Retirement Savings Plan

  • We are pleased to offer employees the opportunity to participate in the Springfield City School District Retirement Savings Plan. The opportunity for eligible employees to participate is offered on a voluntary basis.

     

    What is a 403(b) Plan?
    A 403(b) Plan allows eligible employees the opportunity to save for retirement. Amounts contributed to the Plan are contributed on a tax-deferred basis. This means that the contribution is not subject to federal income tax or, in most cases, state income tax until distributed by the plan. This tax deferral also applies to any earnings on the contributions. Because the Plan is intended as a means of saving for retirement, distributions are limited to certain events.

    Who is eligible to participate?
    All employees are eligible to participate in the Plan, except student teachers and student workers.

    How much may be contributed to the Plan?
    The amount that may be contributed to the Plan is set by federal tax law. The limit set is an
    annual contribution limit.
    For the 2017 tax year, the contribution limits are:
     Basic salary deferral limit for all employees $18,000
     Additional Contribution for age 50+ catch-up $ 6,000
    *An additional catch-up contribution will be permitted for employees with 15 years of service with
    the employer. This additional catch-up limit requires the completion of a worksheet to determine
    eligibility for the additional catch-up contribution. The contribution limit for this is $3,000.

    When is a distribution allowed under the Plan?
    The 403(b) Plan is intended as a source of retirement income so there are withdrawal restrictions
    on the funds, including earnings. A withdrawal or distribution may be taken only for the following
    reasons:
     Attainment of the age 59 ½
     Severance from employment
     Total and permanent disability
     Death
    *After tax Roth 403(b) contributions are not permitted under the Plan.
    *Hardship distributions are not available under the Plan.
    *Loans are not permitted under the Plan.

    Who are the approved investment option providers under the Plan?
    The attached list indicates the providers that are approved investment option providers under the
    Plan. If you are not a current 403(b) Plan participant and you wish to participate in the Plan, you
    will need to contact a provider listed and complete the proper paperwork to establish an account
    with that entity. You must also complete a salary reduction agreement authorizing your employer to reduce your salary for
    the contribution amount.

     

    Difference between a 403(b) and 457 Plan

    List of Approved 403(b) and 457 Providers

    403b Salary Reduction Form

  • Lindsay Moody,CPP
    Payroll Supervisor
    MoodyL@scsdoh.org
    Ph: (937) 505-2817
    Fx: (937) 505-2975

    Karrie Hayes, CPP
    Payroll Coordinator
    (937) 505-2816
    hayeskl@scsdoh.org

    Tonya Bailey
    Payroll Coordinator
    (937) 505-2822
    baileytm@scsdoh.org

     

Pay Dates

Pay Calendars

Tax Forms