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 You pay taxes only on the amount withdrawn during a calendar year.
• 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.

• 403(b) - Can take distributions at age 59-1/2. 10% Tax Penalty on distributions made prior to age 59-1/2.

 

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Burba Insurance Services

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Toll-free Fax: 877-837-7171
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