• How do I make contributions?

    Contributions must be made through payroll. A salary reduction agreement is required and will inform your employer of your decision to participate. You can change the amount of your contributions by completing a new salary reduction agreement.

  • How much can I contribute?

    The IRS sets annual deferral limits on how much may be contributed. Special catch-up provisions may apply for participants over age 50 and for longevity of service with the same employer. A retirement specialist can assist you in calculating the Maximum Allowed Contribution.

  • Are loans available to me?

    If the 403(b) plan allows, loans are permitted to individuals. The plan sponsor must approve loans in advance. Loan limits apply and are aggregated with any other loans in 403(b) accounts within the plan and any loans from any other qualified retirement plan of the employer.

  • When can I take money out?

    You can take distributions from the 403(b) plan at age 59½, if you are fully disabled, or at separation of service (10% IRS penalty may apply if withdrawn before age 59½. Regular income tax will be due on distributions.). Distributions due to financial hardship may be available. Please check with the Plan Administrator for eligible hardship distributions and be able to provide any supporting documentation of the hardship. All distributions must be approved by the plan administrator.

  • What is a Plan Administrator?

    Most school districts engage a third-party administrator (TPA) to establish and manage their 403(b)-plan document to ensure compliance with IRS rules and guidelines. A school district’s benefit office can provide you with information regarding their TPA.