PlanConnect

Welcome! We're PlanConnect - Your Employer's 403(b) and 457(b) Plan Administrator

Your plan sponsor, Montclair Public Schools, selected PlanConnect® as the third-party administrator for its 403(b) and 457(b) Plans. We are excited to be working with Montclair Public Schools and are committed to providing you with information, tools, and resources you can use to help get the most out of the plans.

Your Employer’s 403(b) and 457(b) Plans are a Valuable Benefit

Whether you are just starting out or have been working many years, the 403(b) and 457(b) Plans can be an excellent way to help you build up your retirement savings. They offer the convenience of automatic payroll deductions and give you the ability to save with pre-tax dollars — that means your contributions and any investment earnings can be tax-deferred until withdrawn. Here’s some important information about the plans.

Who Is Eligible

You are generally eligible to participate in your employer’s 403(b) plan if you are a full-time or part-time employee.

However, IRS rules permit 403(b) Plans to exclude employees if any of the following apply. To learn about your employer’s 403(b) and 457(b) eligibility requirements, visit www.planconnect.com to log in to the plan website and select “References > Plan Information > Your Plan Features” on the main menu or contact PlanConnect using the contact information provided in the last section of this notice.

  • Employee will contribute $200 annually or
  • Employee is a non-resident alien who receives no compensation which constitutes S. source income.
  • Employee normally work less than 20 hours per week and are either not expected to work 1,000hours or more during the first year of employment, or has worked less than 1,000 hours in the prior calendar.
  • Employee is eligible to participate in another 403(b), 401(k), or governmental 457(b) plan of the
    Employee is a student performing services for a school, college, or university described in Section 3121(b)10 of the Internal Revenue.
  • Employee is leased or an independent.

Once you have enrolled, www.planconnect.com is the place where you can:

  • Learn more about your employer’s plan.
  • Check your account balance in the plan.
  • Make changes to your contribution rate and/or initiate other plan transactions.
  • Get a list of the plan’s investment providers.
  • Access online tools and resources, which are designed to help you get and stay on track to reach your retirement savings goal.
  • Change your user ID and password any time after your initial login.

How to Enroll

Current plan participants

You do not need to re-enroll in the plan or take any other action. To log in to your employer’s plan, visit www.planconnect.com. Your user ID is your Social Security Number (without any spaces or dashes) and your password is your date of birth (mmddyyyy). You can change your user ID and password any time after your initial login.

New Plan Participants

You can enroll at any time. It’s easy:

  • First establish an annuity contract or custodial account with an investment provider approved under your employer’s Application forms are available from the representative of the investment provider you select. Enclosed is a list of currently available investment providers and their representatives.
  • Then, submit a salary reduction form by working with the representative of the investment provider you select or by completing the enclosed 403(b) Salary Reduction or 457(b) Deferred Compensation Agreement(s).
  • Your participation will begin at the start of the payroll period following the date PlanConnect your Payroll Department processes your completed 403(b) Salary Reduction and/or 457(b) Deferred Compensation Agreement(s), unless the plan’s provisions specify.

Contributions to the Plan

What type of contributions can I make to the plan?

Your employer’s plan accepts pre-tax salary deferral contributions and may permit other types of contributions. To learn more, please log into the plan website and select “References > Plan Information >Your Plan Features” or contact PlanConnect.

Change or stop your contributions at any time

Just log in to www.planconnect.com and select “Log Into Your Account”. Or, you can contact PlanConnect at the phone number indicated in the last section of this notice. The change will take effect at the start of the payroll period following the date your Payroll Department processes your request.

Each year the IRS sets a limit on how much you can contribute

The elective deferral limit for 2018 is $18,500. You may also make “catch-up” contributions if you will be age 50 or older by December 31st of this year. And, under certain conditions, additional catch-up contributions may be permitted. For more information, log in to www.planconnect.com and select “References > Plan Information > Your Plan Features”.

Not sure how much you can contribute?

Use our contribution calculator. It’s on www.planconnect.com under “Learning Center > Tools & Calculators” (no login needed).

Each year the IRS sets a limit on how much you and your employer combined can contribute

The maximum annual limit for 2018 generally is $55,000. However, certain participants (such as those who are at least age 50) may have a higher limitation, if provided for under the Plan.

All of your contributions and your employer’s contributions to the plan must be aggregated. In certain circumstances under a 403(b) Plan, they must also be aggregated with other “qualified retirement plans” to determine whether they are within the maximum annual contribution limits under the law. Therefore, if you meet all of the conditions below, the Internal Revenue Service requires that you contact the Plan Administrator (employer) or Third Party Administrator (TPA), PlanConnect, to determine whether or not you have or will exceed your maximum annual contribution limit. Failure to provide the Plan Administrator or TPA with certain necessary and correct information may result in adverse tax consequences, including your inability to exclude the amounts contributed to this Plan from your taxable income.

You must notify the Plan Administrator or TPA, PlanConnect, if you meet all the following conditions:

You make contributions to this Plan, you are “in control” of another company, and the other company maintains a “qualified retirement plan” and makes contributions to your account.

What does it mean to be “in control” of another company?

For you to be considered “in control” of another business, you generally must have a significant ownership interest in the other business. Determining whether you are ‘in control” of another business is complicated. Your tax advisor can assist you in making this determination. Example: You are a doctor or professor that participates in this Plan and you also own more than 50% of a private practice or consulting business. You are considered to be “in control” of the outside business.

What types of retirement plans fall within the meaning of a “qualified retirement plan”?

For this purpose, a “qualified retirement plan” includes certain defined contribution plans that receive special tax benefits under the Internal Revenue Code. These include defined contribution plans that qualify under Code §401(a) (such as a profit sharing, 401(k) or money purchase plan), another 403(b) plan, or a simplified employee pension (SEP) plan.

What amounts are counted for purposes of determining whether you exceed the maximum annual contribution limit?

  • The following amounts are counted towards the maximum annual contribution limit:
  • Employer contributions (including matching contributions and SEP contributions)
  • Salary deferrals
  • After-tax contributions
  • Certain other amounts allocated to your account (this does not include earnings or rollover amounts)

We Are Ready to Assist You

To enroll, initiate a contribution rate change, and/or learn more about the plan and retirement issues, go to www.planconnect.com, send us an e-mail at support@planconnect.com, or call us at (800) 923- 6669 (9 a.m.–5 p.m. ET, Monday through Friday).

We look forward to connecting with you and helping you reach your retirement savings goals.

Renea Dumas
President

PlanConnect, LLC is a wholly owned subsidiary of AXA Distribution Holding Corporation, an indirect subsidiary of AXA Financial, Inc. PlanConnect®, Connect2Remit®, Connect2Comply®, Connect2Maintain® and Connect2Achieve® are registered service marks of AXA Distribution Holding Corporation. PlanConnect® may not be available in all states. AXA Financial, Inc. and its family of companies do not provide tax advice. Please consult with your tax advisor regarding your particular circumstances. Each company is affiliated. AXA Distribution Holding Corporation and AXA Financial, Inc. are located at 1290 Avenue of the Americas, New York, NY 10104, (212) 554-1234. PlanConnect, LLC is located at 100 Madison Street, Syracuse, NY 13202. 800.923.6669.

Contact Us

  • General Service: Toll-free, Monday through Friday, 9AM-5PM ET (800) 923-6669
  • Fax at (800) 657-2826 or email
  • Homepage and Account Login: www.planconnect.com
  • Mail: PlanConnect, P.O. Box 4940 Syracuse, NY 13221
  • Express: PlanConnect, 100 Madison Street, Syracuse, NY 13202
Website by SchoolMessenger Presence. © 2018 West Corporation. All rights reserved.