As an employee, working for non-profit, educational organization you are eligible to enroll in a supplemental retirement plan call a 403(b). Employees may contract with one of the approved annuity providers (see web link below) and have contributions deducted from their paychecks and invested in the funding vehicle that they choose on a pre-taxed basis. When the contributions are made, they will not be taxed at that time. The contributions will be taxed when the money is withdrawn.
Currently TSA Consulting Group is managing our 403(b) plans. If you go to their website at www.tsacg.com you will be able to find a list of the current Investment Providers to choose from as well as a Plan Participant Guide.
Once you decide on the Investment Provider you wish to use, download and complete the Salary Reduction Agreement. Once completed return the completed Agreement to the Georgetown Public Schools' Business Office for processing.
A reminder that 403B'S are tax advantaged retirement plans through payroll deductions. Members who have been teaching in Georgetown for one to ten years, the district will match up to $500. Through payroll deduction, you can deduct less or more, if you choose. If you have been teaching in Georgetown for eleven years or longer, the district will match up to 1% of your base salary. Again, through payroll deduction, you can deduct less or more, if you choose. The process of setting up the 403B deduction is not difficult and takes little time to set up. If you have any questions, please contact Trish MacDonald at the Business Department at 978-352-5777.