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Inside Stories September 15, 2007
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LISD will discuss 457 plan
By BRENDA SOMMER news1@leader-news.com

Louise school trustees take a look at a second selffunded retirement plan for employees when the hold their regular monthly meeting Monday night.

During budget talks last month, trustees talked extensively about matching employee contributions to a new individual retirement plan adopted this spring, called a "457 plan."

Most school districts in Texas now offer a 457 plan to their full-time staff, an option in addition to a 403(b) account, which is basically a 401(k) plan for educators.

Educators, because they are also government workers, qualify for both retirement savings plans. With a 457 plan, the money an employee pays in will always be theirs, with interest, even if they change jobs, as is the case with 401(k) plans.

Trustees considered matching some of the contributions made into 457 plans, with limitations, but made no decision on the matter last month. Superintendent Andy Peters will have information on several 457 matching fund scenarios ready Monday night.

Also on the board's agenda are:

  • Discussing the 2008 graduation date and time;

  • Talking over a consultation agreement with the district's law firm;

  • Reviewing superintendent and district issues to talk about at future workshops;

  • Discussing a major grant for physical education equipment and facility improvements; and

  • Taking a closed executive session to discuss a principal and the superintendent. If any action results from the closed session, it will occur in open session immediately afterwards.

    The board meets at 7 p.m. Monday, Sept. 17 in the district's meeting room in the administration building at 408 Second in Louise. Board meetings are open to the public.


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