Carruth Compliance Consulting

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

      Log In



Steps to Enroll

1. Determine the Amount per Paycheck

The PPS 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).

PPS allows Roth 403(b) contributions to any PPS 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 PPS 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 PPS. You must establish an account under the PPS 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. Submit an SRA via the PPS Benefits Portal

Salary Reduction Agreements (SRAs) for PPS employees are now paperless and submitted online via PPS's Employee Self Service Benefits Portal.

Log into the Benefits Portal using your PPS username and password to start a new 403(b) deferral*, to change an existing 403(b) deferral, or to cancel your existing 403(b) deferral. Note: If you cannot remember your login information, please contact the PPS IT department at (503) 916-3375 or email itservicedesk@pps.net for assistance.

Once you have logged into the Benefits Portal, you may access the area where you may indicate your desired 403(b) contributions or cancellations from the "Main Menu" tab by selecting "Self Service">"Benefits">"Life Events", then clicking "I want to change my 403(b) Contribution". (PPS also provides an illustrated guide online to navigate this area of the Benefits Portal.)

Continuation Until Cancellation: The most recent 403(b) SRA document on file remains in effect until you cancel the agreement, change the contribution amount, or change the vendor via the via PPS's Employee Self Service Benefits Portal.

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

 

 

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