547P - Voluntary Retirement Savings Programs
Frederick County Public Schools offers its employees the opportunity to participate tax deferred savings plans. These plans are voluntary and are supplemental to the retirement plan provided through the Virginia Retirement System. These programs will be maintained and operated pursuant to the respective Plan Documents. The Plan Documents are available in the Finance Department.
Each plan contains all the material terms and conditions for eligibility, benefits, applicable limitations, the contracts available under the plan, and the time and form under which benefit distributions may be made.
Each plan also addresses any optional features, such as hardship withdrawal distributions, loans, plan-to-plan or annuity contract-to-annuity contract transfers, and acceptance of rollovers to the plan.
The plans may allocate responsibility for administrative functions as necessary in order to comply with the tax requirements prescribed by the Internal Revenue Service. The plans may assign such responsibilities to parties other than school division employees, but not to participants (unless the administration of the plans is a substantial portion of the duties of the participant). The plans may incorporate by reference other documents, which thereupon become part of the plans. The plans may address termination of the programs.
Every employee of Frederick County Schools will be notified at least annually about the programs.
The superintendent shall promulgate regulations that provide for employee notification, encourage employee participation, and monitor the plan.
26 U.S.C. Section(s) 403(b)
26 U.S.C. Section(s) 457(b)
26 CFR 1.403(b)-1 et seq.
Code of Virginia, 1950, as amended Section(s) 51.1-603, 51.1-603.1
Adopted: February 6, 1990
Amended: November 5, 2008
Amended: June 19, 2012
Amended: July 1, 2015