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Board approves auto-enrollment at 1% for district 457(b) retirement plan
Summary
Trustees amended the voluntary 457(b) retirement plan to implement automatic enrollment at 1% for eligible employees, with an opt-out option; the measure passed unanimously.
The Board approved an amendment to the MWPISD voluntary 457(b) retirement plan to establish an automatic enrollment (auto-save) program set at 1% for eligible employees. The motion was made by Dr. Josh Swarb and seconded by Roy Porras; the vote was unanimous.
CFO Kati Jones presented the proposal, explaining that the change is intended to encourage long-term retirement savings and increase participation in supplemental retirement planning; employees will be able to opt out if they do not wish to participate.
