403B TAX-DEFERRED RETIREMENT PLAN

Enhance Your Retirement with Tax-Advantaged Savings

Idaho Falls School District 91 offers employees the opportunity to save for retirement through a 403(b) tax-deferred retirement plan, an option that many surrounding districts do not provide. This plan allows you to contribute a portion of your salary to a tax-advantaged investment account, supplementing your Social Security, PERSI, and personal savings for a more secure financial future.

Key Features of the District 91 403(b) Plan

You may select your financial institution from the District’s approved Investment Providers and set up a 403(b) annuity or account.

You may have multiple 403(b) accounts with different Investment Providers.

Contributions can be made with pre-tax dollars or as Roth (after-tax) contributions.

You must complete and submit a Salary Reduction Form – 403(b) to begin, stop, or change your contributions.

Changes take effect at the beginning of the first calendar month following submission.

The minimum contribution is $16.50 per month.

Contribution Limits & Considerations

The maximum contribution is $18,000 per year ($24,000 if you are 50 or older by the end of the tax year).

Contributions to PERSI Choice 401(k), any other 401(k), or other 403(b) plans reduce the allowable contribution to the District’s 403(b) plan dollar for dollar.

Your investment choices, fees, and features depend on the Investment Provider and specific annuity or account you select.

Withdrawals & Distribution Rules

Subject to the terms of your 403(b) contract, you may withdraw funds when:

You reach age 59½.

Your employment with the District ends.

You experience a qualified financial hardship.

You become disabled as defined in your 403(b) annuity or account contract.

If permitted by PERSI, you may use your 403(b) balance to purchase additional service credits, increasing your PERSI retirement benefits.

Important Notes:

Loans from 403(b) accounts are not permitted.

Any remaining benefits after your passing will be paid to your designated beneficiary.

Transfers & Exchanges

You may exchange an existing 403(b) annuity or account from one Investment Provider to another, provided the receiving provider is on the District’s current Investment Provider list.

The previous Investment Provider may charge fees for exchanges, transfers, or early withdrawals—check your contract before initiating any exchanges.