elective Deferral up to a limit of $25.

Contribution Limits for 2023

The basic elective deferral limit for 2023 is the lesser of $22,500.00 or 100% of your compensation.

If your 50th birth date occurs on or before December 31, 2023, you are eligible to defer an additional $7,500.00, provided your compensation is large enough to allow the extra deferral.

The aggregate amount, including Elective Deferrals and Matching Contributions, that may be contributed to the Plan on your behalf in 2023 is limited to the lesser of $66,000.00 or 100% of your compensation.

Vendor Options Under the Plan

American Funds is the approved vendor for new contributions to Plan. American Funds can be contacted at (877-833-9322) or americanfunds.com/retire.

Your plan’s financial professional is:
Brenda M. Brink, CLU, ChFC, CASL, CLTC
Agent, New York Life Insurance Company
Office (509) 494-7806; fax (509) 494-7851
Email: bbrink@ft.newyorklife.com

Participant Responsibilities

When contributing to your employer-sponsored retirement savings plan, it is important that you monitor your account activity regularly for accuracy (e.g., deposits of your contributions). If you believe that a problem may exist, please contact the Third Party Administrator (see contact information below) and/or your employer immediately.

Additional Information Available from Third Party Administrator

Your Employer has adopted the services of Carruth Compliance Consulting, Inc. (CCC), an independent third party administrator, to provide compliance and administration services. For questions regarding your Employer’s Plan please contact CCC at:

Carruth Compliance Consulting, Inc.
11515 SW Durham Road, Suite E-10
Tigard, OR 97224
Phone: 503-968-8961
Toll-Free: 877-222-3090

403(b) Contribution Limits for 2023

  • Elective Deferral Limit: $22,500.00*
  • Age 50 Catch-up: An additional $7,500.00, for a total of $30,000.00* (Applies to Employees Age 50 or over by 12/31/2023)

*Note: Contributions to the plan above cannot exceed employees’ total compensation.

Participant Responsibilities

  • Participants are responsible for monitoring account activity regularly for accuracy (e.g., deposits of your contributions), updating contact and beneficiary information.
  • Contribution limits are specific to you, the taxpayer. If you participate in another organization’s retirement plan in addition to participating in the Riverside Christian Plan, please note:
    • 403(b) Elective Deferral Limits described above apply to your total deferrals to all 403(b), 401(k), SIMPLE, and SARSEP plans in which you participate.
    • If you control an organization sponsoring a qualified defined contribution plan, all contributions made to that plan on your behalf must be aggregated with any 403(b) contributions at Riverside Christian for the IRC 415(c) limit. This $66,000.00 in 2023 limit applies to the aggregate of elective deferrals and employer contributions, but those Age 50+ may defer an additional $7,500.00.
    • Note: 457(b) contributions do not need to be aggregated with 403(b) contributions for limit consideration.
  • If a problem exists or if you have questions, you should contact CCC or your employer as soon as possible.

Comprehensive information is available online via CCC’s website, www.ncompliance.com.
Please contact CCC with any questions at 503-968-8961 or Toll-Free at 877-222-3090 or via the “Contact Us” page.


 

 

Page Last Modified: 11/6/2021 10:18:35 AM