Tax Shelter Annuities - 403(b) and
the Deferred Compensation Plans - 457(b)
- 403(b) and 457(b) Participation Checklist
- Retirement Manager Guide
- Available VENDORS LIST for 403(b), Roth 403(b) and 457(b)
- What is a 403(b)?
- What is a Roth 403(b)?
- What is a 457(b)?
- 403b Hardship Process
- Vendor Loan Supplement
About 403(b) and 457(b):
At its meeting of September 13, 2004 the Board of Trustees approved a deferred compensation plan under Section 457 of the Internal Revenue Code. The new 457 plan will complement the current 403(b) plan.
The District has chosen VALIC and Employee Benefits Services Group (EBSG) to provide 457 retirement plan products to the employees. Since 2015, we have added a third 457 vendor - CalSTRS Pension2.
The 457 Program would allow employees to defer $22,500.00 for the calendar year 2023 in addition to the $22,500.00 permitted under the 403(b) plan for a combined maximum of $45,000.00 for year 2023. In addition, there are age-based for 50 plus for $7,500 for each 403(b) and 457 plans and Special 15-years catch-up provision for additional $3,000, if qualified. For detailed information on the 403(b) or the 457 plan, see links below.
How to get started?
Start by downloading the Participation Checklist listed above and follow the steps or contact us for additional assistance.
For additional assistance, you may contact Mandy Thai (650-949-6264) or Elly Zhu (650-949-6265) or Yan Zhu (650-949-6115)
IRS Resources and other helpful links:
- http://www.403bcompare.com/ The 403bCompare Web site is a bank of free objective information about 403(b) vendors and the products they offer.
- http://www.irs.gov/pub/irs-pdf/p4484.pdf- Pub. 4484, Choose a retirement plan for employees of tax-exempt and government entities (schools, hospitals, churches, charities.
- http://www.irs.gov/pub/irs-pdf/p571.pdf- IRS Publication 571 - Tax Sheltered Annuity Programs for Employees of Public Schools and Certain Tax Exempt Organizations.
- http://www.irs.gov/pub/irs-pdf/p575.pdf - IRS Publication 575 - Pension and Annuity Income
- http://www.irs.gov/pub/irs-pdf/p590.pdf - IRS Publication 590 -Individual Retirement Arrangements
- http://www.irs.gov/retirement/article/0,,id=172437,00.html- IRC 457(b) Deferred Compensation Plans