Aila Boyd
aboyd@mainstreetnewspapers.com
The Craig County School Board unanimously approved a resolution at its Jan. 20 meeting to amend and restate its pre-approved 403(b) retirement plan for eligible employees.
The motion to adopt Resolution R2026-03 was made by Potts Mountain District representative Faye Powers and seconded by New Castle District representative Shannon Whitlock. The resolution passed without opposition.
The action updates the school system’s Non-ERISA Pre-Approved 403(b) Plan Document for Public Schools, Community Colleges, and Public Universities and Colleges in accordance with Internal Revenue Service Revenue Ruling 2023-24. The amended plan applies to Craig County Public Schools employees and is intended to ensure continued compliance with Section 403(b) of the Internal Revenue Code and applicable federal and state regulations.
Under the resolution, the board formally adopted the amended plan with an effective date of Nov. 1, 2025. The plan is not subject to the requirements of Title I of the Employee Retirement Income Security Act (ERISA).
The amended plan includes provisions allowing for Roth direct rollovers, Roth participant rollovers, and in-plan Roth rollovers. It also permits correction of excess deferrals from Roth sources and allows for a variety of distributions, including those related to federally declared disasters, qualified birth or adoption events, terminal illness, and lifetime income investments.
Additional provisions adopted under the plan allow for federally declared disaster loans and enable participants between the ages of 60 and 63 to increase their retirement plan catch-up contributions to $10,000, as authorized under the SECURE Act 2.0.
The resolution also authorizes appropriate officers of Craig County Public Schools to execute all necessary documents and take actions required to implement the amended plan.
The resolution took effect upon adoption.