What is happening?

The District is excited to announce that it has selected the PERAPlus 401(k) and 457(b) plans as the exclusive optional retirement plan for all employees.  The District “froze” its previously existing District-sponsored 403(b) and 457 plans, grandfathering in existing participants.  This means:

  • On an ongoing basis, the District now affords all employees the opportunity to participate in the PERAPlus 401(k) and PERAPlus 457(b) plans.  Any employee who wishes to save for retirement under an optional retirement plan is encouraged to consider participating in one of these plans.  For instructions on how to sign up, visit our page on How to Sign-up for PERAPlus.
  • All participants in the previous District-sponsored 403(b) and 457 plans who were actively contributing to their accounts as of June 30, 2013 may continue to do so at their discretion, and all five approved investment providers will continue to provide service to grandfathered participants (AXA, Security Benefit, Thrivent, VALIC, and Waddell & Reed).
    • Contribution amounts under the old plan may be increased, decreased, or stopped at any time (changes received by Payroll after the 10th of the month will be effective the following month.)
    • Once a contribution is stopped under the old plan, it may not be resumed.
    • The previous District-sponsored 403(b) or 457 plans will no longer accept new participants, providers, contracts, or salary reduction agreement “adds.”

Category: Plan Revision Frequently Asked Questions

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