403(b) Plan Changes
The IRS has revised regulations for 403(b) Plans, which are tax-deferred accounts that you are currently investing in through payroll deductions. The new regulations take effect on January 1, 2009, and will impact how we administer 403(b) plans going forward. Non compliance with these new rules may result in tax consequences or other risks for the employee, or in plan disqualification. Consequently, the districts are reviewing their 403(b) practices and developing a plan of action in order to ensure compliance with the new regulations. A good source of information on 403(b) is 403(b)Wise.
Vermont State Teacher Retirement System
Any employee working in a position that requires under a Vermont Educator license must join the Vermont State Teachers Retirement System (VSTRS) as a condition of employment. A copy of the Plan Description can be found on the Office of the State Treasurer's website.
Vermont Municipal Employee Retirement System
Some employees in BRSU are eligible to participate in the Vermont Municipal Employee Retirement System. A copy of the Plan Description can be found on the Office of the State Treasurer's website.