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School Board Partners Employee 403(b) Information

What is a 403(b) Plan?

403(b) Plans generally serve as voluntary supplemental retirement savings plans designed to supplement retirement benefits available from State pension plans and Social Security. The IRS provides a Summary of 403(b) Plan Basics page and a 403(b) Plan Brochure for Employees on its website. Additionally, CCC's site offers a page of Education Tutorials and more to familiarize employees with a variety of 403(b) topics.

Please visit the "Why Partipicate?" page for additional information on the benefits of utilizing the 403(b) plan.

This plan is subject to ERISA. Plan reports for participants are linked below:

Which Optional Features Does the District Allow in its 403(b) Plan?

403(b) Optional features are either included in, or excluded from, the Plan, as specified below and as further described in the parenthetically referenced sections in the Plan Document for School Board Partners. These options are listed here in abstract for convenient reference:

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

403(b) Account Access/ Transaction Information

A transaction's availability may be limited by IRS guidelines, the optional features in the School Board Partners Plan and/or the underlying investment contract. To learn more about the transactions (including definitions and qualifying events), including how to obtain authorization for a transaction, please click here.

 

Am I Eligible To Participate? How Much Can I Contribute?

Please review the Eligibility and Limits Announcement for a full description of the employees eligible to participate and the contribution limits that apply. School Board Partners does not require any minimum monthly contribution amount.

Basic Information About Products

Investment products for 403(b) plans may be broken down into the following investment types:

  • Fixed Annuities
  • Variable Annuities with a Fixed Account
  • Variable Annuities without a Fixed Account
  • 403(b)(7) Custodial Mutual Funds (No-Load)
  • 403(b)(7) Custodial Mutual Funds (Load)
  • 403(b)(7) Custodial Mutual Funds (Deferred Sales Charges)

Various vendors may offer one or more of these types of investments. Look for fund profiles, performance, prospectuses, and fees associated with specific vendors in the column to the right for information about particular offerings.

How do I choose a Vendor?

Generally speaking, vendors market their 403(b) investment products using one or more of the following approaches:

  • Agents Who Are Contracted Exclusively with the Vendor
  • Independent 403(b) Practitioners
  • Regional or Central Office Employees
  • Seminars, Meetings, and/or Brochure Distribution
  • Websites

Learn more about choosing an investment

What If I Need Financial Advice?

Click on this link for information about the financial advisor industry and helpful suggestions about how to locate one or more qualified, professional, and licensed financial advisors that meet your needs. Learn More

Why did School Board Partners Adopt CCC Services?

403(b) Plans are subject to complex rules and administrative responsibilities. As a result, School Board Partners adopted the services of Carruth Compliance Consulting, Inc., an Independent Third Party Administrator (TPA).

 

Page Last Modified: 8/24/2022 2:24:21 PM