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403(b) Retirement Plans
As an employee of Marin Community College District, you are eligible to participate in the District’s 403(b)
retirement plan. 403(b) plans allow you to contribute pre-tax dollars into an investment provider of your choice.
Participation in these supplemental plans not only helps you prepare for a more financially secure future, it
provides significant tax advantages today.
IMPORTANCE OF SUPPLEMENTAL RETIREMENT PLANS
Supplemental retirement plans can help you
reduce or eliminate your retirement income gap? But, what is a
retirement income gap?
When you retire, your pension will not be 100% of the income you’re making now. The retirement income gap is
the amount that is missing between what your pension pays (and other resources) and the amount you will need
to live on.
STRS/PERS + Savings + Social Security
(if applicable)
– Expenses =
Income Gap
You can start out contributing small; every bit helps towards securing the retirement you will be comfortable with
in the future.
HOW TO START
You can start, stop or change elective deferrals at any time throughout the year.
For the 403(b)
1.
Go to
www.403bcompare.comand select a vendor. Or for assistance in choosing a vendor, contact your
Financial Advisor or call TDS for a Representative in your area.
2.
Create an account with the vendor.
3.
Complete and submit the Salary Amendment Agreement to your benefits or payroll office.
For the 457(b)
1.
For a 457 (b) account you will need a financial advisor to assist you. Investment providers are limited and
are not the same as those offered through the 403(b) Plan.
2.
Contact the Investment Provider and open your account of choice with the vendor.
3.
Complete and submit a Salary Amendment Agreement (SAA) to your benefits or payroll office. You will
also need to submit a Direction of Investment (DOI) form to TDS for a 457(b) deferral.
MAKE CHANGES ANY TIME
District’s plans do not limit the time for making changes to your contributions. If you want to make a change to
the amount, the frequency of your contributions or the investment provider complete the following steps:
1.
Submit a new Salary Amendment Agreement (SAA) to your benefits or payroll office.
2.
If you have a 457(b) account, a new Direction of Investment (DOI) form needs to be submitted to TDS in
addition to the SAA form.
Note: The Salary Amendment Agreement form can be found at
www.403bcompare.comor you can contact your
benefits or payroll Office or Tax Deferred Solutions.