YOU HAVE THE OPPORTUNITY TO SAVE FOR YOUR RETIREMENT BY PARTICIPATING IN A 403(B) AND/OR 457(B) RETIREMENT PLAN.
Southside ISD offers eligible employees the opportunity to enroll in supplemental retirement plans--403(B) and/or 457--through our third party administrator DK Young. DK Young does not recommend investment products or investment providers. DK Young is responsible for the administration and compliance of each employee participating in the plans.
BENEFITS OF A 403(B)
- You do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after your retirement.
- Investment gains in the plan are not taxed until distributed.
- Retirement assets can be carried from one employer to another in most cases.
- You may contribute up to $22,500 in 2023 and adults 50 (or older) and over may make an extra $6500 in catch up contributions.
457 PLAN HIGHLIGHTS & ADVANTAGES
- Pre-tax contributions reduce income taxes while saving
- Distributions are taxed when received (typically when you are in a lower tax bracket). Contribution limits are in addition to any existing 403(b) contribution that you may be making.
- Plan payout upon retirement or separation from service without early distribution tax penalty.
- Make additional "catch up" contributions if you are 50 (or older) or with three years of normal retirement age and have not already been contributing the plan maximum.
- Flexibility to move your savings into a new Employer's retirement plan if you change jobs.
HOW CAN I PARTICIPATE?
Southside ISD Staff and Financial Agents: Please contact Melonie Sammons at the local DK Young office at (210) 558-0999.
Prior to contributing staff members must open an account with an approved investment provider.
- Salary Reduction Agreement
- Uniform Disclosure Agreement
- Disclosure Statement
Retirement From Southside ISD
If you are considering retirement from the district within the next 12 months, you will need to contact the Teacher Retirement System (TRS) to request a retirement packet and begin the process.
For additional information, please contact TRS at 1-800-223-8778 (M-F, 7:00 am to 6:00 pm) and please be sure to visit their website