403(b) Retirement Plans

 

  • Contributions are deposited tax deferred, and also reduce your reportable income.
  • All earnings on accounts are also tax deferred. You pay taxes only on the amount withdrawn during a calendar year.
  • You can start taking distributions at age 59‐1/2 even if you are still working.
  • Multiple investment choices are available, including managed accounts, mutual funds and fixed interest accounts.
  • Dollars can be transferred to state retirement to purchase past service credit.
  • Additional Tax Credits available for wage earners of $50,000 or less to encourage putting additional money aside for retirement.
  • Minimum contributions are $50 a month with a maximum of $18,500 annually for 2018. Employees over the age of 50 can contribute an additional $6,000 annually in 2018. Employees are allowed to increase and decrease contributions throughout the year.

 

 

 

 

 

Benefits & Forms

Benefit Description

   

Burba Insurance Services

Toll-free: 800-894-9990
Toll-free Fax: 877-837-7171
Roswell: 575-627-6175
Ruidoso: 575-258-0062
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