The Richmond County School Board offers a 403(b) Plan for eligible employees of the District. Employees are eligible to participate as described below:
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 2020, the limit is $19,500 for participants under age 50 and up to $26,000 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: