Newberg School District - 2023 403(b) Announcement

Supplemental Retirement Saving Opportunities

Newberg School District offers an excellent voluntary program through which you may elect to contribute a portion of income into supplemental retirement savings accounts: the 403(b) Plan. Newberg School District has contracted with Carruth Compliance Consulting (“CCC”), a Third Party Administrator (TPA), to provide information and support for the 403(b) Plan.

All part-time and full-time employees are eligible to contribute.

You may begin, change, and/or cancel contributions in the 403(b) Plan at any time, subject to payroll deadlines. You may begin contributions in the 403(b) Plan by following the ‘403(b) Enrollment Procedures’ on the CCC website.

 403(b) Contribution Limits for 2023

• Elective Deferral Limit: $22,500.00*
• Age 50 Catch-up: An additional $7,500.00, for a total of $30,000.00* (Applies to Employees Age 50 or over by 12/31/2023)
• 403(b) Special 15 Years of Service Catch-up: Up to an additional $3,000**

*Note: Contributions to the plan above cannot exceed employees’ total compensation.               **Please contact CCC to verify eligibility and limits available under the Special Catch-up.

Participant Responsibilities

• Participants are responsible for monitoring account activity regularly for accuracy (e.g., deposits of your contributions), updating contact and beneficiary information.
• Contribution limits are specific to you, the taxpayer. If you participate in another organization’s retirement plan in addition to participating in Newberg’s Plan, please note:
  • 403(b) Elective Deferral Limits described above apply to your total deferrals to all 403(b), 401(k), SIMPLE and SARSEP plans in which you participate.
  • If you control an organization sponsoring a qualified defined contribution plan, all contributions made to that plan on your behalf must be aggregated with any 403(b) contributions at Newberg for the IRC 415(c) limit. This $66,000.00 limit applies to the aggregate of elective deferrals and employer contributions, but those Age 50 may defer an additional $7,500.00.
  • Note: 457(b) contributions do not need to be aggregated with 403(b) contributions for limit consideration.
• If a problem exists or if you have questions, you should contact CCC or your employer as soon as possible.

Comprehensive information is available online via CCC’s website, www.ncompliance.com

Please contact CCC with any questions at 503-968-8961 or Toll-Free at 877-222-3090 or via the “Contact Us” page.