Benefits
403 (b) Plans
Explanation
A 403(b) is a tax-sheltered retirement plan created specifically for employees of public schools and certain tax-exempt organizations. The plan permits you to systematically save a portion of your earnings in a special retirement account without paying current federal tax. Your regular contributions are automatically deducted from your paycheck. Taxes are deferred on today’s contributions and earnings, allowing your retirement savings to grow faster for your future.
Consult your tax advisor prior to making a purchase for an explanation of the tax implications to you. With many options available, it means making decisions and your financial advisor offers a variety of services to help you match your financial plan with your goals and your risk tolerance.
Explanation
Family Medical Leave Act
The following information was taken from the U.S. Department of Labor website:
The Family Medical Leave Act (FMLA) provides certain employees with up to 12 weeks of unpaid, job-protected leave per year. It also requires that their group health benefits be maintained during the leave.
FMLA is designed to help employees balance their work and family responsibilities by allowing them to take reasonable unpaid leave for certain family and medical reasons. It also seeks to accommodate the legitimate interests of employers and promote equal employment opportunity for men and women.
FMLA applies to all public agencies, all public and private elementary and secondary schools, and companies with 50 or more employees. These employers must provide an eligible employee with up to 12 weeks of unpaid leave each year for any of the following reasons:
- for the birth and care of the newborn child of an employee;
- for placement with the employee of a child for adoption or foster care;
- to care for an immediate family member (spouse, child, or parent) with a serious health condition; or
- to take medical leave when the employee is unable to work because of a serious health condition.
Employees are eligible for leave if they have worked for their employer at least 12 months, at least 1,250 hours over the past 12 months, and work at a location where the company employs 50 or more employees within 75 miles. Whether an employee has worked the minimum 1,250 hours of service is determined according to FLSA principles for determining compensable hours or work.
Time taken off work due to pregnancy complications can be counted against the 12 weeks of family and medical leave.
A final rule effective on January 16, 2009, updates the FMLA regulations to implement new military family leave entitlements enacted under the National Defense Authorization Act for FY 2008.
District Policies
Forms
Explanation
Flexible Spending Accounts
Keep more of your take home pay while saving on medical and dependent care expenses!
What is a Flexible Spending Account?
It works like an expense account. You automatically set aside part of your salary (before taxes) to pay for qualified medical expenses or child or dependent care. You save money because you don't pay taxes on the money you set aside. And you can use it to pay for day care, medical and prescription drug costs that aren't covered by insurance, as well as over-the-counter medicines and drugs you buy every day. It's a great benefit that will save you money!
Public Employees Retirement System (PERS)
Ancillary employees may qualify to participate in the Public Employees Retirement System (PERS) Plan. To learn more about PERS, visit http://www.nd.gov/ndpers/retirement-plans/db-plan.html
PERS Forms and Publications
Teachers Fund for Retirement (TFFR)
The Teachers' Fund for Retirement (TFFR) was established in 1913 to provide retirement income to public educators. TFFR is a qualified defined benefit public pension plan covered under Section 401(a) of the Internal Revenue Code. To learn more about TFFR, visit http://www.nd.gov/rio/TFFR/default.htm
TFFR Forms
This site provides information using PDF, visit this link to download the Adobe Acrobat Reader DC software.