403 (b)

WCBOE Home Page

403 (b)

Wicomico County Public Schools 403(b) Plan Retirement Plan Information

Lincoln Financial Consultants assigned to WCBOE

Contact Jim Walls of Lincoln Financial at: James.Walls@LFG.COM

Contact Amy Lillis-Konopacki of Lincoln Financial at: Amy.lillis-konopacki@lfg.com

Retirement Plan Comparison Chart 403(b) & 457(b)

Frequently Asked Questions

Dear Wicomico County Public School Employees:

The Wicomico County Public Schools (WCPS) 403(b) Plan RFP Interview Team, composed of WCPS employees, has selected and recommended the Lincoln Alliance® program as the funding vehicle for the Wicomico County Public Schools 403(b) Plan effective January 1, 2009. The Wicomico County School Board approved the recommendation at its October 14, 2008 Board meeting.

Lincoln Financial Group offers an employer-sponsored retirement plan, customized specifically for us. Each payday presents a new opportunity to contribute towards your financial future.

The Lincoln Alliance®program, which is a mutual fund based platform, provides:

	A stable-value investment option
	Initial and continuous on-going investment and retirement planning education that is adapted to a variety of learning styles
	One-on-one retirement planning guidance from Lincoln Financial professionals at no additional cost
	Customer service and administrative support, with 24/7 access to your retirement account by the Internet or phone
	The opportunity to contribute to the plan with pre-tax contributions. The annual limit for 2010 is $16,500 with catch up provisions for those employees at least 50 years old and/or those with at least 15 years of service. Taxes are due when account withdrawals are made. If withdrawn prior to age 59½, withdrawals may be subject to an additional 10% Federal tax penalty. Investment values will fluctuate with changes in market conditions so that when you withdraw your investment, it may be worth more or less than the amount originally invested.

Investment Options

Your new 403(b) retirement account with the Lincoln Alliance® program will provide access to investment options offered as part of the WCPS 403(b) Plan. You will have the option of choosing your investments from an array of mutual funds with expense ratios ranging from .40% to 1.39% depending on the mutual fund chosen within the plan.

In addition to the core mutual funds, participants will also have the option of investing in 15 LifeSpan®allocation models. These time based asset allocation models provide participants with a pre-selected, diversified mix of the core mutual funds which are allocated to align with your target retirement or distribution date. They are automatically rebalanced each year and become more conservative as you approach your target retirement age.

Mutual funds within the Lincoln Alliance® program are sold by prospectus. An investor should consider the investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus contains this and other important information and should be read carefully before investing or sending money. Prospectuses for any of the applicable mutual funds are available at 1-800 234-3500 or www.LincolnAlliance.com.

You can enroll in the 403(b) plan and make changes at any time during the year.

A PIN (person identification number) letter is mailed to your home when you begin employment. The PIN is your password that will give you access to enroll in the plan, make changes to your investment elections, salary deferral, and/or beneficiary elections at any time either by calling customer service at 1-800-234-3500 or going online at www.lincolnalliance.com.

Please also note that the Board's contribution to the 401(a) Match Plan has not changed!

Employees who contribute to their 403(b) account from September 1, 2009 to June 30, 2010 will be eligible for the match. For this school year, the match is 50% of the first $750 that you contribute to your 403(b) account, regardless of investment selection. Therefore, the maximum match this year is $375.

We're pleased to partner with Lincoln Financial Group to bring you our new retirement plan and to help all of our colleagues prepare for their retirement.