125 Flexible Spending Plan
Rev: 10-13-2014
A Section 125 Flexible Spending Account, also commonly referred to as a Cafeteria Plan, will be made available to employees eligible for the District sponsored Health Insurance Plan. The plan provider(s), and program(s) will be selected and determined by the Board.
403(b) Salary Deferral
Employees shall have the opportunity to participate in the WRPS’s Internal Revenue Service (IRS) Code 403(b) Savings Program and invest their money through salary deferral in qualifying IRS Code 403(b) investment vehicles with a vender from the District list of approved vendors.
The purchase of the annuity will be optional for the individual employee. Employees will be required to sign an agreement to authorize 403(b) deductions from their salary. The Employee acknowledges the WRPS makes no representation to the Employee regarding the advisability, appropriateness or tax consequences of any salary reduction agreement, participation in a tax sheltered annuity, or the company which issues the annuity contract or which invests the Employee’s salary reduction funds. The Employee agrees the WRPS shall have no liability whatsoever for any loss, solvency, operation or benefits provided by the 403(b) vendor.
457 Deferred Compensation Plan
Employees may defer salary through the Wisconsin Deferred Compensation Plan (457). The plan limitations and salary deferral rights will be those permitted by the 403(b) unless the Deferred Compensation plan’s rules are in conflict, in which case the Deferred Compensation rules shall apply.
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