403(b) Tax Sheltered Annuities

The District’s voluntary 403(b) Tax Shelter Annuity (TSA) plan, is a tax deferred, defined contribution retirement plan that operates under section 403(b) of the Internal Revenue Code. Your contributions to the plan are made through payroll reductions. The payroll system reduces your pay by the amount of your contributions before it applies Federal and State Income taxes to your check. On November 1, 2007, the Board of Education approved a Third Party Administrator (TPA) agreements with Orange County Teachers Federal Credit Union (OCTFCU), now known as Schools First Federal Credit Union, for the District’s 403(b) TSA Plan. If you would like to start, stop, or make changes to an existing 403(b) Plan please contact Schools First Federal Credit Union.

 

The District also offers a 457 Plan. The 457 Plan operates in a similar fashion to the 403(b). It is also a tax deferred, defined contribution plan with voluntary deductions taken through payroll.