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403(b)

403(b) Plan: How It Works And Key Differences from 401(k) Plans

Exciting Update: Online SRA System Now Available 

We’re excited to share an important update with you regarding our district’s 403(b) plan administration:

✅ Online SRA Submission System Now Available!

As of today, our district has officially transitioned to a new online Salary Reduction Agreement (SRA) system. Staff can now submit and update their 403(b) contribution elections online—no more paper forms! We’re confident this new platform will offer a faster, more secure, and more convenient experience for all parties.

Key details:

  • The online system is now active—all new contributions and changes must be submitted electronically.

  • Paper SRA forms will no longer be accepted.

  • Staff will continue to work directly with their approved investment provider for account creation and guidance prior to submitting an online SRA.

Here is a step-by-step written tutorial to support staff through this new process.


Step by step tutorial

Submit your SRA

 

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Willmar Public Schools offers all employees the opportunity to save for retirement by participating in the Willmar Public School's 403(b) Plan. Your contributions are made pre-tax through payroll deductions. Some bargaining groups also have a matching contribution. Please refer to your master agreement or the employee handbook for contribution amounts. The information below is educational and is also intended to help with the enrollment process. You may enroll at any time, but requesting any associated matching funds must be done according to the terms of your master agreement. 

How much can I contribute?

Your contributions may be up to the IRS annual limit.  Please work with your agent on your IRS annual limit and contributions. 

 

403b Matching Contribution

For many of our employee groups there is a matching contribution plan paid by the district once an employee has met the requirements.  Please refer to your master agreement or employee handbook for details specific to your group or position.  The matching contribution may only be deposited into a traditional 403b.  An employee may select a Roth 403b for their contribution and, if eligible, their matching contribution will be placed into a traditional 403b.  An employee MUST fill out the salary reduction agreement for a traditional 403b to take advantage of any matching contribution.  
 
For example: 
  • Employee A is eligible for a matching contribution and wants a Roth 403b.  Employee A must complete a Roth 403b salary reduction agreement and a traditional 403b salary reduction agreement.  
  • Employee B wants a Roth 403b and is not eligible for a matching contribution. Employee B must complete a traditional 403b salary reduction agreement.
  • Employee C is eligible for a matching contribution and prefers a traditional 403b.  Employee C must complete a traditional 403b salary reduction agreement. 

How to Enroll

  1. Select an investment provider.  Refer to the list of Providers below.  We encourage you to contact them to inquire about their services before making a decision on which provider/representative to work with.  
  2. Complete a new Salary Reduction Agreement for the type of 403b you are requesting. 

Online SRA

  1. Complete the investment provider specific enrollment material.  This will come from your provider to your home address.  


Note: If you have a current investment provider outside of the District's providers, you may have them contact the District provider/representative of your choice.  
 

Tools and Resources

 

Investment Providers