403(b) Plans: Guidelines and Plan Highlights

Amherst-Pelham Area Schools 403(b) Plan
Plan Highlights
Introduction:  The Amherst-Pelham Area Schools (the Amherst Public Schools, The Pelham School, and the Amherst-Pelham Regional School District) are pleased to offer the 403(b) Plan to eligible employees in order to help save for retirement.   The plan allows you to save on a tax deferred basis. Plan oversight and administration is provided by MidAmerica.
This brochure outlines the key provisions of the plan as well as who to contact to sign up, for plan or investment related questions, or other information. We encourage you to seriously consider taking advantage of this valuable benefit to help enhance your financial future.
  • Employee Contributions: All contracted Employees are eligible to contribute to the 403(b) plan.
Entry Date:
  • Employees are able to enroll in the Plan immediately upon commencing employment with Amherst-Pelham Regional School District.
  • Active employees may enroll in the plan or increase their contributions to existing plans during quarterly open enrollment periods. A decrease in contribution may be submitted at any time on the Salary Reduction Agreement from MidAmerica.
Contribution Types: 
§         Employee Contributions: Generally, you can contribute up to 100% of your income up to $18,000 (in 2015). You may be eligible to contribute an additional $3,000 if you are age 50 or older. You may be eligible to contribute an additional amount if you have 15 or more years of service.
  • Employee Contributions: You are always 100% vested in your own contributions, plus earnings.
Withdrawal Options: (Subject to each vendor’s policies. Check with your vendor for availability.)
§         Separation of Service: Possible 10% penalty if under the age of 59½.   Various payment options are available.
§         Loans: Tax-free loans enable you to access your account without permanently reducing your account. You may have only one outstanding loan, with no minimum loan amount. Loans not repaid in accordance with the repayment schedule will result in taxation of the outstanding loan amount and a possible 10% penalty.
§         Hardships: You may take a withdrawal for financial hardships. Hardships withdrawals are limited to the amount you have contributed to the plan and are only permitted for limited financial circumstances that must be substantiated.
Funds will be invested with one of the vendors listed on the following page.
Please Contact: 
  • Vendor: For account balances and to transfer funds.
  • MidAmerica Administrative & Retirement Solutions, Inc.: For any plan related questions or to request forms such as distribution, loans or hardships please call 866-873-4240.
Please mail all forms to: MidAmerica Administrative & Retirement Solutions, Inc.
Attn: 403(b) TPA
211 E. Main Street, Suite 100
Lakeland, FL 33801 




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