Employee
Benefits
Financial Benefits
(This information was updated
1/10/2008
)
LIFE INSURANCE
The District provides, at no cost to the employee,
$50,000 life / accidental death and dismemberment insurance
on each eligible employee and $2,000 life insurance
on spouses and eligible children. Children 14 days
to 6 months of age are covered by $1,000 life insurance.
Employees may purchase additional life insurance on
themselves and eligible dependents either through CIGNA
or The Prudential Insurance Company of America NCPERS
(sponsored by PERSI). Applications for supplemental
life may be obtained from the Benefits Dept. For general
questions relating to life insurance through CIGNA,
e-mail
. Supplemental life insurance brochures are available
at the District's Employment & Benefits Office.
RETIREMENT
PUBLIC EMPLOYEE RETIREMENT SYSTEM OF IDAHO
Membership is mandatory for all District employees who expect to work more
than five consecutive months and who work 20 hours or more per week. Employees
currently must contribute 6.23% of all earnings through payroll deduction.
The district contributes 10.39% of employee earnings and pays administrative
costs. Withdrawal of employee contributions upon termination of employment
will be subject to a 10% IRS penalty if the employee is not over age 59 1/2.
In addition, a portion or all of the distribution may be taxable, depending
upon the date the employee began participation in the plan. Penalties and
taxation can be avoided by rolling the distribution into an IRA. Booklets
explaining details of the program are available in the District Benefits
office. For more information, please call PERSI at
334-3365.
Additional dollars may be deducted for retirement
savings by utilizing a tax-sheltered account (TSA).
TSA contributions are made on a pre-tax basis through
payroll deduction and accumulate on a tax-deferred
basis. Participating in a TSA may involve investment
risk. Read the next section for program details and
sample representative listing.
Employees may also contribute a percentage of their
income to a tax-sheltered 401(k) retirement savings
plan through the Public Employee Retirement System
of Idaho. For more information on the 401(k) or PERSI
Choice plan, please visit their website at www.persi.state.id.us/Choice.htm.
Please be aware that the District cannot advise which
program might work best for you and is not responsible
for any loss or gain you may experience.
For further retirement information please visit our Retirement page.
TAX-SHELTERED ACCOUNT PROGRAM - 403(b)
The 403(b) is a supplemental tax-deferred retirement
program, which for 2007, allows employees of non-profit
organizations to contribute a percentage of their annual
salary on a pre-tax basis to a maximum of $15,500 ($20,500
for employees age 50 or older). Other programs in which
the employee participates may cause a reduction of
this maximum amount. Withdrawals prior to age 59 1/2
are taxable and incur a 10% IRS penalty. Some TSA contracts
contain provisions, which allow employees to borrow
a portion of their plan balance without incurring tax
or IRS penalties. In addition, withdrawals may be made
without penalty upon early retirement at age 55. Upon
retirement or termination, you may leave the funds
in the program or make a tax-free rollover to another
tax-deferred retirement account. Your tax advisor or
attorney should be consulted to explain your rights
and obligations under the 403(b) Plan.
The Boise School District offers deductions for several
companies and funds to allow PERSI eligible employees
to participate in a tax-sheltered retirement savings
program. The District has not undertaken an examination
of the numerous companies and funds available and therefore
cannot and does not make a determination as to the
quality or stability of any such company or fund. It
is the employee's obligation to satisfy himself/herself
as to the reliability of the company or fund in which
he or she directs the District to place his or her
contribution under this program. The employee should
only direct that a contribution be made under this
program when he or she is fully satisfied as to the
quality and stability of the selected investment.
Further instructions and a list
of companies which provide tax sheltered accounts
under the 403(b) Plan and in which other employees
of the District are invested, with the disclaimer
that the District has not undertaken any investigation
whatsoever as to the quality or stability of said
companies or their annuity programs.
DISCLAIMER: In the event that the information
presented in this summary disagrees with or contradicts
the language in the current plan documents, the language
of the current plan documents will rule.
Employee Benefits
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8169 W. Victory Rd.
Boise, Idaho 83709
Office hours: 8:00 - 4:30
Phone ~ (208) 854-4074
Fax ~ (208) 854-4010
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Email:
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