Deferred Compensation Match. The District will make a matching payment to the tax-deferred savings plans. The District Payment will be made to the State of Minnesota Deferred Compensation Plan (457) and/or the Special School District No. 1 403(b) Plan. All employer and employee amounts paid to the State of Minnesota Deferred Compensation Plan (457) are subject to FICA or social security taxes. All employee contributions to the 403(b) plan are subject to FICA, but employer contributions to the 403(b) plan are not subject to FICA. Employees should ensure that tax-deferred payments do not exceed IRS limits. If limits are exceeded, the District will stop deductions to these accounts.
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