Employee Guidelines Related to Payroll - Retirement

403(b) Retirement Savings Accounts (Tax Sheltered Annuities)
Tax Sheltered Annuities are qualified savings accounts that are available only to employees of public school systems and certain other non-profit organizations. The legislation creating these tax-deferral plans originated in 1958 and specifically added public school employees as eligible participants in 1961. As a result, these plans became regulated by Section 403(b) of the Internal Revenue Code.

The School Board has approximately 10 Vendors active vendors that can provide access to these retirement savings accounts through payroll deduction.
Benefits of participation include:

• Immediate Income Tax Savings
• Pre-Tax Dollars Deposited into Individual Accounts
• Convenience of Payroll Contributions
• Generous Annual Contribution Limits
• Flexible Load Provisions
• Flexible Contributions
• Benefits Paid To Your Beneficiary at Death

You may choose from several types of 403(b) TSA accounts for your retirement savings. It is important to select the type of plan best suited to your needs and goals. All regularly scheduled employees may elect to contribute a limited portion of their salary before taxes to one of the authorized plans. Contact the Risk Management Office for details, 219-1200, ext. 30206 or at the benefits web page under retirement savings: www.benefits.smbc.org.

Retirement Supplements

Administrative and Instructional:
Each retiring employee (normal retirement only) who qualifies will receive a terminal pay supplement of 15% of the employee’s current annual salary. In order to receive the supplement, participating employees must qualify for retirement under the Florida Retirement System or the Florida Teacher’s Retirement System and notify the Director of Human Resources and Staff Development in writing of his/her projected retirement date at least ninety (90) days prior to said date. The Superintendent may waive this notice of requirement for good cause. This supplement is paid only once and is included as a portion of the final year’s salary.

Non-instructional:
Each retiring employee (normal retirement only) who qualifies will receive a terminal pay supplement of $4000.00. In order to receive the supplement, participating employees must qualify for retirement under the Florida Retirement System, have 10 consecutive years with the District and notify the Director of Human Resources and Staff Development in writing of his/her projected retirement date at least ninety (90) days prior to said date. The Superintendent may waive this notice of requirement for good cause. This supplement is paid only once and is included as a portion of the final year’s salary.