In addition to the WRS state pension plan that employees are automatically enrolled in, Elmbrook Schools offers employees the ability to enroll in 403(b) and 457 plans. 403(b) and 457 plans are voluntary retirement savings programs that employees can contribute to on a tax-deferred or Roth (after-tax) basis.
Tax-deferred contributions are made on a pre-tax basis from the employee's payroll so the employee's taxable income is reduced. Taxes on contributions and any earnings are deferred until the employee withdraws their funds. Roth, or after-tax, contributions do not reduce the employee's taxable income as they are deducted from the employee's payroll after taxes are calculated. All qualified distributions from a Roth 403(b) are tax-free and any earnings are tax-free as long as the account's first contribution is at least five years old at the time of the distribution. Employees are fully vested in their contributions and earnings at all times.
Click here to view a snap shot about Elmbrook Schools 403(b) plan.
Employees interested in starting a 403(b) plan should review the documents listed below for detailed information about the 403b plan and instructions on how to enroll. Once you have selected a vendor of your choice, you can work with the vendor and TSA Consulting Group, Inc, the administrator of Elmbrook's 403(b) plan, to open an account and choose the contribution rate.
- 403b Welcome Letter
- 403b Plan Highlights
- Plan Participation Guide
- Meaningful Notice
- USOTCS Distribution Information
It is always recommended to consult with a financial advisor prior to enrolling in the 403b.
For more information on 403(b) plans, please call 888-796-3786 or visit www.tsacg.com.