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Public School System Offers 403(b) Match
While employer matches to defined contribution plans are commonplace in the 401(k) world, and even popular in 403(b) plans at the higher education level, they are extremely rare at the K-12 level. Since January 1, 2001,
Arlington Public Schools
in Arlington, VA has offered a $15 per pay day match to its 403(b) plan. Employees who make 403(b) contributions are automatically enrolled into the match plan. While perhaps nominal in its amount, the district boasts a 65% participation rate in its 403(b) plan. This compares to the national teacher 403(b) participation rate of about 40%. Arlington Public Schools offers 15 vendors. TIAA-CREF serves as a vendor and Third Party Administrator of the plan. As TPA they coordinate all enrollments, remittances and compliance.
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