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Alpine outlines early-retirement stipend and 403(b) special-pay plan
Summary
Alpine School District detailed an early-retirement stipend formula and how the district will place stipend payments into a 403(b) special-pay plan administered by Pellion Benefits and supported by Precision Retirement Group. The district said up to $70,000 can be deposited in a tax year; larger stipends will be split across tax years.
Alpine School District benefits staff explained the district's early-retirement stipend formula and described how the district will deposit those stipend payments into a tax-deferred 403(b) account administered by Pellion Benefits.
The district's benefits presenter said staff must receive notice of intent to retire by Feb. 1 to be on the district's list for early-retirement incentives, though the presenter said the district will open a later window (to April 1) if major changes require it. The presenter said eligibility requires either (a) 15 consecutive contracted years with Alpine and age 60, or (b) 30 years of service under URS; part-time educators receive a pro rata benefit based on FTE.
Drew Hill of Precision Retirement Group and Financial Educational Systems described the special-pay mechanism. "This 403(b) account is a tax-deferred savings plan," Hill…
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