If applicable, update your salary reduction agreement and investment endowments. If you want to contribute as much as possible, you`ll need to increase your contributions if the IRS changes the contribution limit. You can change your investments at any time if your investment goals change. Decide what kind of financial products you want to invest part of your salary in. They can usually choose between different products, including annuities offered by insurance companies, investment funds, stocks and bonds. For more information on the corresponding contributions from the school district, please see your working agreement. All employees who work 20 hours or more per week have the opportunity to enroll in the Waconia Public Schools 403(b) plan. Six financial providers and advisors are offered: Ameriprise Financial, Educators Financial Services, Inc., VOYA, Horace Mann, Thrivent and Edward Jones. Educators Benefits Consultants, LLC, is one-third of the school district for our 403(b) plan. EBC takes care of all transfers, scholarships, rollovers, loans and withdrawals of difficult cases. If you require any of these types of transactions, please contact your financial advisor to begin the necessary documentation. Once this is complete, EBC will work with your financial advisor to process your request.

Open an account with your voting provider. Many providers now allow you to complete this process online. Select an investment company or life insurance company from your employer`s list of providers. Each of the providers that allow you to set up a 403(b) plan offers different financial products that you can invest in. Some products, such as investment funds, can only be obtained by a particular supplier. To set up a 403(b) plan. If you work for an educational institution or non-profit organization, you may be available to contribute to a 403(b) pension plan. The funds you contribute to a 403(b) retirement plan as well as savings income increase until you decide to withdraw your funds. With many benefits to investing in a 403(b) plan, it may be to your advantage to put one early in your career. This article was written by PocketSense staff. If you have any questions, please contact us on our contact page.

Determine if you have the right to have a 403(b) plan in place. 403(b) plans are popular with teachers as well as staff at schools and other qualified nonprofits….