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Lola

403 B Match

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Hello.

I have a questions to 403 B plan administrators, who can advice me, as I am new to the whole 403 B plans. Currently my school sets aside $ 145 per month per each employess ($ 1,740 per year) with 5 year vesting for each employee.

We send a check to Valic for the whole match amount once a year in September.

 

My question is do legally have to pay these matching amounts to employees who were away more than 3 month (sick leaves) or to employees who were not contribution to their 403 B accounts for more than half a year? Do we prorate?

 

Is it completely at school’s discretion or do we legally have to contribute the whole $ 1,740 amount to everyone who participartes (even if it's several months), to make sure that we are not discriminating?

Our 403 B plan documents say nothing about it, it was always a grey area... I tried to contact our plan broker at Valic, but he was completely useless...

 

Thank you so much for your help,

Kind regadrs,

Lola

 

 

 

 

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