403(b)

What is a 403(b) Plan?

A 403(b) plan, also known as a tax-sheltered annuity plan, is a retirement plan for certain employees of public schools, employees of certain Code Section 501(c)(3) tax-exempt organizations and certain ministers. A 403(b) plan allows employees to contribute some of their salary to the plan. The employer may also contribute to the plan for employees.

How Does a 403b Retirement Plan Work?

Organizations offer 403(b) tax-deferred retirement plans to eligible employees to allow for long-term investment growth, similar to a 401(k) plan. Contributions to these plans generally take one of three forms:

• The employer makes contributions to the plan through a salary-reduction agreement.

• The employee makes contributions to the plan.

• The employee makes contributions to the plan and the employer makes a matching contribution.

403(b) Plan Summary Information

Find more information at https://www.irs.gov/retirement-plans/irc-403b-tax-sheltered-annuity-plans

PERA (Public Employee Retirement Association) & TRA (Teachers Retirement Association)

Most regular employees of Lynd Public School District fall under one of these two state regulated retirement funds. For more information regarding the plan that best fits you, visit the PERA or TRA website. This four minute video can also provide valuable information: The Value of Your Pension

**This is not an exhaustive list of all benefits available, so please contact the district office with any questions or concerns you have regarding any of the benefits you currently have, and/or benefits that may be available to you.

403b Meaningful Notice