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Benefits June 21, 2011
GA School System Considers Giving Funds Back to Employees
June 17, 2011 (PLANSPONSOR.com) - Members of the Newton County (Georgia) Board of Education are considering using additional expected funds for next school year to reinstate six furlough days for staff or add to employee retirement funds.
Reported by
Rebecca Moore
The Newton Citizen reports that next year, the board contribution to the 403(b) retirement plan for Teachers Retirement System employees was reduced 1% to 0.5% for $422,000 in savings. However, earlier this month, the Newton County tax office announced that there may be a less-than-expected loss in the tax digest, so governmental entities might not experience as much of a loss as originally expected.
The news report said the Newton County School System could end up with $2.1 to $2.4 million more than originally expected, according to NCSS Superintendent Gary Mathews.
Board members agreed to look into options but are hesitant about making any promises to employees. “We’ve got to know the count first before we start to divvy it up,” said board member Eddie Johnson, according to the news report. “It’s too early.”« (b)lines Ask the Experts – Why Offer Both a 401(a) and 403(b)?