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403(b)and 457(b)Retirement Savings Plans 2006
- The 403(b) and 457(b) tax shelter annuity accounts allow employees to make tax-deferred contributions towards 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.
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- If you are interested in more information on 403(b), please consult the contact list. If you are interested in more information on 457(b), please consult the contact list. If you enroll in these plans, each pay period, the amount indicated on your salary reduction agreement is deducted from your gross income before income taxes are calculated. The contributions are forwarded to the companies you select. The companies will invest your monies based on your pre-determined investment elections.
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- 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 needs to be submitted to the Benefits Section of the Human Resources Office to initiate the payroll deduction process.
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- It is important that you understand 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.
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