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Bartholomew Consolidated Schools

All Bartholomew Consolidated Schools Corporation (BCSC) employees are eligible for the 403(b) and 401(a) Plans. The 403(b) Plan allows salary reduction deductions, varying by employment type (20 or 26 pays). Employees can choose from several vendor investment options including METLIFE, AIG Retirement, and ASPire. Notably, hardship withdrawals and loans are not permitted. The 401(a) Plan offers a 3% salary match by BCSC, with all investments managed by Metlife. Funds from VEBA may only be used for health-related expenses.

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Bartholomew Consolidated Schools

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  1. Bartholomew Consolidated Schools 403(B) Plan 401(A) Plan VEBA 2012

  2. All BCSC employees are eligible for 403(b) salary reduction. • Deductions are taken out of 20 pays for non-contracted and non-year-round employees • Deductions are taken out of 26 pays for contracted and year-round employees. • All 3 vendors will have reps visiting the buildings after the start of school • You can also call and schedule an appointment if you missed them

  3. 403(B) • No hardship withdrawals • No loans • No catchup deferrals • Blank salary reduction agreement on BCSC website

  4. 403(B) Investment Choices • METLIFE • Annuities (57 choices) • $30 Account Fee • .50% Mortality Fee • No Surrender Fee (except fixed fund) • Mutual Funds (29 choices) • .28% Account Fee + expense ratio of fund(s)

  5. 403(B) Investment Choices • AIG Retirement (VALIC) • Annuities (29 choices) • No Account Fee • .75-1.25% Mortality Fee • No Surrender Fee (except fixed fund) • Mutual Funds (Internet Only) (90 choices) • $40 Account Fee + expense ratio of fund(s)

  6. 403(B) Investment Choices • ASPire (403b ASP) • $40 Account Fee + .10% Management Fee + expense ratio of fund(s) • 40 Mutual Funds through Edward Jones • Option of Self-directing through 403(b) ASP (Internet Only) • Thousands of mutual funds to choose from • Apply on the 403bASP-BCSC website • When account is set up, fill out a BCSC salary reduction agreement, sign, and send to Business Office • No rep or broker to work with

  7. ROLLOVERS, EXCHANGES, AND TRANSFERS • Rollovers- monies from a previous employer 403(b) or similar plan; check was received • Transfers- monies from a previous employer 403(b) or similar plan; directly sent to new 403(b) vendor (no cash or check involved) • Check to see if there are any surrender charges from the vendor losing the funds All Permitted

  8. 401(A) • BCSC matches up to 3% of your base salary • Monies are sent to Metlife regardless of your 403(B) vendor • An account will be set up with Metlife for the 401(A) • You invest the monies just like you would in your 403(B) • 5 year vesting

  9. VEBA BCSC BUYS YOUR UNUSED SICK DAYS OVER 180 FOR $43 PER DAY FUNDS CAN ONLY BE USED FOR HEALTH-RELATED EXPENDITURES

  10. Questions?????

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