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Bartholomew Consolidated Schools

Learn about Barclay Bartholomew Consolidated Schools' 403(b), 401(a) plans, VEBA, and HSA options for employees. Understand investment choices, contribution limits, and rollover procedures. Find answers to your questions here!

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Bartholomew Consolidated Schools

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  1. Bartholomew Consolidated Schools 403(B) Plan 401(A) Plan VEBA 2014

  2. All BCSC employees are eligible for 403(b) salary reduction. • Deductions are taken out of 20 pays for non-contracted and non-year-round employees • Deductions are taken out of 26 pays for contracted and year-round employees. • All 3 vendors will have reps visiting the buildings after the start of school • You can also call and schedule an appointment if you missed them

  3. 403(B) • No hardship withdrawals • No loans • No catchup deferrals • Blank salary reduction agreement on BCSC website; reps will have copies

  4. 403(B) Investment Choices • METLIFE • Annuities (57 choices) • $30 Account Fee • .50% Mortality Fee • No Surrender Fee (except fixed fund) • Mutual Funds (29 choices) • .28% Account Fee + expense ratio of fund(s)

  5. 403(B) Investment Choices • AIG Retirement (VALIC) • Annuities (29 choices) • No Account Fee • .75-1.25% Mortality Fee • No Surrender Fee (except fixed fund) • Mutual Funds (Internet Only) (90 choices) • $40 Account Fee + expense ratio of fund(s)

  6. 403(B) Investment Choices • ASPire (403b ASP) • $40 Account Fee + .10% Management Fee + expense ratio of fund(s) • 40 Mutual Funds through Edward Jones • Option of Self-directing through 403(b) ASP (Internet Only) • Thousands of mutual funds to choose from • Apply on the 403bASP-BCSC website • When account is set up, fill out a BCSC salary reduction agreement, sign, and send to Business Office • No rep or broker to work with

  7. ROLLOVERS, EXCHANGES, AND TRANSFERS • Rollovers- monies from a previous employer 403(b) or similar plan; check was received • Transfers- monies from a previous employer 403(b) or similar plan; directly sent to new 403(b) vendor (no cash or check involved) • Check to see if there are any surrender charges from the vendor losing the funds All Permitted

  8. 401(A) • BCSC matches up to 3% of your base salary • Monies are sent to Metlife regardless of your 403(B) vendor • An account will be set up with Metlife for the 401(A) • You invest the monies just like you would in your 403(B) • 5 year vesting

  9. VEBA BCSC BUYS YOUR UNUSED SICK DAYS OVER 180 FOR $43 PER DAY FUNDS CAN ONLY BE USED FOR HEALTH-RELATED EXPENDITURES WHEN YOU RETIRE

  10. Health Savings Account (HSA) • What are they? • HSAs are tax-advantaged medical savings accounts available to taxpayers who are enrolled in an HSA-qualified high-deductible health plan. • The funds contributed to the account are not subject to federal income tax at the time of deposit. • Unused amounts in one year can be carried over to following years and added to subsequent contributions. • HSA Contribution Limits: • Individual: $3,300 for 2014, and an increase to $3,350 for 2015 • Family: $6,550 for 2014, and increase to $6,650 for 2015 • Individuals age 55 and over may make an additional “catch up” contribution of up to $1,000 in 2014 and in 2015.

  11. Questions?????

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