TAX SHELTERED ANNUITY 403B PLANS

• Spokane Public Schools is pleased to offer a wide range of Tax Sheltered Annuity options to its employees.  Tax Sheltered Annuities are offered in relation to section 403B of the IRS tax code.  They provide an opportunity to save money for retirement on a pre tax basis.  Even though they are similar to the more familiar section 401K investments that are offered by private businesses, there are some important differences.
• There is no employer matching of funds in a 403B
• There is no employer involvement in the distribution or allocation of funds within a 403B.
• State law requires that the District must offer a specific 403B if there are at least five employees who wish to participate in the plan.
• District procedures state that there must be a minimum of five participants in the plan to keep it as an available vendor.
  


• Before filling out the form to start a 403B deduction, employees should check the list of available vendors.  This list reflects the current active vendors and their enrollment numbers.
  


• A current Authorization form is available online, at your worksite and at the payroll office.  Any forms that are not current will not be accepted.