Employees may make additional contributions toward their retirement with these additional voluntary pre-tax savings plans. Employees may contribute to either or both of the 403(b) Tax Sheltered Annuity (TSA) or 457 Deferred Compensation Program (DCP). There are no ACC matching contributions to these voluntary plans.
A new retirement savings tool has been added to the ACC 403(b) voluntary savings accounts. Roth 403(b) accounts allow employees to save after-tax money now and not pay taxes on their future distributions from the account. No further taxes are owned on either contributions or earnings when it is taken out of the account after 5 years and upon reaching age 59½.
Currently, six of the eight authorized 403(b) plan vendors, are able to accept employees’ Roth contributions. They are; Fidelity, Lincoln Financial, Security Benefit, TIAA, VALIC and Voya. USAA and AmeriPrise do not accept Roth contributions at this time.
To enroll in a Roth 403(b) account, first contact one of the 6 vendors who can accept your Roth contributions to set up an account. Contact information for the vendors is located on the ACC HR Benefits website. Then, log in to the Retirement Manager website, select “Start or Change my Contributions” and follow the prompts to set up your monthly contributions. Finally, check your pay retainer the following month to be sure your contributions have started.
If you have any questions about the Roth accounts contact HR Benefits at email@example.com or call either Kelly Clennan at 512-223-7609 or Steve Hassel at 512-223-7617.