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Voluntary Benefits

Voluntary Benefits

 

Optional Benefits (External Links)

 

 

Deferred Compensation Program - Tax Deferred Retirement Account

The Deferred Compensation Program (DCP) helps you save for retirement, offering the options you need to develop a personal investment strategy. With DCP, you authorize your employer to postpone or defer a part of your income, before or after taxes are calculated, and have that money invested in your DCP account. Both the income you save and the earnings on your investments grow to add to your future retirement and Social Security benefits.

DCP now offers a Roth or pretax option. Each option affects when your retirement contributions will be taxed.

What is pretax? With the DCP pretax option, your contributions are made before tax. Withdrawals, including investment earnings, are taxed in the year of withdrawal.

What is Roth? With the DCP Roth option, your contributions are deferred from your already taxed income. Roth withdrawals, including any investment earnings, are not taxed if you meet the minimum qualifications. These include a five-year holding period from the year of your first contribution and a minimum age of 59½. If you withdraw before meeting these, any investment earnings will be taxed.

Should you have any questions or would like more information on the Washington State Deferred Compensation Program, contact DCP at:

Phone: 1-888-327-5596 (Mon-Fri 8:00-5:00pm)
Email: dcpinfo@drs.wa.gov
Mail: PO BOX 40931 Olympia, WA 98504-0931
Web:  https://www.drs.wa.gov/plan/dcp/

DCP Enrollment Guide (PDF)

 

Optional Tax-Sheltered Annuity (TSA) 403(b)

The District offers 403(b) Plans to eligible employees in order to help save for retirement. Participation is optional, allowing you to make pre-tax salary deferral contributions via payroll deduction. One of the benefits of participating in the Plan is the ability to defer salary from taxation that would otherwise be currently taxable and also defer income taxes on the earnings credited to your account. 

A 403(b) account permits you to set aside part of your paycheck PRE-TAX for a retirement savings account with approved investment companies. These accounts are comparable to 401(k) accounts offered by private businesses. The district has retained The OMNI Group for administration of these accounts. Click here for more information about setting up a 403(b) account with The OMNI Group. Visit the The Omni Group website to enroll or to access your account. Enrollment in 403(b) accounts is open year-round. 

 

Voluntary Employees' Beneficiary Association (VEBA)

The VEBA Plan is a funded health reimbursement arrangement (HRA) offered by VEBA Trust. VEBA Trust is a non-profit, multiple employee voluntary employees’ beneficiary association authorized under Internal Revenue Code 501(c)(g). The Trust is managed by a board of trustees appointed by the Association of Washington School Principals, Washington Association of School Administrators, and Washington Association of School Business Officials. The Trust provides a health reimbursement plan for employees and eligible dependents. The plan can be used to reimburse employees for qualified health expenses during employment and after retirement. 

For more information, visit the VEBA website here: https://www.veba.org/