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403(b) Program - Tax Sheltered Annuities

 

Dodge City Public Schools offers a 403(b) plan (akaTax Sheltered Annuity plan) for qualified employees.

 

Basically, 403(b) plans are similar to 401(k) plans that are maintained by "for-profit" entities.  Just as with a 401(k) plan, a 403(b) plan lets employees defer some of their salary.  In this case, their deferred money goes to a 403(b) plan sponsored by the district. This deferred money generally does not get taxed by the federal government or by most state governments until distributed. 

Contribution Limits:

Employee – Lesser of (a) $16,500 in 2009 subject to cost-of-living adjustments in later years, or (b) 100% of includable compensation.

If the employee is age 50 or over, a "catch-up" contribution is also allowed. This additional catch-up contribution amount is $5,500 in 2009 and subject to cost-of-living adjustments in later years.

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