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 $24,500 (for 2026)
- Over the age of 50, limit jumps to $32,500 (NEW FOR 2026, those making over $150,000 annually must contribute catch up amount as Roth contribution
- *New for 2026* Super Catch up provision for those between the age of 60-63, $35,750
- 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.
