The El Paso Independent School District FICA Alternative Plan
EPISD does not contribute to Social Security Income. Beginning in January of 2004, in lieu of Social Security Income contribution, EPISD established the 3121 FICA Alternative Compensation Plan in accordance with IRS rules and regulations. This plan is mandatory and provides for an Individual Retirement Account set up under the 3121 FICA Alternative Compensation Plan.
The investments in the 3121 FICA Alternative Plan are managed by the Region 10 Investment Advisory Committee and administered by JEM Resource Partners. Based on non full-time employment status, each pay period, 7.5% of pre-tax salary is automatically deducted from your paycheck and contributed to a 3121 account. All contributions are deposited into an account that is in the employee’s name (Individual Retirement Account).
3121 plans are intended to provide long-term investments designed to help you prepare for retirement in lieu of Social Security Income. As a result, withdrawals may be made from your 3121 plan only upon separation of employment with the District. If you withdraw your funds from your 3121 account, you cannot re-apply for employment with the District until the end of the twelfth month following the effective date of your distribution.
Please contact a JEM Resource Partner at 1-800-943-9179, if you have any questions regarding your automatic salary reduction or about specifics of the El Paso Independent School District 3121 FICA Alternative Compensation Plan.