403(b) Plan Annuities
The Waynesville R-VI School District participates in the IRS 403(b) plan as regulated by ERISA. These plans were enacted by the Department of Labor to assist employees of educational institutions save for retirement by using pre-tax contributions, through payroll deduction, for tax deferred growth. Classified employees who are regularly scheduled to work 20 or more hours per week are eligible to participate in the voluntary 403(b) Retirement Savings Plan.
What is a 403(b) Plan?
A 403(b) plan is a retirement plan for certain employees of public schools, tax-exempt organizations and ministers. Contributions are made under a Salary Reduction Agreement (SRA) with your employer. This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. Usually, you do not pay income tax on these contributions until you withdraw them from the account.
For more detailed information, please consult your financial advisor or visit the IRS website.
403(b) Administrator: OMNI