403(b) Retirement Plan
The 403(b) can be an excellent way to save money for retirement and supplement your TRS Annuity. The 403(b) is a tax deferred retirement plan available to employees of educational institutions and certain non-profit organizations as determined by section 501(c)(3) of the Internal Revenue Code.
How a 403(b) Works
You will need to work with a Retirement Planner to complete the enrollment forms with the appropriate vendor. Once these are completed, you will submit a Salary Reduction Agreement (SRA) to the Districts Third-Party Administrator. Contributions to a 403(b) are made pre-tax basis or post-tax based upon the 403b type your setup.
Participants may contribute up to $19,500 for 2020.
Participants age 50 and older at any time during the calendar year are permitted to contribute an additional $6,500 in 2020, for a total of $26,000.
Additional policy information and links:
First Financial Administrators, Inc. – 403b Third Party Administrator
Customer Service: 1-800-523-8422
Distribution Fax: 1-866-265-4594
First Financial website (Opens in new window)