403(b) Retirement Program

The district is pleased to offer the 403(b) Plan to eligible employees in order to help save for retirement. The plan allows you to save on a tax deferred basis and a Roth basis.

Who is eligible to particpate in a 403(b)?

All employees who normally work 20 or more hours per week are eligible to contribute their own earnings into a 403(b) plan.

What is a 403(b)?

As an employee of a public school, you have a unique opportunity to invest for your retirement through a 403(b) retirement plan, sometimes referred to as a tax-sheltered annuity (TSA). Offered through the employer, 403(b) plans:

Let you set aside money from your paycheck before taxes are taken out, so you can save more
Offer you the opportunity to build up retirement savings and direct your savings investment to best meet your goals and personal situation
Accept contributions on a before-tax and/or after-tax (Roth) basis

Why should I create a 403(b) plan?

A 403(b) investment allows you to fill any shortfall in your retirement income that may not be satisfied by your Wisconsin Retirement System (WRS) pension plan, Social Security benefit, and OPEB (Other Post Employment Benefits). Retirees are living longer and are more active in retirement. Saving outside of traditional sources is becoming increasingly important.

Does the district contribute money into an employee's 403(b)?

The West Bend School District provides full-time employees with annual contributions to their 403(b) accounts to help them save for retirement. The table below explains how the benefit grows as you work more years in the WBSD.

In addition to the fixed contributions described above, eligible employees in their fourth year or more of continuous employment in an eligible position in the District will receive an additional matching contribution option. If you annually contribute at least $250 of your own earnings towards a 403(b) plan, the District will provide a matching $250 contribution in addition to the $500 provided by the District. Thus, an eligible employee who has at least 4 years of continuous service and who contributes at least $250 of their own earnings will receive a total District contribution of $750 ($500 contribution + $250 matching contribution).

Please note: To recieve any district contributions into a 403(b), you must first sign up for a 403(b) account with one of the two district approved vendors.

Who can I choose as my 403(b) financial vendor?

The West Bend School District has two approved 403(b) financial vendors that you can contribute money to via payroll deductions. These two vendors include:

Equitable
WEA Member Benefits

How do I get more information and enroll?

Contact Equitable at (414) 559-4516
Contact WEA Member Benefits at (608) 709-4518

Are there minimums and maximum amounts that can be contributed?

There are no minimum contribution limits currently in place. The Internal Revenue Code (IRC) determines the maximum contribution limits on an annual basis. There are catch-up provisions that allow employees to increase contributions beyond the maximum, providing specific criteria is achieved.

Please see the IRS website for contribution limits.

What does a Roth contribution mean?

Roth contributions are after-tax, which means you pay taxes now on your contributions, but all qualified* withdrawals, including earnings, are tax-free. One of the greatest benefits of Roth savings is the ability to reduce and control your tax liability in retirement.

*For qualified withdrawals from the Roth 403(b), the participant must be age 59½ or older and have had the Roth 403(b) account for at least five years.

What other information is available from Equitable & WEA to learn more?

Click here to learn about Equitable's educator-focused investment program
Click here to learn about WEA's fee structure
Click here to visit the WEA website

If you have questions related to 403(b) plans, please contact Nicole Gruenewald at ngruenewald@wbsd-schools.org, 515120, or 262.335.7881.

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