Retirement

Colchester Public Schools staff have the opportunity to enroll in a 403(b) plan, which is similar to a 401(k) but designed for employees in the public sector, such as schools and non-profit organizations. A 403(b) allows you to save for retirement with pre-tax contributions made directly from your paycheck, helping reduce taxable income and build long-term savings.

Our 403(b) accounts are set up through OMNI, where you can select from a wide variety of investment vendors based on your financial goals and preferences.

Colchester Public Schools employees also have the option to participate in a 457 plan, which is another tax-advantaged retirement savings plan — similar to a 401(k) but designed for public employees and government workers. Our plan is offered through Voya and is shared with the Town of Colchester. Like the 401(k) and 403(b) plans, contributions are made through payroll deductions on a pre-tax basis, allowing you to save for retirement while lowering your taxable income.

For more information on the 457 plan, please reach out to our Voya representative:

Eric Spooner, Financial Advisor

(860) 580-1553 | eric.spooner@voyafa.com

The Teacher Retirement Board (TRB) is the pension system for teachers in the state of Connecticut. All eligible certified teaching staff contribute to TRB throughout their careers, building a retirement benefit based on their years of service and salary.

Currently, the contribution rate is currently 8.25% of your annual salary. For more information on TRB, please go to the TRB Website.