Benefits :: Retirement Savings Plans
GISD employees participate in the Teacher Retirement System of Texas through
monthly payroll deductions. The TRS system offers a wide array of
benefits, including retirement, disability, and death benefits.
In addition, Georgetown ISD offers a 403(b)/403(b)(7) Tax-deferred
Retirement Plan. Almost all employees are eligible to participate (this
may include substitutes). The 403(b)/403(b)(7) Tax-deferred Retirement Plan
offers year round enrollment into the plan. Having a 403(b) can save you
valuable tax dollars on the contributions you make as well as the earnings
by deferring taxes until the funds are distributed at retirement age.
You can set up a 403(b) account with any company that is on the First Financial approved vendors list as well as on the TRS
certified list. To access the First Financial list, go to www.ffga.com then:
- Click on Retirement Services 403b/457
- Click on Choose Your School (select Texas, then select your school - Georgetown ISD)
- Click on Authorized Providers
To establish a 403(b) account, you must complete a salary
reduction agreement form which allows GISD to automatically contribute
the amount you designate to your account. Interest earnings are tax-deferred. The amount you contribute
is subject to annual deferral limits and contributions are deposited on
a pre-tax basis. The contribution limit increased in 2005 to $14,000. An additional $4,000 is permitted under the 50+ Catch-up. This may allow existing participants to increase their 403(b) contributions.
GISD's third-party administrator, First Financial Administrators,
can assist you with the paperwork for your salary reduction agreement once
you have selected the company you'd like to use for your 403(b) account.
They can also answer general questions about 403(b)s.
For more information, contact:
First Financial Administrators
515 N. Sam Houston Parkway East, 5th Floor
Houston, TX 77060