INITIAL TRS-ACTIVECARE ENROLLMENT IS OPEN UNTIL JUNE 10, 2026
403(b) & 457
We are excited to offer the valuable benefit of a 403(b), Roth 403(b), and 457 retirement plan as an added benefit to our employees.
There is no “open enrollment” period. Initial enrollment and plan changes can be made at any time of the year and encourage everyone to participate!
Plans are administered by National Benefit Services (NBS).
What is a 403(b) Retirement Plan?
The 403(b) retirement plan acts very similar to a 401(k) plan and provides several benefits including:
Contributions to the plan are tax deductible meaning that you do not pay taxes on contributions made to the plan. This also reduces income tax expenses and may very well reduce your tax bracket. Taxes will be paid on the funds when taken from the account at retirement.
Roth contributions can be made, but taxes are paid at the time of contribution. Account balances grow over time, and taxes are not paid on the contributions nor on the interest earned on the account once it is taken out.
Loans or Hardship withdrawals can be taken from the account if certain circumstances are met. This will slow the path to retirement but can provide financial relief in a time of need.
Contribution limits are much higher at $20,500 than the limits in IRAs ($6,000).
Simply, a ROTH 403(b) plan does not lower your current tax liability and is deducted from your salary after taxes whereas a traditional 403(b) lowers your tax liability now by deducting from your salary before taxes. There are other factors, so please speak with 403(b) specialist to gain more knowledge prior to making your decision.
