Who is eligible for tax sheltered annuities (403B)?
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Permanent full-time or permanent part-time are eligible (can be less than 50% employed). Employee must select a company from a WCPSS board approved list. Principals should have a copy of the board approved annuity list located in the WCPSS Finance Manual. Arrangements are made with the representative of your selected company.
The employee contributions are paid with pretax dollars, thereby reducing state and federal income taxes (federal and state taxable wages are decreased). A new deduction cannot start in June, July, August, or September. Deductions are based on months of employment. Forms must be received by WCPSS payroll office by the 10th of the month for the following month deduction.
Premiums are prorated based on your months of employment.
Premiums rates are calculated as follows:
10 month employees traditional school 10 pay periods
10 month employees traditional school electing 12 month pay 10 pay periods
10 month employees year round school 10 pay periods
11 month employees traditional school 11 pay periods
11 month employees traditional school electing 12 month pay 11 pay periods
11 month employees year round school 11 pay periods
12 month employees 12 pay periods
To cancel: Contact the annuity representative and complete the WCPSS cancellation tax sheltered annuity (403b) form.