Retirement

403(b) Eligibility-Annual Notice

 

Retirement for Teachers

There are various retirement benefits available to teachers at Carmel Clay Schools.  Please refer to the teacher’s contract and handbook for specific details of the information below.

INPRS - CCS contributes a total of 10.5% into INPRS (Indiana Public Retirement System).   http://www.in.gov/inprs/

401a - CCS contributes 1% of salary into a 401(a) for employees hired after August 1, 2003.  Employees hired prior to August 1, 2003 who didn’t elect the “buy-out of sick day option” will receive an ongoing 2% employer contribution.   

VEBA – VEBA is a health reimbursement arrangement funded by Carmel Clay Schools on behalf of certain teachers.  Funds in this account are used to help pay for eligible medical expenses after retirement.  This benefit is available to those teachers not eligible for the Early Retirement Incentive (ERI) and those teachers hired after August 1, 2003.

403b and 457 (including Roth IRA) – Voluntary contributions can be made to VALIC; contact David Weir (david.weir@valic.com) or Amber Morris (amber.morris@valic.com).

Retirement – Classified Staff

Classified Staff in an eligible position participate in the Indiana Retirement System (INPRS).  Carmel Clay Schools pays a percentage of this retirement and staff may be required to also pay the three percent into the annuity savings.  http://www.in.gov/inprs/.   Please refer to appropriate CCS benefit schedule for further details.  http://www1.ccs.k12.in.us/private/current-employees/support-staff-benefits

Classified Staff are also eligible to participate in a voluntary 403b and 457 (including Roth) with VALIC.  Please contact David Weir (david.weir@valic.com or Amber Morris (amber.morris@valic.com) to enroll.