Deferred Compensation Plan Provider Services

Description

Gilbert Public Schools intends to establish the services and responsibilities of a plan provider in connection with the district's Special Pay Buyback Plan (Plan).The Plan Provider will serve as the District’s designated employee education, financial guidance, and account setup provider for employees participating in the Special Pay Buyback program.The Plan Provider is not the Plan Administrator and shall not be responsible for determining employee eligibility, calculating eligible buyback amounts, administering District leave policies, interpreting collective bargaining agreements, or approving the amount of compensation available for buyback.The Plan Provider shall meet individually with eligible employees to explain the available options for directing eligible Special Pay Buyback funds to an HRA (Health Retirement Arrangement) and/or 403(b), discuss the financial considerations, benefits, risks, limitations, and potential advantages and disadvantages of each option, assist the employee in making an informed selection, and complete the account establishment process for the option selected by the employee.It is the intent of Gilbert Public Schools to establish Deferred Compensation Plan Provider Services under a zero direct employer cost structure.