403(B) and 457(B)
Brevard Public Schools offers a 403(b) and 457(b) retirement savings plans. These accounts are commonly referred to as Tax Sheltered Annuities or TSAs. Participation in either plan can significantly add to the retirement income employees may receive upon retirement. Individual investment strategies should reflect your personal savings goals and tolerance for financial risk. You may want to consult a tax or financial advisor before enrolling.
The 403(b) Plan is a defined contribution plan described under section 403(b) of the Internal Revenue Code (the IRC). Future benefits from the 403(b) Plan are dependent on the amount of your voluntary salary deferral contributions plus earnings. In order to participate in the Plan, you will need to designate a portion of your gross annual salary to be contributed on a pre-tax basis, reducing your taxable income. Taxes on contributions and any earnings are deferred (that is postponed) until you withdraw the money.
With the 457(b) Deferred Compensation Plan, just like the 403(b) Plan, contributions are made before taxes by participants. Employees may enroll in either the 403(b) or 457(b) Plan through one of the authorized providers listed with US OMNI & TSACG Compliance Services, 1-888-796-3786, click here.
Please take a moment to view their employee education video. Go to the following link and scroll to the bottom.
And now it’s easier than ever to enroll with QuickENROLL!
Simply complete the short enrollment process by clicking here. Salary reduction can begin right away when you enroll, but you must meet with an investment representative from one of the BPS approved vendors to select your investments. A list of these vendors can be found at the bottom of this page.
Make sure you ask your investment representative about fees associated with your choices. No investment products are completely "fee-free".
To make changes to your existing 403(b) or 457(b) account:
You can now make changes on-line in order to increase, decrease or suspend payroll deductions on your existing 403(b) or 457(b), go to Online SRA System (tsacg.com) Instructions for online salary reduction agreement processing, Click Here .
If interested in consulting services, click on the following link: 403b/457b Consulting Services
Annual Retirement Benefits Guide 2023 previously provided as printed booklet, now available only online
403(b) 457(b) Plan Comparison 2023
Plan Summary 2023 Meaningful Notice from TSA Consulting Group
Maximum Allowable Contribution (MAC) limits for 2023