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Committee to consider amended 403(b) plan that would add Roth IRA option for employees
Summary
District business staff asked the committee to pull an amended 403(b) plan from the consent agenda for separate consideration; the amendment updates the plan to align with IRS language and would permit staff to invest directly in Roth IRAs through approved vendors. The committee discussed process and vendor selection; a formal vote was scheduled.
District business and finance staff asked the Revere School Committee on Oct. 21 to pull an amended 403(b) plan document from the consent agenda and vote on it separately.
The amendment updates the district’s 403(b) plan to reflect current IRS language and adds the ability for employees to invest directly in Roth IRAs through the district’s approved vendors. Staff told the committee the change is a routine periodic update that schools normally make every four or five years to conform with IRS guidance.
Committee members asked who chooses vendors and were told the district maintains a list of approved vendors; vendors on that list would receive communication about the amended plan and any changes to offerability for staff. Staff said adoption of the amended plan enables the business office and HR to implement deductions and vendor arrangements but does not itself select vendors; that occurs within the approved‑vendor process.
The committee discussed procedure: there was agreement to pull the item from the consent agenda and treat adoption as a single motion to amend and then to adopt the new agreement. Staff described the action as a formal adoption of the revised plan document; implementation steps (setting up deduction codes and working with vendors) would follow the committee’s formal adoption.
The transcript records the motion as presented by staff and discussion about vendor lists and implementation; no vote tally appears in the provided excerpt. The item was identified for separate vote at the meeting.
