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School board alters contributions to superintendent's retirement plans

February 08, 2012

The Washington County Board of Education on Tuesday unanimously approved an amendment to Schools Superintendent Clayton Wilcox’s contract concerning contributions to his retirement plans.

The contract calls for the board to match — up to $10,000 a year — contributions Wilcox makes into his 457(b) plan. The board also contributes $10,500 a year to Wilcox’s 403(b) plan.

The amendment states “To the extent the match to the Superintendent’s 457(b) account would cause the total annual contribution to the 457(b) account to exceed the amount allowed by the Internal Revenue Service regulations, the amount of the match that exceeds the 457(b) contribution limit would be made to the Superintendent’s 403(b) account.”

Wilcox is in the first year of his four-year contract.

— Julie E. Greene

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