403(b)and 457(b)Retirement Savings Plans

• The 403(b) and 457(b) tax shelter annuity accounts allow employees to make tax-deferred contributions toward building retirement savings. Contributing to this type of plan is a way for you to plan for the future and meet your long-term financial goals.

• For more information on the 403(b), please consult the 403(b) contact list. For more information on the 457(b), please consult the 457(b) contact list. If you enroll in either plan, the amount indicated on your salary reduction agreement will be deducted from your gross income before income taxes are calculated each pay period. Your contributions will be forwarded to the companies you select. The companies will invest your money based on your predetermined investment elections.

• An initial Salary Reduction Agreement form is provided in the form section of this manual. This form, along with a copy of your account application, must be submitted to the Benefits Section of the Human Resources Office to initiate the payroll-deduction process.

• It is important to note that these savings plans are subject to section 403(b) and 457(b) of the Internal Revenue Code. The IRS sets the calendar-year allowable contribution maximums and has rules regarding early withdrawals, disability and financial hardship provisions.

Contacts

• 403(b) contacts
• 457(b) contacts

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