Eligibility
Employees who are actively contributing
members of one of the following state-administered retirement
systems are eligible to participate in SACT Regular.
Judicial Retirement System
(JRS)
Teachers’ Pension and
Annuity Fund (TPAF)
Public Employees’ Retirement
System (PERS)
Police and Firemen’s
Retirement System (PFRS)
State Police Retirement System
(SPRS)
These systems will be referred to
as the ‘basic retirement systems’ throughout this guide.
Contributions Allowed
The SACT-Regular Plan allows contributions
in whole percentages beginning at one percent of your base salary.
The maximum contribution allowable is the prevailing IRS maximum
for all 403(b) plans ($15,000) in 2006. Lump-sum contributions
of $50 or more are allowed in the third month of any calendar
quarter. Although your contributions to the regular plan are "after-tax
contributions", your accumulated earnings are deferred from
federal income tax until you withdraw your money.