Voluntary Retirement Program USD 259 employees have the opportunity to set up contributions to their personal investment programs through payroll deductions. There are two options available: the USD 259 endorsed 457 Deferred Compensation program with Empower, and 403(b) tax-sheltered annuity plans. Employees interested in setting up personal accounts must work with an investment counselor to determine an investment program and begin a payroll deduction. 457 (B) Deferred Compensation Plan 457(b) deferred compensation plans are employer-sponsored retirement savings plans, offered by municipalities and governmental entities, which allow employees to defer a portion of their current compensation on a tax-advantaged basis for retirement. With a 457(b) plan, employees put a portion of their earnings into an employer-sponsored plan on a tax-advantaged basis. Employees may choose between a traditional pre-tax contribution and a Roth contribution. Roth contributions - Contributions are made on an after tax basis. Earnings accumulate on a tax deferred basis, and distributions are tax free if made five years after the initial contribution to the plan and the employee is over 59 1/2 . Traditional pre-tax contributions - Contributions are made on a pre-tax basis, reducing the employee’s taxable income. Earnings accumulate on a tax deferred basis. All distributions are taxed as ordinary income. Please contact Deb Anton with Retirement Plan Advisors for assistance with setting up a 457(b). (316)210-5049 or danton@retirementplanadvisors.com 403(B) Tax Sheltered Annuity Plans The Omni Group is our 403(b) plan administrator. The list of providers can be found on the Omni website www.omni403b.com. You can also contact Omni at 1-877-544-6664 to work with an investment advisor from one of our approved participating service providers.
Employees planning to retire from USD 259 must contact the Retirement office at least six months in advance to complete paperwork and ensure all steps for a successful retirement have been taken.
USD 259 Retirement Specialist & KPERS Designated Agent Alexis Summers Business: (316) 973-4590 Email: asummers@usd259.net
26 - Employee Benefits Guide
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