Springfield Prep would like to introduce a 403b plan as a benefit to all employees, which requires a Board Vote. The plan would be an optional retirement plan and would make the school more attractive for hiring and retention of all staff. The included materials provide a summary and details about the plan. The plan would have limited financial impact to the school at this time, but a future employer contribution will be evaluated in the future. 

The Board discussed the investments available in 403b plans, as well as the complexities of setting up the plan for both the school and the employees. They also discussed the broker and investment firms offering 403b plans and the selection of the one proposed. 

Given the complexity of the plan, the legal implications, and the administrative components of setting up a new 403b plan for the school, the Board opted not to vote on the introduction of such a plan at this meeting.

Bill shared the DESE mask recommendations for schools that was recently released, as well as AAP & CDC recommendations. He shared that the school believes a mask requirement for all staff and students while indoors is the right option for the school based on the COVID rates in Hampden county and the logistical challenges of requiring masks for some but not all students. Additionally, he believes it is the right step given that the majority of our students are currently ineligible for the vaccine due to their age. The Board was in agreement that this was the right decision at this time.