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Steps to Enroll

1. Determine the Amount per Paycheck

The Hillsboro 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).

Hillsboro allows Roth 403(b) contributions to any Hillsboro 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 Hillsboro 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 Hillsboro. Keep a copy of the documentation showing your newly assigned Account Number to evidence this step was completed.

*Please note: You must establish an account under the Hillsboro 403(b) Plan specific Plan ID to begin deferrals. You may not defer to an account created under a prior/different employer's plan.

3. Complete a Salary Reduction Agreement and Submit it to Hillsboro

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

Hillsboro School District 1J
Payroll Office
3083 NE 49th Place
Hillsboro, OR 97124-6009

SRAs are subject to the established Payroll Cut Off Date. Salary Reduction Agreement must be received by the 5th of the month to be eligible for payroll that month.

Continuation Until Cancellation: The most recent 403(b) SRA document on file at Hillsboro 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.

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

 

 

Page Last Modified: 4/26/2022 12:59:39 PM