It is the intention of the Georgetown Public Schools to administer Elective Deferrals under Section 403(b) of the Internal Revenue Service Code in accordance with all federal and state laws and regulations. To that end, the Georgetown School Committee adopts a Section 403(b) Plan as a part of this policy.
All vendors currently offering such programs to Georgetown Public School employees may continue to offer such programs if they agree to follow all federal and state regulations and sign a Service Provider Agreement which is a part of the plan. A new vendor may be added only if at least ten employees wish to use that vendor or the vendor is selected to administer the plan, and the new vendor agrees to follow all federal and state regulations and sign a Service Provider Agreement which is a part of the plan. If any vendor has no employees using their programs, then the vendor shall be dropped from the Georgetown Public Schools approved vendor list. The Plan Administrator shall maintain a vendor list in accordance with the plan.
Amendments or modifications to this plan may be recommended by the Plan Administrator to the Georgetown School Committee, which may approve such amendments or modifications by a majority vote. If the IRS Code changes in regards to section 403(b) such changes shall automatically be incorporated into the Section 403(b) Plan.
Adopted On: January 8, 2009