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Steps to Enroll

1. Determine the Amount per Paycheck

The Gaston School District 403(b) plan is a voluntary retirement plan option, you may contribute to this plan by deferring from your paychecks and contributing those funds (in an amount you specify) to an account held under a 403(b) Vendor with an Active Payroll Slot in the plan.

Traditional 403(b) accounts are tax deferred, meaning funds are deferred from your check to your investment account on a pre-tax basis. When you contribute to a Traditional 403(b) account, your net pay is not reduced by the full amount of your contribution (please see our net pay impact illustrations page for detailed examples).

Gaston School District allows Roth 403(b) contributions to any Gaston School District vendor that will accept such contributions. Roth contributions are deferred on an after-tax basis, as opposed to Traditional 403(b) which are deferred on a pre-tax basis.

Please note: There are annual (calendar year) contribution limits that apply.

2. Select A Vendor and Open an Account

You may select one or more vendors Gaston School District 403(b) Vendors with Active Payroll Slots to contribute to by contacting the Vendor or representatives to open an account under Plan ID* assigned to Gaston School District. You must establish an account under the Gaston School District 403(b) Plan specific Plan ID to begin deferrals. You may not defer to an account created under a prior/different employer's plan.Keep a copy of the documentation showing your newly assigned Account Number to evidence this step was completed.

3. Complete a Salary Reduction Agreement and Submit it to Gaston School District

Complete your 403(b) Salary Reduction Agreement (SRA) form, print it, sign it, and submit it to Payroll at Gaston School District, along with a copy of documentation that you have established an account with the vendor.

Gaston School District #511J
Payroll
300 Park St.
Gaston, OR 97119

SRAs are subject to the established Payroll Cut Off Date. To Be Determined

Continuation Until Cancellation: The most recent 403(b) SRA document on file at Gaston School District remains in effect until you cancel the agreement, change the contribution amount, or change the vendor via the submission of a new 403(b) SRA.

Gaston School District May Reduce Or Suspend Contributions: Gaston School District is required to avoid contributions that might exceed IRS limits. Consequently, the 403(b) SRA stipulates that Gaston School District may reduce and/or suspend contributions to avoid excess deferrals over your contribution limit.

 

 

Page Last Modified: 7/18/2022 3:18:32 PM