A 403(b) savings plan is a tax-advantaged retirement savings plan available for public education organizations as well as some non-profit employers. It is similar to the 401(k) in the public sector.

A 457(b) Deferred Compensation Plan is a contribution retirement plan available to state and local governmental employers in the U.S. If offered by the employer. It provides employees an opportunity to divert part of their salary into the plan before taxes and grow the money tax-deferred until the funds are withdrawn.

Update your beneficiary information by logging into your account. Get started by downloading the 403(b) Beneficiary Designation Form.

In-service (while you are still working) cash withdrawals for qualified hardships or disability are allowable. To discuss your situation please contact Luke McKee at lmckee@compassfr.us or 620-931-2516.

Browse to your dashboard. Then:

Click on New Web User? on the right-hand side of the screen

You will then be prompted to enter your Social Security Number (enter without dashes), your date of birth (MM/DD/YYYY), and your zip code.

You will be prompted again to confirm your date of birth (MM/DD/YYYY) and your zip code. When finished, click Submit.

Upon successfully logging into the system as a New Web User, you will be required to create a User ID and Password. Please keep a record of your User ID and Password for future access to your retirement account.

While both are retirement savings options that provide a tax-deferred way to grow your retirement savings there are a few differences:

Funds drawn from your 457 (b) may be accessed without penalty, however, you will be subject to a 10% IRS penalty if you withdraw funds from your 403(b) unless:

◦ You are retired and age 55 or older OR

◦ You are 59 or older.

Unlike 457(b) plans, 403(b) accounts allow in-service (while you are still working) cash withdrawals for qualified hardships, disability, or at age 59.

Explore additional comparisons between a 403(b) and 457(b) savings plans.

Unfortunately, you cannot make additional contributions if your employer has not adopted the ESSDACK 403(b). However, the Plan is designed to encourage you to stay with us until retirement.

You may leave your money invested in your account if your vested account balance is greater than $1,000. You still have full access and control to move your money between and among the available funds and/or models.

If the value of your vested benefit does not exceed $1,000 and your employment is terminated, a distribution will be made to you in a lump sum payment whether you elect to receive it or not.

Recognizing that not all educators will want to spend time following the market, the ESSDACK plan offers five managed portfolios designed to meet the goals and risk tolerance of the investor. These include:

• Conservative Model

• Balanced Model

• Moderate Growth Model

• Growth Model

• Aggressive Growth Model

Absolutely. As a governmental plan, you can roll money into your 403(b) from a previous 403(b) account, a Traditional IRA, or any qualified plan as described in section 403(a) or 403A(e)(1) of the Internal Revenue Code.

However, to roll money into your 457(b) account, the funds must originate from another governmental 457(b) plan.

For additional details or to initiate a transfer into your ESSDACK 403(b) account, please contact Luke McKee at lmckee@compassfr.us