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403(b)/457 EDC information

As a public school employee, you are entitled to save for retirement in a tax advantaged account called a 403(b). Similar to a 401(k) for private sector workers, it allows you to take money out of your paycheck and save systematically for retirement. The 403(b) and 457 EDC plans are a great way to supplement your pension and social security.

Facts about a 403(b) plan:

No minimums - save as much or as little as you'd like, up to the maximum of $22,500 (for 2023)

   (Over the age of 50, limit jumps to $30,000)

Payroll deducted - Once you set up you can change your contribution amount anytime.

Pre-tax or Roth contributions  - depending on your employers plan provisions

Supplement your pension and social security

Open enrollment - You can start ANYTIME.

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