Agenda Item
b. Amendment of 403(b) 2% Employee Contribution Match Program
Summary: Presented by: Dr. Tekshia Ward-Smith, Administrator, Division of Human Resources
Request: It is requested that the Board of Education approve the attached Amendment No. 2 to the 403(b) 2% Employee Contribution Match Program for the DeKalb County, Georgia School District, including the 403(b) programs of Fidelity, EMPOWER, Corebridge and Voya.
Why: District employees can presently select from four 403(b) Vendors (providers) to make individual pre-tax contributions within the requirement of the 2% Matching Program. In order to increase employee participation in the retirement option program, this enhancement expands eligibility to all DCSD PSERS participants after 2 consecutive years of employment. This eligibility expansion is designed to commence with the first payroll period after open enrollment into the program.
Details: On 8/06/2018, the Board of Education approved the first amendment to the 2% Employee Contribution Match Plan Program Document. This amendment allowed individuals under the PSERS Retirement System the opportunity to participate in the 2% match program after 5 continuous years of employment. It is now the recommendation of the administration to allow PSERS members that are employed by the School District to participate in the 2% Employee Contribution Match Plan after 2 consecutive years of employment.
Financial impact: It is estimated that expanding participation in the 2% Match 403(b) Program after 2 consecutive years of employment for PSERS members will not require a budget adjustment in the General Fund. Funding was included in the FY2024 budget.
Contact: Dr. Tekshia Ward-Smith, Administrator, Division of Human Resources, 678.676.1200
Effective: Upon Board Approval
Status: Attorney Approved