Contract_Attachment_3_(Part%205)_403(b)_Plan%20Document%20for%20Public%20Education-FINAL.pdf

This document is a 403(b) Plan Document for Public Education serving the State of Tennessee and its public educational institutions. The plan establishes the framework for an optional retirement program designed to provide supplemental retirement savings vehicles for eligible employees of public education employers within Tennessee. The document outlines the plan's structure, eligibility requirements, contribution limits, investment options, and administrative procedures necessary to comply with Internal Revenue Code Section 403(b) regulations. The plan accommodates multiple investment vendors and allows participating employees to select from various investment products and allocation strategies. The document defines the roles and responsibilities of plan administrators, employers, and service providers in managing plan operations, recordkeeping, and compliance activities.

The plan document establishes comprehensive rules governing employee deferrals, employer contributions where applicable, vesting schedules, distribution provisions, and loan availability. It addresses compliance with federal tax regulations including annual contribution limits, excess deferral correction procedures, and required minimum distribution rules. The document specifies that participating employers maintain fiduciary responsibilities for plan administration and vendor oversight, while designated recordkeepers and administrators manage day-to-day operations, participant communications, and regulatory compliance. The plan permits employees to modify investment allocations and provides guidance on beneficiary designations, plan amendments, and termination provisions. Funding derives from employee deferrals of compensation and any employer contributions, with investment performance dependent on selected investment options offered through contracted vendors.