2024 403(b) Announcement for Central Linn School District

Supplemental Retirement Saving Opportunities

Central Linn School District offers an excellent voluntary program through which you may elect to contribute a portion of income into supplemental retirement savings accounts: the 403(b) Plan. Central Linn School District has contracted with Carruth Compliance Consulting (“CCC”), a Third Party Administrator (TPA), to provide information and support for the 403(b) Plan.

All part-time and full-time employees are eligible to contribute.

You may begin, change, and/or cancel contributions in the 403(b) Plan at any time, subject to payroll deadlines. You may begin contributions in the 403(b) Plan by following the ‘403(b) Enrollment Procedures’ on the CCC website.

In addition to traditional pre-tax 403(b) supplemental retirement savings opportunities, Central Linn School District offers after-tax Roth 403(b) contributions.

Optional Features Available in the Plan

Central Linn School District has adopted the CCC “Plan Document Only Services,” with the result that your Plan will have exactly two optional features, as follows:

  1. Age 50+ Catch-Up Provision (see the Contribution Limits section below)
  2. In-Service Distributions After Age 59-1/2

Optional Feature 2 above allows participants who reach age 59-1/2 to be eligible for distributions from their accounts, irrespective of their employment status.

You are able to begin and/or continue contributions to 403(b) Plan accounts, but you are not able to withdraw, exchange, or transfer accumulated benefits until you become eligible for a distribution. Distributable events include:

403(b) Contribution Limits for 2024

*Note: Contributions to the plan above cannot exceed employees’ total compensation.

Participant Responsibilities

Contact the District Office for Additional Information