547R - Voluntary Retirement Savings Programs
Payroll deductions for voluntary retirement savings programs under IRS code sections 403(b) and 457(b) are provided as a service to the employees of the Frederick County Public Schools. Decisions regarding the deferral, continuation, investment or termination of any contribution or investment are the sole responsibility of the participating employee.
Notification of the opportunity to participate in the voluntary retirement savings programs will occur throughout each calendar year.
The school division recognizes the importance of these supplemental retirement programs, and in an effort to encourage participation, will establish regularly scheduled education seminars. These will be announced through various forms of communication.
The programs will be monitored annually, at a minimum, to assess participation levels and service quality as well as assure compliance with all IRS regulations. An evaluation team, recommended by the executive director of finance and the executive director of human resources and approved by the superintendent, will review the number of participants and will monitor contribution levels. Service performance will be analyzed as a component of the contract administration with program vendors.
Adopted: November 1, 1988
Amended: August 1, 1991
Amended: August 1, 1994
Amended: May 10, 1995
Amended: August 23, 2001
Amended: July 8, 2009