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What it is:
A 403(b) is a tax-sheltered annuity plan (TSA), similar to a 401(k) but for public-sector employees.
An annuity plan allows you to save on a tax deferred basis. Plan oversight and administration is provided by TSA Consulting Group.
403(b) is voluntary. It is not required. If you have questions about whether you will benefit from contributing to a 403(b), you should speak with a financial planner.
Enrolling:
Arlington employees can set up a 403(b) or update withholding amounts at any time during the year.
You are able to enroll, change your annuity company or increase your contribution amount. Enrollment is online and the links are below and on the APS website.
Please see the web site for the Plan Summary Information, Salary Reduction Agreement, and Instructions for the Online Salary Reduction Agreement.
Choosing a Financial Service Company:
Representatives of financial services companies that offer 403(b) accounts may want to contact you directly to set up meetings with you. The information online lists the authorized financial services companies you can choose. They are:
Among these companies, Arlington does not endorse one over the other. You are not required to meet with any representative unless you choose to do so. They should not be interrupting you during your work time. Some of the companies are aggressive and make their emails sound like they have special authorization from the District. They are likely legitimate companies, but just aggressive in their marketing. Again, you are not required to meet with them. If you have any questions about any specific solicitations, please contact Rob Spiegel.
MTA urges all members considering investing to be critical in choosing the right 403(b) plan. There are many questionable firms who will solicit business from public employees.
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