File: GBR

VOLUNTARY RETIREMENT SAVINGS PROGRAM

The Rockingham County School Division offers its employees the opportunity to participate in a defined contribution retirement plan, also known as a tax sheltered annuity or 403(b) program. This program will be operated pursuant to a written plan maintained in the Superintendent’s office.

The written plan will contain all the material terms and conditions for eligibility, benefits, applicable limitations, the contracts available under the plan, and the time and form under which benefit distributions may be made.

The written plan will also address any optional features, including hardship withdrawal distributions, and acceptance of rollovers to the plan, which are included in the Division’s program.

The written plan may allocate responsibility for administrative functions, including functions to comply with the requirements of 26 U.S.C. § 403(b) and other tax requirements. The written plan may assign such responsibilities to parties other than the school division, but not to participants (unless the administration of the plan is a substantial portion of the duties of the participant). The written plan may incorporate by reference other documents which thereupon become part of the written plan. The written plan may address termination of the program.

Annually, each employee of the school division will be notified about the program.

Adopted:

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Legal Refs.: 26 U.S.C. § 403(b).

26 CFR 1.403(b)-1 et seq.

Code of Virginia, 1950, as amended, §§ 22.1-70, 22.1-78

Cross Ref.: GCBAB Salary Deductions

11/09 RCPS ROCKINGHAM COUNTY SCHOOL BOARD