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Deferred Compensation Plans

  • The District offers employees deferred compensation plans. These are voluntary retirement savings plans to help supplement retirement income.

    The District sponsors both traditional 457(b) and Roth 457(b) plans and also offers a traditional 403(b) plan. Both traditional 457(b) and 403(b) plans allow for the investment of pre-tax earnings which may decrease your taxable income. Roth 457(b) contributions are made with post-tax earnings with the benefit that you may be able to withdraw from your account tax-free when you retire. Contributions to any of the three plans are made through automatic payroll deductions.

    planning retirement

    Eligibility

    All employees (with the exception of student workers) are eligible to enroll in any deferred compensation plan.  The maximum allowable contribution, as set by the Internal Revenue Service (IRS), is as follows:

    • Individuals under age 50: up to $23,500 per plan for 2025.*
    • Individuals age 50 or older: an additional amount up to $7,500.

      * The combined contribution amount for traditional 457(b) and Roth 457(b) cannot exceed the maximum allowable contribution, which is subject to change yearly based on IRS regulations.

    Contributions may begin at any time.  It may take one or two payroll cycles before the first deduction, or any change, is reflected.
  • Contact Information
    Voya: (844) 525-2873
    TSACG: (888) 796-3786
  • Comparison Overview

  • ¹ Subject to the Internal Revenue Service (IRS) rules and regulations regarding qualified distributions.  A qualified distribution of the Roth 457(b) resulting in tax-free distribution earnings requires that the distribution is made after a 5-taxable-year period of Roth participation and is either:

    • made on or after the date you attain age 59½,
    • made after your death, or
    • attainable to your being disabled as defined by the IRS as separation from active service because the person cannot engage in any substantial gainful activity because of a physical or mental condition.  A physician determines that the disability has lasted or can be expected to last continuously for at least a year or can lead to death.

    The 5-year account holding period and the attainment of age 59½ are the key factors that result in a tax-free distribution.  If the distribution circumstance does not meet both of these requirements, the "earnings" portion of the distribution is subject to ordinary income taxation.  The "after tax" contributions are never taxed again.  Roth and pre-tax 457(b) accounts are exempt from the 10% additional excise tax if withdrawn before 59½.   

    ² For purposes of the 457(b) plan, an unforeseeable emergency is defined by the IRS as a severe financial hardship of the participant or the participant's dependent resulting from an extraordinary or unforeseeable circumstance beyond the control of the participant or the participant's dependent.
  • Account Enrollment
Enrollment

Voya Financial® is the plan administrator for the District's sponsored 457(b) deferred compensation plans.

form

To enroll in either traditional 457(b) or Roth 457(b), please click here. To enroll via paper application, a copy of the enrollment form is available in the deferred compensation plans section of the Forms/Publications page.

Managing your account

The Voya Financial® site allows participants to make various transactions, such as: 

     · Setup/change contribution amount
     · Manage investment options
     · Transfers and rollovers
     · Withdrawals, surrenders, and hardship distributions
     · Loans

To request any of these transactions, login to Voya Financial®.

Enrollment

TSACG is the plan administrator for the District's sponsored 403(b) deferred compensation plan.

To enroll in 403(b):

1.  Visit TSACG to view the District's Investment Provider List. Compare and choose a provider. 

2.  Open an account with any of these providers by completing the provider's application. Applications are available only from the Investment Providers.

3.  Once you have established an account with your chosen Investment Provider, you will need to create an account with TSACG's login/account setup page to get your contributions started.

Managing your account

The TSACG site allows participants to make various transactions, such as: 

     · Setup/change contribution amount
     · Transfers
     · Withdrawals, surrenders, and hardship distributions
     · Loans

To request any of these transactions, login to TSACG.

  • Other Important Information

For members who have a TIAA Traditional Account and would like more information, please visit TIAA or call 800-842-2252.  Please note: your TIAA Traditional Account does not allow you to contribute money, take loans, or take emergency withdrawals.  Assets from your TIAA Traditional Account may be transferred to Voya Financial® by completing the "TIAA Request for a Direct Transfer" form and submitting it to TIAA.

 

The Retirement Investment Advisory Committee (RIAC) oversees the administration and implementation of the 403(b) and 457(b) plans as well as the Public Agency Retirement System (PARS).  Its main responsibility is to advise the District’s Chief Business Officer.

 The RIAC is comprised of representatives of the various labor unions, an appointee for the District’s Board of Education, an appointee for the District’s Chief Business Officer, staff from the District’s Benefits Administration, members at large, the 403(b) and 457(b) third-party administrators, TSACG and Voya Financial®, as well as staff from NFP Retirement and PARS.

RIAC Meeting Minutes 05-18-2023

RIAC Meeting Minutes 02-16-2023 

RIAC Meeting Minutes 2022

RIAC Meeting Minutes 2021

RIAC Meeting Minutes 2019

RIAC Meeting Minutes 2018

RIAC Meeting Minutes 2017 
RIAC Meeting Minutes 2016 
RIAC Meeting Minutes 2015 
RIAC Meeting Minutes 2014 
RIAC Meeting Minutes 2013 
RIAC Meeting Minutes 2012 
RIAC Meeting Minutes 2011 
RIAC Meeting Minutes 2010

 

 

For information regarding distribution, loans, and/or hardship withdrawal, contact:

457(b): Voya Financial® (844) 525-2873

403(b): TSACG (888) 796-3786