Helping school employees of San Diego County, Riverside County, and Imperial County save for retirement.

 

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Empower

Frequently Asked Questions

 

Q. How much money can I defer into the 403(b) and 457(b) plans?

 

A. In 2015, you may defer $18,000 into the 457(b) plan and $18,000 into the 403(b) plan.  You may be able to contribute more if you qualify for one of the several catch-up痴 (see below).  Click these links to learn more about 403(b) and 457(b) plans.

 

Q. When will I be able to withdraw the money in my accounts?

 

A. 403(b) - You will be able to receive a cash, lump-sum distribution or rollover your 403(b) assets when you terminate employment, retire, reach 59 1/2 years of age or become 100% disabled.  Your beneficiary will receive the distribution of your assets if you die.  While you are still employed, you are also eligible to take out a plan loan or may qualify for a financial hardship in certain circumstances.  Click here to learn more about 403(b) plans.

 

457(b) - You will be able to receive a cash lump-sum distribution or rollover your 457(b) assets when you terminate employment or become 100% disabled.  Your beneficiary will receive the distribution of your assets if you die.  While you are still employed, you are also eligible to take out a plan loan or or may qualify for a for an unforeseeable emergency withdrawal in certain circumstances.  Click here to learn more about 457(b) plans

 

Q. May I make an additional 田atch-up contribution to the 403(b) and 457(b) plans?

 

A. 403(b) - In 2015, if you are age 50 or older you may contribute an additional $6,000 into the 403(b) plan.  In addition, if you have 15 years of service with the District, you may also be eligible to make an additional $3,000 catch-up contribution to the 403(b) plan.  Click here to learn more about 403(b) plans.

 

457(b) - In 2015, if you are age 50 or older you may contribute an additional $6,000 into the 457(b) plan.  Or if you are in your final 3 years prior to reaching Normal Retirement Age, you may be eligible to use the 457(b) Final Three-Year Catch-up option, which allows you to contribute up to an additional $18,000.  Click here to learn more about 457(b) plans

 

Q. May I transfer money between 457(b) and 403(b) plans?

 

A. While employed, you may transfer your 403(b) or 457(b) assets to an account of the same type at a plan-approved vendor.  Click these links to learn more about 403(b) and 457(b) plans.

 

Q. What are the fees being charged to my account?

 

A. NBS, the Third Party Administrator, charges a $1.50 fee each month pro-rata across all accounts with an account balance.  Please check with your Investment Provider(s) to verify any separate vendor fees that may be associated with your account. 

 

 

 

 

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