To better serve our severing employees, the PXU established a 403(b) Special Pay Plan (SPP) via Security Benefit for leave pay-offs more than $5,000.00.  The SPP directly benefits both PXU and the employee by eliminating the FICA tax obligation on said payoff.  The SPP Brochure provides additional information about the Plan.

If your projected payoff will be more than $5000, you will be subject to this plan.  Hence, if you haven’t already done so, please create an account with Security Benefit by completing/returning the SPP Enrollment Form.  Once your account is established and you have severed from PXU, our Payroll Department will transfer your payoff money to Security Benefit.  Once the transfer is done, you will work directly with Security Benefit to access or invest your money.  If you have questions, please contact the District's SPP Agent.

Note: the IRS sets limits to the amount that can be contributed to a 403b each year. Thus, any additional funds due to you once the current 403b annual limit has been met will be processed the following calendar year(s).