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Harlingen C.I.S.D

Employee Benefits/Risk Management Dept.

407 North 77 Sunshine Strip Harlingen, TX. 78550 Office: 956.430.9553 Fax:956.430.9598 Website: www.harlingen.isd.tenet.edu

3121 Plan (FICA ALTERNATIVE)

Part-time, seasonal, and temporary employees of Harlingen C.I.S.D. participate in our deferred compensation plan as a condition of employment required by I.R.C. Section 3121 (b) (7) OBRA 1990. This plan is an alternative to F.I.C.A; therefore, the earning from part-time, seasonal, and temporary employment in Harlingen C.I.S.D. is not covered under Social Security. Harlingen C.I.S.D. will automatically reduce the eligible employees wages each payperiod by 7.5% and have such amount deferred under this Plan. In other words, an eligible employee who has 7.5% deducted from his or her paycheck does not pay federal income tax on the amount deducted for the 3121 plan until he or she receives a disbursement from the 3121 plan. The company selected to administer the 3121 Plan is FIRST FINANCIAL and you may contact the "Retirement Services" department at 1.800.523.8422 or H.C.I.S.D.'s Employee Benefits Department at 956.430.9553. You may also contact the Social Security Administration at 1.800.772.1213, for the deaf or hard of hearing, call the TTY number at 1.800.325.0778.

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Microsoft Word - 3121 plan info without sample

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Microsoft Word - 3121 plan info without sample