WICOMICO COUNTY BOARD OF EDUCATION CONTRACTUAL EMPLOYEE’S GUIDE * The 15 years of service catch-up contribution applies before the age 50 catch-up contribution and is based on a formula that takes into account all past contributions to the plan and the employee's total years of service to the employer. The maximum allowable for the 15 years of service catch-up is $3,000 per year up to a $15,000 lifetime benefit, but an employee's actual catch-up may be lower than this maximum. Will my employer make additional contributions? In addition to your pre-tax and/or Roth 403(b) elective deferral contributions, the plan may allow for additional employer contributions. Please see your written plan for additional contributions that may be available to you under the plan. Whom do I contact for additional information? To learn more about 403(b) plans, please visit http://www.irs.gov and search for Publication 571. If you have any questions about how the plan works or your rights and obligations under the plan, please contact your plan administrator at: Michelle Hillman, Lead Human Resource Specialist 2424 Northgate Dr., Suite 100 P.O. Box 1538 Salisbury, MD 21802-1538 410-677-4578 mhillman@wcboe.org 401(a) Matching Plan The 401(a) Matching Plan is a tax-deferred retirement savings plan. The Board will automatically enroll you in the Plan when you sign up for the 403(b) Tax Shelter Annuity Program. The Board may make employer contributions on behalf of employees who contribute to a 403(b) through a payroll deduction. The annual contribution is determined by the Board and amount of the contribution may change from year to year. 457(b) Plan A 457(b) Plan is a non-qualified tax-deferred compensation plan. Lincoln Financial Group is the sole provider for the WCPS 457(b) Plan. Employees set aside money for retirement on a pretax basis. Once you enroll, contributions are made under a salary reduction agreement which allows your employer to withhold money from your paycheck to be contributed directly into a 457(b) account for your benefit. The 457(b) contributions grow tax free until withdrawal at retirement or termination of employment. Wicomico County Board of Education does not make any matching contributions to employee contributions to the 457(b) Plan. There are limits on the amount of contributions that can be made to your 457(b) account each year. You can enroll in the 457(b) plan and make changes at any time during the year.
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