Finance & Payroll
The Finance Department oversees district budgets, payroll, and reimbursements, such as mileage and travel. We also provide resources for fundraising. Lastly, Paper Tiger is our in-district print shop which falls under the finance umbrella.
- Complete the fundraising approval form.
- Submit the form to your school administrator.
- The administration will maintain accurate records of all fundraising activities. This information will be collected annually by the Business Services Office to be included in an annual report to the School Board.
EXAMPLES OF FUNDRAISING
- Go Fund Me
- Donors Choose
- Adopt A Classroom
- Give MN. ORG
- Amazon Wishlist
Public Employee Retirement Association (PERA) is available only to contracted employees. New employees may enroll immediately, within 90 days of hire.
PERA offers voluntary life insurance for PERA members. Open enrollment is October 1st - November 30th.
You are able to participate in a tax-sheltered investment program through the payroll deduction method as authorized under Section 403(b) and Section 457 of the Internal Revenue Code.
You can contribute your own dollars. For information regarding matching funds, please see individual employment agreements and collective bargaining agreements.
Employees who are enrolled as students and regularly attending classes offered by the Rochester Public Schools.
How to Enroll:
- Chose a company from the vendor list
- Complete the Salary Reduction Agreement Form
To Change Your Account:
- Fill out the 403(b) Exchanges, Transfers, and Rollovers
- Have form signed by our Third Party Administrator
403(b) Vendors with Advisors
- Ameriprise Financial Services, Inc.
- Aspire Financial Services
- EFS Advisors
- FTJ Fund Choice
- Horace Mann
- Thrivent Financial
- Waddell & Reed
403(b) Vendors without Advisors
- Aspire Financial Services
- Minnesota State Retirement System
- How much may I contribute to my Tax-Sheltered Annuity Plan?
- When can I make changes to my Tax-Sheltered Annuity Plan?
- Is there a deadline to turn in my Salary Reduction Agreement Form?
- Does my agent have to sign the Salary Reduction Agreement Form?
- How do I stop my Tax-Sheltered Annuity Plan deduction?
- What is considered the Plan Year?
- Will my contribution amount be on my W-2 form?
- How do I sign up for Fidelity?
- How do I sign up for Vanguard?
You must contribute at least $25 per month. If you qualify for a matching contribution through your Union Contract, and you sign up for the match, you must contribute at least the amount the District is matching per month.
Current IRS Contribution Limits: 2021 = $19,500.00
If you are 50 years old or older you may participate in the Age 50 catch-up plan as per Internal Revenue Service regulations. The maximum for 2021 is $6,500.00
If you have worked for the District for 15 years, you may also qualify for the 15-year catch-up provision if you have contributed on average less than $5,000 per year during your time with the District. The maximum for 2021 is $3,000.
If you qualify for both the age 50 catch-up and the 15-year catch-up provisions, the 2021 maximum is a total of $29,000.
Staff members must sign up with Fidelity directly. There is no agent; the School District only authorizes Vanguard as a vendor.
Staff members must start by creating an account and have an Fidelity account number before turning in your Salary Reduction Agreement Form to Payroll.
How to sign up:
- Set up account by: calling 1-800-343-0860 or go online to: https://nbacctopen.fidelity.com
- Use our plan number 66834 on your application
- Mail your paper application to Fidelity
- Once account is set up through the mail, we ask that you print off a confirmation form from Fidelity to verify this has been set up
- To setup a username and password after your account has been opened through the mail, go to this page: https://login.fidelity.com/ftgw/Fas/Fidelity/NBPart/IdentifyUser/Init
Staff members must sign up with Vanguard directly. There is no agent; the School District only authorizes Vanguard as a vendor.
Staff members must start by creating an account and have an Vanguard account number before turning in your Salary Reduction Agreement Form to Payroll.
How to sign up:
- Setup an account by going online: https://investor.vanguard.com/403b-plans/participant
- Click on Fill out an application about halfway down the page.
- Click on Fill out my 403(b) plan application.
- From the list, Please select your employer - Be sure to choose: VG01140 – Rochester ISD #535. Please be careful not to choose “Rochester School District” which is a different public school system.
- Click Enter Your Personal Information.
- Fill in your personal information.
- Click Review Your Information.
- Click Sign Your Agreement.
- Click Here to Sign.
- The application will be reviewed by Vanguard. They will notify you with next steps to complete your online enrollment.