Carruth Compliance Consulting

     Retirement Readiness      For Employees      For Employers      For Vendors      About Us      Contact Us 

      Log In
Click here to obtain a CCC Authorization Voucher.




Participation Eligibility & Contribution Limits (Umatilla School District)




2020 403(b) and 457(b) Announcement for Umatilla


Supplemental Retirement Saving Opportunities

Umatilla School District 6R (Umatilla) offers two excellent voluntary programs through which you may elect to contribute a portion of income into supplemental retirement savings accounts: the 403(b) and 457(b) Plans. Umatilla has contracted with Carruth Compliance Consulting (“CCC”), a Third Party Administrator (TPA), to provide information and support for the 403(b) Plan.

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

You may begin, change, and/or cancel deferrals in the 403(b) Plan and/or the 457(b) Plan at any time, subject to payroll deadlines and 457(b) requirements that deferral agreements must be submitted before the month deferrals are to begin. You may begin participating in the 403(b) Plan by establishing an account with an Active Payroll Slot Vendor, then completing and submitting a salary reduction agreement via signed hard copy to your employer.

In addition to traditional pre-tax 403(b) and 457(b) supplemental retirement savings opportunities, Umatilla offers after-tax Roth 403(b) and 457(b) contributions. (Note: Attributable earnings must be maintained in separate designated Roth accounts.)

403(b) Contribution Limits for 2020

  • Elective Deferral Limit: $19,500.00*
  • Age 50 Catch-up: An additional $6,500.00, for a total of $26,000.00* (Applies to Employees Age 50 or over by 12/31/2020)
  • 403(b) Special 15 Years of Service Catch-up: Up to an additional $3,000, for a total limit of up to $22,500.00* or $29,000.00* (depending on age) for eligible** employees with at least 15 years of full-time service with Umatilla by 12/31/2020
  • 457(b) Contribution Limits for 2020

    • Elective Deferral Limit: $19,500.00*
    • Age 50 Catch-up: An additional $6,500.00, for a total of $26,000.00* (Applies to Employees Age 50 or over by 12/31/2020)
    • 457(b) Special 3 Year Catch-up: If 2020 is one of the last three years preceding the calendar year of your normal retirement age, you may be eligible** to contribute up to $39,000.00* (twice the basic limit)

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

    **Please contact CCC to verify eligibility and limits available under Special Catch-ups.

    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 Umatilla Plan, please note:
      • 403(b) Elective Deferral Limits described above apply to your total deferrals to all 403(b), 401(k), 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 Umatilla for the IRC 415(c) limit (this applies to the aggregate of elective deferrals and employer contributions, the limit is $57,000.00 in 2020, those Age 50 may defer an additional $6,500.00).
      • 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 are to 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 2020 Eligibility & Limits Announcement for Umatilla


    2019 403(b) TSA and 457(b) DCP Announcement for Umatilla


    Supplemental Retirement Saving Opportunities

    Umatilla School District 6R (Umatilla) offers two excellent voluntary programs through which you may contribute a portion of your current income into supplemental retirement savings accounts. The Umatilla supplemental retirement savings programs are offered under Sections 403(b) and 457(b) of the Internal Revenue Code, and are called the Tax-Sheltered Annuity Plan (TSA Plan) and the Deferred Compensation Plan (DCP), respectively. Umatilla 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 and/or the DCP at any time, subject to payroll deadlines and DCP requirements that deferral agreements must be submitted before the month deferrals are to begin. 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.

    In addition to traditional pre-tax 403(b) supplemental retirement savings opportunities, the Umatilla plan offers after-tax Roth 403(b) retirement savings opportunities. Roth contributions and attributable earnings must be maintained in separate designated Roth accounts.

    In addition to traditional pre-tax 457(b) supplemental retirement savings opportunities, the Umatilla plan offers after-tax Roth 457(b) retirement savings opportunities. Roth contributions and attributable earnings must be maintained in separate designated Roth accounts.

    403(b) TSA 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.

    If you will have at least 15 years of full-time equivalent service with Umatilla by December 31, 2019, then you may be eligible to contribute up to an additional $3,000 during 2019, for totals of $22,000.00 or $28,000.00 depending on your age. If you are planning to utilize this catch-up feature, please contact CCC to confirm your maximum allowable contributions for 2019.

    457(b) DCP 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.

    If 2019 is one of the last three years preceding the calendar year of your normal retirement age, you may be eligible to contribute up to $38,000.00 (twice the $19,000.00 basic limit).

    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 CCC (see contact information below) 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.

    Enrollment and Plan Information Available Online

    Comprehensive 403(b) TSA Plan information is available on CCC’s website (www.ncompliance.com), including enrollment steps, a salary reduction agreement form (to start, change, or stop contributions), educational materials, vendor and transaction information. Although not under contract for administration of the Umatilla 457(b) DCP, CCC is happy to respond to questions about this program.

    Contact CCC with any questions at 503-968-8961 or Toll-Free at 877-222-3090 or submit questions via the “Contact Us” page on www.ncompliance.com.


     

     

    Page Last Modified: 10/18/2019 3:27:52 PM