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New 457(b) Plan Available
Recently Oregon City Public Schools adopted a new 457(b) Deferred Compensation Plan (DCP),
which is now available to all employees in addition to the 403(b) Tax Sheltered Annuity (TSA)
Plan. Two Vendors are available for investments in the OCPS 457(b) Plan, as follows:
Oregon
Savings Growth Plan [1-800-365-8494]
The above link takes you to the OSGP Home Page, which provides general information
about the Plan. Go directly to the Plan and Agreement Package for enrollment in the program. Once you receive
confirmation that you have established an OSGP 457(b) account, it is necessary
for you to complete and submit an Oregon City Public Schools
457(b) Salary Reduction
Agreement.
The Crooks & Company Deferred
Compensation Plan [503-723-9580]
The above link takes you to a Crooks & Company announcement, which provides general information
about the Company. To enroll you must contact:
Alex Crooks, Certified Financial Planner (CFP) E-mail:
or
Amy Crooks, Financial Advisor, E-mail:
at
365 Warner Milne Road, Suite 201
Oregon City, OR 97045
Phone: 503-723-9580
Website: Crooks and Company
Once you receive confirmation that you have established a Crooks & Company 457(b) account,
it is necessary for you to complete and submit an Oregon City Public Schools
457(b) Salary Reduction
Agreement.
The 457(b) Plan Document for Oregon City Public Schools 457(b) Plan is available at
OCPS 457(b) Plan Document.
Comparisons between 403(b) and 457(b) Plans are available at
Employee
Benefits Legal Resource Site
IRS Focus Area
Several District administrators have received letters from vendors about
an IRS pilot initiative in three states (Washington, Missouri, and New Jersey)
dealing with “universal eligibility”. Some of these communications
suggest that Districts should be concerned about the issue the IRS is addressing
and that the vendor’s representative(s) are available to discuss the issue
with District personnel. CCC clients should rest assurred that they need not be
concerned about this matter. Copies of the IRS letter, the accompanying Section 403(b)
Questionnaire, and a follow-up form letter to Districts the IRS deemed to have
provided responses indicating possible plan defects are available for your review
at:
IRS Letter, Questionnaire, and Follow-up Letter (131 KB)
IRS Letter and Questionnaire (better quality 1 MB)
The IRS has now announced that it is expanding this initiative to all 50 states,
beginning with Alaska, Florida, Hawaii, Illinois, Nevada, Pennsylvania, Tennessee
and Virginia.
BenefitsLink Press Release, Thursday, June 21, 2007
IRS Announcement, June, 2007
Policies
& Procedures
This link provides official District Policies & Procedures that apply
to 403(b) TSA Program.
Salary
Reduction Agreement
The Salary Reduction Agreement (SRA) at this link may be completed online,
printed, and signed by the employee for submission to the Payroll Office.
Information
For Employees
CCC provides educational information about advantages of tax deferred
savings in general, along with links to websites that provide useful commentary
and tools. District policies, practices, and procedures are available
online, along with enrollment steps, Salary Reduction Agreement forms,
and instructions for changing investment companies or contribution amounts.
CCC monitors contributions for IRS compliance and guarantees its calculations.
Information
For Vendors
CCC serves as the clearing house for all aspects of plan administration
except for the standard Payroll functions of receiving Salary Reduction Agreements, data entry into the Payroll system, and remittance of contributions
to investment companies. This vendor information section is designed to
assist non-authorized vendors in seeking authorization and to assist authorized
vendors in providing up-to-date company and agent information.
Current
List Of Authorized Vendors
Some authorized investment companies have numerous registered representatives
authorized to do business on their behalves. Others have no agents at
all. The list at the above link includes the most recent information available
about companies on the Oregon City SD list of authorized vendors.
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