403(b) and Roth 403(b) are TAX SHELTERED ANNUITIES.
As
an annuity, they are "retirement plans" that are offered to public school
employees. The district sponsors the plan that is issued through an
insurance company (a Washington licensed insurance agent). We, as a
district, only allow approved vendors. The list can be accessed at the bottom of this page.
Because
they are "retirement plans" there are limits as to when you can
draw without penalty, roll over rules, access with no penalty, etc. You
may want to inquire direct to a tax advisor to go over your individual
situation and what might work best for you.
What is the difference between 403b and 403b Roth?
The first key difference between the two contribution types is that a Roth contribution is made with after-tax dollars, while a regular contribution is made with pre-tax dollars. For regular 403(b) contributions, both the contributions and any earnings on them are subject to taxes when withdrawn.
All transactions for 403(b) vendors are handled through our third-party administrator, TSA Consulting Group.
403(b) Basic Contribution limits for 2024:
- $23,000 - The maximum amount an employee can contribute to a 403(b)-retirement plan for 2024.