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403(b) Annual Notice of Participation

The Richmond County School Board offers a 403(b) Plan for eligible employees of the District.  Employees are eligible to participate as described below: 

  • All W-2 employees are eligible to participate in the 403(b) Plan  

 

A 403(b) plan is a tax-deferred retirement program that permits an employee to reduce his or her compensation on a pre-tax basis and have the contribution deposited into a 403(b) investment. 

 

To enroll in a 403(b) program, you must complete a Salary Reduction Agreement which is available at the School Board Office.  

 

You may also be required to complete an annuity contract or custodial account application to establish your investment account under the Plan.  Application forms for an annuity contract or a custodial account can be obtained from the representative of the investment provider you select.  Employees should contact each vendor for information about the 403(b) products and services it offers.  A list of the approved providers in our Plan is listed below and available in the School Board Office. 

 

Your participation will begin the first day of the month following the date that our Payroll Department processes your completed Salary Reduction Form. 

 

You can make a change to or stop your contribution at any time. You will need to complete a new Salary Reduction Agreement and provide it to the Payroll office to do so. The change will take effect for the next available payroll period as described above after the new Salary Reduction Agreement is processed by the Payroll Office.

 

The IRS limits the annual contributions you can make to a 403(b) plan. For 2017, the limit is $18,000 for participants under age 50 and up to $24,000 for participants who become age 50 or older during this calendar year. 

 

The Richmond County School Board has no liability for any employee’s election to participate in the 403(b) plan, choice of 403(b) vendor(s), or expected tax consequences resulting from participating in the 403(b) plan.  The Richmond County School Board does not provide tax, legal or investment advice and recommends that employees seek advice from professionals who specialize in these areas.

 

If you have any questions about our 403(b) Plan, please contact Susan H. Johns, Director of Finance or the Plan’s third party administrator, ADMIN PARTNERS, LLC at 877-484-4400.                  

Authorized Vendors under the 403 (b) Plan Are:
 

Organization Name Contact Person Telephone Email
AXA Advisors David Stables 804-445-5880 david.stables@axa-advisors.com
Lincoln Financial Group Tom Mayo 757-777-3127 thomas.mayo@lfg.com
New York Life Insurance Company Kelly Ruhf 804-767-0181 kbruhf@ft.newyorklife.com 
VALIC Scott Viera 804-908-2757 Scott.viera@valic.com
Pinnacle Financial Planning Mike Mullins 804-580-4121 mmullins@swcares.com

 

Contact Us
Richmond County Public Schools 92 Walnut Street
Warsaw, VA 22572
View Map & Directions
Phone: 804-333-3681
Fax: 804-333-5586