403(b) Tax Deferred Savings Plan
The 403(b) tax deferred savings plan provides an excellent opportunity to invest pre-taxed dollars and can be an integral part of longer term financial and/or retirement planning. All contracted employees are eligible to participate in the 403(b) tax deferred savings plan. Employees may participate in the 403(b) tax deferred savings plan and the 457(b) deferred compensation plan at the same time.
The limit that may be deferred for 2020, as determined by the Internal Revenue Service, is:
- Under age 50 - $19,500
- Age 50 or older - $26,000
- Individuals with at least 15 years of service may also be eligible for an additional $3,000 “catch up” per year, not to exceed $15,000 in a lifetime. Contact your vendor directly to determine eligibility.
The annual limit for 403(b) contributions is a combined limit. This limit applies whether 403(b) contributions are made pre-tax (under the 403(b) Tax Deferred Savings Plan), after-tax (as Roth contributions) or a combination of both.
The following companies are approved vendors: