403(b) TAX-SHELTERED ANNUITY PLAN
The 403(b) plan is a tax-deferred retirement plan. To be eligible to participate you must work for a school district, charter school, the Department of Education, Delaware Technical and Community College or Delaware State University. All employees of these institutions can participate in the Plan.
Contributions to the Plan are made through payroll deductions on a pre-tax basis and grow tax-deferred. For 2010, the IRS deferral limit is $16,500. In addition, if you are 50 years of age or older by the end of the calendar year, you can defer an additional $5,500. These limits are the same for the 457 Deferred Compensation Plan and an employee can contribute the maximum amount to both the 457 and the 403(b) plan in the same calendar year.
To enroll in the 403(b) plan, the employee must first contact the investment provider of their choice. Information on the approved providers is available in the 403b Approved Vendor Information document.
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403(b) distributions can be made when the participant:
Has a hardship;
Attains age 59 ½;
Separates from employment; or
Becomes disabled
SPECIAL ALERTS
2009 Plan Notices and Alerts
- 2009 Annual Notice to Participants
- 403(b) Approved Vendor Information Document
- 403(b) Plan Document
- Hardship Application
- Plan participants may be eligible for a Tax Credit for plan contributions
2008 Plan Notices and Alerts
- Letter to employees regarding critical dates for making vendor changes
- Letter to employees notifying them of the approved vendors and other plan information.
- Notice to employees regarding current investment providers exiting the 403(b) market due to recent IRS regulatory requirements.
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