Tax-Deferred Retirement Plans

PERSI Choice 401(k) Plan

The Choice 401(k) Plan is your voluntary PERSI account. It contains any gain sharing contributions you receive, any voluntary contributions you make, any rollovers you request from other plans, and any employer contributions on your behalf, as well as the earnings on those funds. Your Choice 401(k) Plan is a Defined Contribution plan, meaning the amount you receive at retirement is based on the contributions and earnings in the plan. 

Idaho Falls School District 91 403b Plan

District  provides all its employees on payroll an extra choice of tax-advantaged saving for retirement that many surrounding districts do not. District No. 91 maintains a 403b Plan so that you may choose to have part of your pay each month paid directly into your own annuity contract or mutual fund account. These savings will supplement your Social Security, PERSI, and other savings for retirement. Here are a few key points about District No. 91’s 403b Plan:

  • You may select which financial institution among the several listed by the District as ‘current Investment Providers’ and then set up your 403b annuity or account.
  • You may have more than one 403b annuity or account, with different Investment Providers
  • You may complete, sign and turn in to the District office a Salary Reduction Form – 403(b); it will take effect beginning with the first calendar month that begins after you do so.
  • You may stop or change the amount by completing, signing and turning in to the District office another Salary Reduction Form – 403(b) that will take effect beginning with the first calendar month that begins after you do so.
  • The minimum amount you may so elect is $16.50 per month.
  • Maximum amounts that you can put into 403b contracts or accounts is generally $18,000 for 2017 ($24,000 if you are at least age 50 by 12/31/2017)
  • Amounts you contribute to PERSI Choice 401k, any other 401k plan, or any other 403b annuities reduce, dollar for dollar, the amount you are allowed under the District’s 403b plan.
  • You may choose to make your paycheck contributions with pre-tax dollars or as Roth (aftertax) dollars.
  • Your investment choices, the associated fees, and other features depend on which current Investment Provider(s) and specific 403b annuities or accounts that you select.
  • Subject to the terms of your 403b annuity and account contracts, you may withdraw your benefits when:
  • you reach age 59½ years
  • your employment with the District ends
  • you experience certain types of financial hardships
  • you become disabled as defined in your 403b annuity or account contract.
  • To the extent PERSI permits, you may be able to use your 403b contract to purchase additional service ‘credits’, upping the amount that PERSI will pay you per month in retirement
  • You may NOT borrow from your 403b annuities and accounts. 
  • Any benefits that are yet payable after you die will be paid to your death beneficiary, either as you designate on forms available from your Investment Provider(s) or per any default provisions in your 403b contract.
  • You may “exchange” an existing 403b annuity or account from one Investment Provider to another, but the receiving Investment Provider must then be listed as a “current” Investment Provider—the prior Investment Provider may charge a surrender, exchange, or transfer fee or back-end loads—check your current 403b contract for more information before you take steps towards exchanging your current 403b contract. 

  • 403 B Plan & Provider Addendum
  • Salary Reduction Form – 403(b)
  • Fact Sheet for 403(b) Tax–Deferred Programs
  • 403b Agent Broker List

HR Assistant

Marnie Havas
(208) 525-7503
HavaMarn@ifschools.org

 

HR Administrative Assistant

Heather Wade
Phone: (208) 525-7555
WadeHeat@ifschools.org

HR and Finance Director

Carrie Smith
(208) 525-7554
SmitCarr@ifschools.org

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