Retirement Accounts

Retirement Accounts

Optional Tax Sheltered Accounts
A tax-sheltered account is a tax-deferred retirement investment plan such as the 403b and 457 plans offered through the District. The terms “403b” and “457” refer to sections of the IRS Code that define the rules by which “pre-tax” investments may be made through payroll deduction. These voluntary saving plans supplement the mandatory defined-benefit pension plan (such as TRA or PERA) to which you already belong. 

Eligible employees, as outlined in Collective Bargaining Agreements or individual letters of assignment, are encouraged to participate in a TSA. To begin, review the List of Vendor Choices, below, and work with an agent (or on your own) to open an account.

Once your account is set-up complete the TSA Salary Reduction form and submit it to your Benefits Specialist at the District Service Center. 

As of May 1, 2020, South Washington County Schools began to utilize EBC (Educators Benefit Consultants, LLC) as our TPA (third party administrator) for all 403b transaction paperwork (i.e., rollovers, transfers, exchanges, hardship withdrawals, loans, etc.)

IMPORTANT information to submit forms to EBC can be found here:

Regular 403b payroll deductions for our current/active employees will continue to be processed through the district. Please continue to send your Salary Reduction Agreement (SRA) forms for new enrollments and changes to your Benefits Specialist. These forms can be found below: 

Notice
South Washington County Schools 403b Summary Plan Description
403b Plan Vendors and Contact Information
403b Vendor Fees
Salary Reduction Agreement Form for 457 and 403b Programs
Salary Reduction Agreement Form for 457 and 403b ROTH Programs
Minnesota Deferred Compensation Program 457 Plan Information

Mandatory Pension Plans
Teachers Retirement Association
https://minnesotatra.org/

Public Employees Retirement Association
https://mnpera.org/about/

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