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Bartholomew Consolidated Schools

Bartholomew Consolidated Schools. 403(B) Plan 401(A) Plan VEBA HSA 2015. Two Brothers. Ben Graduated from college, started teaching, and got married at 22 Had 2 children within the next 7 years Wife stayed home after second child; went back to work after second child went to high school

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Bartholomew Consolidated Schools

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  1. Bartholomew Consolidated Schools 403(B) Plan 401(A) Plan VEBA HSA 2015

  2. Two Brothers • Ben • Graduated from college, started teaching, and got married at 22 • Had 2 children within the next 7 years • Wife stayed home after second child; went back to work after second child went to high school • Justin • Also graduated from college, started teaching, and got married at 22 • Had 2 children within the next 3 years; wife stayed home • When kids started KG, wife started career

  3. 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- Metlife, Valic, and Aspire- will have reps visiting the buildings after the start of school • You can also call and schedule an appointment if you missed them

  4. 403(B) • No hardship withdrawals • No loans • No catchup deferrals • Blank salary reduction agreement on BCSC website; reps will have copies

  5. 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)

  6. 403(B) Investment Choices • 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)

  7. 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 Aspire 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

  8. 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

  9. 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) match • You invest the monies just like you would in your 403(B) • 5 year vesting

  10. 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

  11. 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: $3,350 for 2015 • Family: $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.

  12. Questions?????

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