If the 6th or 21st falls on a weekend, the payday will be the previous Friday. In some years, holidays can affect these dates. Please consult the current year's payroll calendar listed above to find out which paydays are effected by holidays.
For work done between 1st - 15th of the month: timesheets are due to the business office on the 16th by noon of the current month and paid on the 21st payroll of the current month.
For work done between 16th - the end of the month: timesheets are due to the buiness office on the 1st by noon of the next month and paid on the 6th payroll of the next month.
If the 16th or 1st falls on the weekend, timesheets are due to your supervisor by the end of your workday on the previous Friday, such that they can make it to the business office first thing on Monday morning to make payroll.
Washtenaw ISD is pleased to offer you the opportunity to participate in the Washtenaw ISD 403(b) Plan as part of your benefits package.
A 403(b) plan is a defined contribution retirement plan for certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers.
There are tax advantages to contributing to a 403(b) retirement plan:
Most public school employers offer the ability for staff to contribute to a 403(b) plan via a salary deferral. This means that an employee has made an election to have some of their salary deferred (withheld on a pre-tax basis) and deposited into the 403(b) plan, thereby deferring any federal and state income taxes on those wages until the money is withdrawn from the plan.
Effective January 1, 2009, The Standard administers our 403(b) retirement plan. In cooperation with the Washtenaw ISD and Wayne RESA 403(b) Plan Consortium, a 403(b) Plan Question and Answer Information packet was prepared to help you understand the details.
The Washtenaw ISD 403(b) plan is a single vendor model that is fairly unique in school districts. The core of the plan is very common in 403(b) ERISA plans for non-profit institutions like universities and hospitals and 401(k) plans for corporations. We have supplemented the core plan with a guided portfolio option, a managed portfolio option, and an open mutual fund window that, in our opinion, makes this a far superior retirement plan for our participants than was previously available to you here and at other public schools.
This four (4) bucket approach allows you to choose how much decision making you have delegated in your investment choices:
Bucket 1: Core Line-up - This bucket contains a core line-up of 29 mutual funds across broad investment categories and provides a mix of actively and passively managed mutual funds. This bucket would be for the participants that would like to select their own investment portfolio, knowing that all options have been reviewed by investment professionals and determined to be the best in its investment class.
Bucket 2: Guided Portfolios – This bucket contains five custom asset allocation portfolios that are created out of the underlying core fund line-up (Bucket 1) and range from conservative to aggressive. This bucket will help you through the process of choosing and managing your retirement assets by providing information and planning tools. After answering a few questions about your future goals and current retirement income sources, the tools discuss risk tolerance, diversification and possible investment options. An investor profile questionnaire leads you to one of the five portfolios that show how you may want to diversity your assets. Most participants will likely choose a Guided Portfolio.
Bucket 3: Mainspring Managed – This bucket is for the complete “please actively manage my money for me” approach. The Standard will do everything for you. Create a savings plan to help you meet your retirement needs, manage your investments and contributions to match your needs, provide access to a call center staffed with professional investment advisors, and provide ongoing statements to show your progress along the way. All investments will be created out of the underlying core fund line-up (Bucket 1). The cost is $10/month. You can register for Mainspring Managed online from your Personal Savings Center once you are enrolled in the plan.
Bucket 4: Open Brokerage Window – This bucket offers access to over 5,500 mutual funds, all without loads/sales commissions. This is a self-directed brokerage account through the Schwab Personal Choice Retirement Account (PCRA). Please note that the purchase of individual stocks in 403(b) retirement plans is not legal and is therefore not available through the Schwab PCRA. The cost is $35/year. If you wish to enroll in a Schwab PCRA account, you can use this link to enroll (www.schwab.com/pcra). Please note that you will need to have our District Plan ID and password in order to complete the online enrollment (request this from Brian Marcel at x1402); you will also need to provide your social security number.
Once you have opened a Schwab account, you can direct up to 95% of your investment into the Brokerage Account election on the Investment Form.
As the representatives from the Washtenaw ISD and Wayne RESA 403(b) Plan Consortium developed this plan design and requested proposals from plan administrators/investment advisors, it became clear that there were almost no plans out there anything like this in the public school industry. In 2010, Sharon Raschke from Dexter Community Schools submitted this 4-Bucket 403(b) Plan model/design for consideration of an award through the Association of School Business Officials International. This innovative plan “The 4-Bucket Plan: a better 403(b) retirement plan” received an Association of School Business Officials International 2010 Pinnacle of Achievement Award.
The Pinnacle of Achievement Award, ASBO Annual Conference, September 26, 2010. Brian Marcel (Washtenaw ISD), Sharon Raschke (Dexter), and Teresa Zigman (Chelsea) representing the Consortium.
In order to satisfy the “universal availability” requirements for 403(b) plans, all new employee names and addresses are submitted to The Standard, and each new employee receives a mailing from The Standard advising them of the availability of the 403(b) plan to them, allowing them to defer a portion of their wages by depositing it into the 403(b) plan. The mailing includes instructions on how to set up an account.
If you no longer have that mailing and want to enroll in the Washtenaw ISD 403(b) plan with The Standard, please utilize the following documents to help you get enrolled:
The Personal Savings Center is the online portal to your 403(b) account. You can use the Personal Savings Center to perform various account and investment functions including accessing retirement planning tools, viewing your account balance, selecting or changing your investments, changing your beneficiary, etc. See the document below for more information (this is the same link as in the section above):
The Personal Savings Center also contains various plan documents such as the Plan Overview and Participation Notice and a Summary Plan Description. Other plan documents, including the 403(b) Plan Document, the Adoption Agreement, Investment Policy, Loan Program, and Fee Profile, are available on the WISD network under Groups/All Agency/Benefits/403B/Plan Documents.
The maximum contribution for 2015 calendar year is $18,000. If you are age 50 or older, you may contribute up to a total of $24,000.
If you have a 403(b) retirement plan account that you contributed to through WISD prior to December 31, 2008 that you want to transfer to The Standard, see Application for 403(b) Transfer. You will likely need to fill out this form and one from your previous account provider; however, some providers will accept The Standard’s Application for 403(b) Transfer form.
If you have another retirement plan from a former employer that you want to rollover to The Standard, look for the Roll Over Funds link in your Personal Savings Center.
Prior to transferring or rolling over funds, you need to pay particular attention to your contract for your current account. You will need to determine if your account is subject to surrender charges or other distribution fees. Once you work with your current vendor to determine what, if any, charges will be deducted from your balance prior to transferring it or rolling it over, you’ll need to decide if you want to proceed with the transaction.
Representatives from the Washtenaw ISD and Wayne RESA 403(b) Plan Consortium meet on a quarterly basis with representatives, including the investment advisor, from The Standard to review the consortium’s investment offerings and their performance and to attend to other administrative needs. The WISD Quarterly Monitoring Reports are available on the WISD network under Groups/All Agency/Benefits/403B/Quarterly Monitoring Reports.
A representative from The Standard is also available to assist you between 10 am and 8 pm Eastern time at 1-800-858-5420.
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