1. Determine the Amount per Paycheck
This link provides information on maximum allowable contribution (MAC) amounts. However, you may be either unwilling or unable to contribute the maximum allowable amount. You must decide how much you would like to contribute to the plan each month based on your financial goals and your budget constraints. Keep in mind that the tax deferred nature of these contributions means that your net pay is not reduced by the full amount of your contribution. Final determination of the impact of tax deferred contributions on net pay depends on your federal and state marginal tax rates. For additional information, see net pay impact illustrations. For personalized calculations, paycheck evaluation software is useful. Online calculators for various purposes are available on the useful links page. For a personal MAC calculation or if you have additional questions, contact us.
2. Select A Vendor
You may make monthly contributions to one or more investment companies on this List of Vendors for Federal Way Public Schools. Your research into which companies best meet your need may be aided by visits to company and agent links available at the vendor site.
3. Complete Vendor Application
Your paperwork must be completed with your selected vendor and you must submit to
Federal Way documentation that an account has been established.
4. Sign Salary Reduction Agreement
403(b) Salary Reduction Agreement
online, print it, sign it, and submit it to
Federal Way, along with a copy of documentation that you have established an account with the vendor. Federal Way requires its own 403(b) Salary Reduction Agreement form for all new voluntary deductions and for all changes.
Federal Way Public Schools
33330 8th Ave s
Federal Way, WA 98003
Employees need to deliver the Federal Way-approved Salary Reduction Agreement by the deadline established by Federal Way for a month in order for the amount to be deducted from that month’s payroll. Salary Reduction Agreements must be submitted to the Payroll Office by the Payroll Cutoff Date of a given month to become effective that month.
Continuation Until Cancellation
The most recent 403(b) Salary Reduction Agreement (SRA) document on file at Federal Way Public Schools remains in effect until you cancel the agreement, change the contribution amount, or change the vendor. One or more of these three actions requires submission of a new 403(b) Salary Reduction Agreement.
Federal Way May Reduce Or Suspend Contributions
Federal Way Public Schools is required to avoid contributions that might exceed IRS limits. Consequently, the 403(b) SRA stipulates that Federal Way may reduce and/or suspend contributions as necessary to avoid excess deferrals. CCC monitors year-to-date contributions each month and notifies Federal Way when such reductions and suspensions are required. Prior to an actual reduction and/or suspension, you are given the opportunity to review the data on which the decision to reduce/suspend was made to verify its accuracy.