Retirement Plans Available
EWSD provides the following retirement plan options to eligible employees:
- 403(b) Plan (Tax Sheltered Annuity)
- 457(b) Plan
- Vermont State Teachers Retirement System (VSTRS) - available to licensed educators and administrators performing duties under their license
- Vermont Municipal Employee Retirement System (VMERS) - available to grand-parented employees only
Vermont State Teachers Retirement System (VSTRS)
All licensed educators working in a capacity that requires an educator license and endorsement must contribute to VSTRS as a Group C participant. As group C participants, members must make a contribution of 5.0% of covered earnings into the plan. Those teachers who have less than five (5) years of service in VSTRS as of 7/1/14 must make a contribution of 6%. This rate is subject to change. Earnings on the trust fund investments provide a portion of your benefit, along with the State of Vermont's contribution.
Vermont Municipal Employee Retirement System (VMERS)
Support staff previously participating in VMERS with the Westford School District as of 6/30/17 who work a minimum of 1040 hours/year must contribute to VMERS Defined Contribution Plan as a Group B participant. Participation in this plan is in lieu of receiving the District base and matching contributions in the 403(b) Plan.
The employee contribution in this plan is 4.875% of wages as of 7/1/17. This rate is subject to change. The District also contributes an amount equal to 5.5% of the employees wages into the Plan. This District contribution rate will increase as follows:
- Effective 7/1/18 District contribution increases to 5.625%
- Effective 7/1/19 District contribution increases to 5.75%
- Effective 7/1/20 District contribution increases to 6.0%
- Effective 7/1/21 District contribution increases to 6.25%