Benefits :: Retirement Savings Plans
Eligible
GISD employees participate in the Teacher Retirement System of Texas through
monthly payroll deductions. The TRS system offers a wide array of
benefits, including retirement, disability, and death benefits.
In addition, Georgetown ISD offers a 403(b)/403(b)(7) Tax-deferred Retirement Plan. Almost all employees are eligible to participate (this may include substitutes). The 403(b)/403(b)(7) Tax-deferred Retirement Plan offers year round enrollment into the plan. Having a 403(b) can save you valuable tax dollars on the contributions you make as well as the earnings by deferring taxes until the funds are distributed at retirement age.
You can set up a 403(b) account with any company on the TRS certified list. The new contribution limit in 2005 has increased to $14,000. An additional $4,000 is permitted under the 50+ Catch-up. This may allow existing participants to increase their 403(b) contributions.
To establish a 403(b) account, you must complete a salary reduction agreement form which allows GISD to automatically contribute the amount you designate to your account. The amount you contribute is subject to annual deferral limits and contributions are deposited on a pre-tax basis. Interest earnings are also tax-deferred.
GISD's third-party administrator, First Financial Administrators, can assist you with the paperwork for your salary reduction agreement once you have selected the company you'd like to use for your 403(b) account. They can also answer general questions about 403(b)s.
For more information, contact:
Carolyn Torres, GISD Retirement Services Representative
First Financial Administrators
515 N. Sam Houston Parkway East, 5th Floor
Houston, TX 77060
1-800-523-8422
