403B (Tax Sheltered Annuity) – Hay Springs School offers a 403(b) Retirement Savings Plan. The following are the details of our 403(b) plan, and the eligibility of our employees who wish to participate:
1. All part-time and full-time common law employees are eligible to participate, except for any classification so indicated below:
- Any employee that will not contribute more than $200 per year
- Non- resident aliens
- Employees who are students and regularly attending classes at the Employer institution during the calendar year or leased employees or independent contractors
2. Employees are permitted to submit salary reduction agreements to the payroll department at any time. Contributions will begin at the first payroll period following receipt of the salary reduction agreement.
3. The following information is available to aid employees participating in the plan:
- Salary Reductions Agreements can be obtained from 403B plan administrator.
- See the school’s Adoption agreement for a listing of Providers authorized to accept contributions.
- The proper application and other contract paperwork can be obtained through the provider or a representative of that provider.
4. Salary reduction contributions can be made to in an amount up to the lesser of 100% of your includible compensation or $16,500 to all elective deferral plans in which you participate. Additionally, the plan permits the following catch-up contributions to be made by eligible employees:
- $5,500 for employees that are age 50 or older by the end of the current tax year.