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MSD of
Steuben County
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Other Employee Benefits

MSD contributes 1.75% of all qualifying employees salary into a 401(a) with VALIC. Beginning August 1, 2010 non-certified employees must work a minimum of 35 hours per week for 220 days per year or work 260 days per year to be eligible to receive this benefit. This money can only be accessed when the employee separates service with MSD and has met the vesting requirements which are as follows:
 
1.    The employee was hired on or before June 1, 2000
2.    If hired after June 1, 2000, they must have 5 years of service
3.    If an Administrator or teacher, vesting is 100% upon employment
 
If the employee leaves MSD and is vested in the employer matching contributions, they have the following options with their 401(a) match account:
 
1.    Keep the money with VALIC and use at retirement
2.    Rollover the money to another retirement plan or IRA outside of VALIC
3.    Cash in the match account and pay taxes and a potential IRS penalty if employee is not of retirement age
 
 
MSD of Steuben County also has a 403(b) plan.   Each qualified employee may have money withheld from their pay and deposited into the vendors authorized by the plan. No employer money is contributed to these accounts.   This is a voluntary plan.   The 2 approved vendors for the plan are VALIC and 403(b)ASP which is Edward Jones.   The current representatives for these 2 vendors are This email address is being protected from spambots. You need JavaScript enabled to view it.(800-892-5558 Ext 87618) and This email address is being protected from spambots. You need JavaScript enabled to view it.(668-8800 or toll free 866-668-8801). The Business Office has some preliminary information for both vendors but you would need to contact the representatives to set up your own accounts.
 
Each vendor does have a website where you can view your account information. Click here to access  VALIC and here forEdward Jones .
  
If you sign up for the plan you must notify the Business Office by October 1, January 1, April 1, or July 1 depending on which quarter you sign up.   To have the complete 24 deductions for the school year, notify by September 1.
 
Loans and Hardship withdrawals – the 403(b) plan does allow for loans and hardship withdrawals.   There is paperwork that must be completed and approved. For information please click here Retirement Manager.
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