2020 403(b) and 457(b) Announcement for Greater Albany


Supplemental Retirement Saving Opportunities

Greater Albany Public School District 8J (Greater Albany) offers two excellent voluntary programs through which you may elect to contribute a portion of income into supplemental retirement savings accounts: the 403(b) and 457(b) Plans. Greater Albany 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 deferrals in the 403(b) Plan and/or the 457(b) Plan at any time, subject to payroll deadlines and 457(b) requirements that deferral agreements must be submitted before the month deferrals are to begin. You may begin participating in the 403(b) Plan by establishing an account with an Active Payroll Slot Vendor, then completing and submitting a salary reduction agreement via signed hard copy to your employer.

In addition to traditional pre-tax 403(b) and 457(b) supplemental retirement savings opportunities, Greater Albany offers after-tax Roth 403(b) contributions. (Note: Attributable earnings must be maintained in separate designated Roth accounts.)

403(b) Contribution Limits for 2020

  • 403(b) Special 15 Years of Service Catch-up: Up to an additional $3,000, for a total limit of up to $22,500.00* or $29,000.00* (depending on age) for eligible** employees with at least 15 years of full-time service with Greater Albany by 12/31/2020
  • 457(b) Contribution Limits for 2020

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

    **Please contact CCC to verify eligibility and limits available under Special Catch-ups.

    Participant Responsibilities

    Comprehensive information is available online via CCC’s website, www.ncompliance.com.
    Please contact CCC with any questions at 503-968-8961 or Toll-Free at 877-222-3090 or via the “Contact Us” page.