Easy403bOhio.com

 

 

Easy403bOhio.com was created for two main reasons. 

First, with the continual changes in the State of Ohio retirement systems (STRS / SERS / OPERS), there is higher demand than ever for people to make sure their retirement is sound.  Contributions to your 403b can be an important part of that retirement plan, designed to compliment your State of Ohio Pension.

Secondly, we wanted to make it EASY for you to sign up for your 403b.   It is often difficult for employees to find the time, or get to HR or school board office to get the forms and determine what they need.  This site, and our guidance, allows you to have access to 403b choices from your individual  employer or school district.

We take great pride in assisting the school and state employees of Ohio.  We look forward to the opportunity to serve.

I May Be Interested in a 403B at my employer! -  Click Here

 

Benefit Explanation


The 403(b) account is a retirement account funded by you through payroll deductions. It is generally used to accumulate money for retirement throughout your career.   Contributions accumulate tax-deferred for use in your retirement years.

You may start with as little as $50 per month. 
 

Annual 403B Contribution

The maximum contribution per year: $18,500.00
Age 50 and older (an additional) $  6,000.00
Total Contribution per year

$24,500.00

 

*Depending on your employer and the amount of service time at your district, with at least 15 years of service, you may be eligible for an additional $3,000 per year of per year of contribution.  Amount may increase annually.

Severance:

Even if you are close to retirement, there can be a benefit in setting up your account.
Many school districts allow you to accumulate a large number sick days and unused vacation time.  Upon your retirement they may pay you for all, or a portion of the accumulated leave.   You may choose to defer all or a portion of your severance depending on your annual contributions.  We can contact your treasurer's office or HR manager to determine the severance rules for your employer to be sure you get the maximum tax deferral.

Roth vs. Traditional


There are two types of 403(b) accounts that may be available to you.  Most participating non-profit organizations and public schools offer the Traditional 403(b) plan, with pre-tax 403b contributions   Some employers also offer the ROTH 403(b) as well.

Traditional 403(b); All contributions are deducted directly from your paycheck and are tax deferred.  No taxes are withheld from the amount contributed, allowing more money to accumulate into your account.  Generally the employer does not make a matching contribution, but can if they chose. 

The traditional 403(b) account is generally held until retirement and then drawn upon to supplement your retirement income.  The withdrawals are taxed at that time.

Certain restrictions apply based on age, and penalties exist for early withdrawal.  We will assume that you want the traditional 403(b): but will inform you if the ROTH option is available.

ROTH 403(b);

The ROTH 403(b) allows the same ability to accumulate funds and  grow them tax deferred as the traditional 403b.  However;  ROTH contributions are not taxed deferred. 

Traditional Example: 

Your gross paycheck is $500.00
You contribute $50.00 per pay to your 403(b)
You are only taxed on $450.00
$50.00 is deposited into your 403(b) account

Roth Example:

Gross paycheck is $500.00
You contribute $50.00 per pay to your Roth 403(b)
You are taxed on $500.00
$50.00 is deposited into you Roth 403(b) account

The biggest difference comes upon retirement when all withdrawals are made from your Roth IRA TAX-FREE.  The younger you are, the more advantages the ROTH 403(b) is to you.  The ROTH 403(b) cannot be used to defer your severance.

Frequently Asked Questions - FAQ



Q:  I am concerned that my personal information will be shared.

A:  We have not collected any personal information on this site, such as Social Security number or date of birth.  Secondly, you will only provide that information to us once you receive your enrollment packet.  In addition, we are obligated to keep your information confidential.  Please see our Privacy policy.

Q:  How do I know that this is a 403b offered by my school district?

A:  We have received all the information directly from the districts, and it is as up to date as possible.  The provider lists do not change very often.  We will inform you if we are unable to serve you,

Q:  Can I invest in any funds I choose.

A:  Your district has selected a limited number of fund and annuity providers.  For your 403b, you can only choose from those providers.  Within that framework, you may choose any funds.

Q:  How will my investments be selected?

A:  When you answer the risk tolerance questions, it helps direct us toward the mix of investments that are appropriate for your time horizon and risk comfort.  You may choose them or we will help you select the funds.

Q:  Do I need to contact my school district?

A:  No.  Once your signed paperwork is returned to us, we will provide a Salary Reduction Agreement to your school district with your signature and the amount that you want withheld each payday.

Q:  How will I know where my money is going?

A:  Your paycheck will show your contribution for each payday.  You will receive a quarterly statement directly from the fund or annuity company that will show your contributions and any investment results.

Q:  Why would I use Easy403bOhio.com.

A:  We have made it Easy for you to contribute to your employer's 403b program from the comfort of your own home, computer, or personal device.  In addition, we have a great deal of experience working with public employees and are familiar with the issues and rules.  We currently serve hundreds of employees all over the state of Ohio.

Q:  What if I need to stop my contributions to my 403b?

A:  Most districts allow you to stop your contributions any time.  You may contact us at 419-708-0309 or you may contact your treasurer or human resources office.

Q:  What if I want to change my contributions to my 403B?

A:  Most districts allow you change contributions any time.  Others have certain enrollment periods when changes can be made.  You may contact us at
419-708-0309 or you may contact your treasurer or human resources office.

STRS, SERS, OPERS Changes


STRS (STATE TEACHERS RETIREMENT SYSTEM)
SERS (SCHOOL EMPLOYEE RETIREMENT SYSTEM)
OPERS (Ohio Public Employee Retirement System)

As you know there is a great deal of conversation about the possible changes to the STRS, SERS, and OPERS retirement systems.

We at Easy403BOhio.com, work hard to keep up with the ever changing retirement landscape. However, we recommend that you go directly to the source for your retirement system updates.   Click the link below to go directly to the website representing your retirement system.

 

State of Ohio Retirement Systems
STRS – State Teacher Retirement System https://www.strsoh.org/default.htm
SERS – School Employees Retirement System http://ohsers.org/
OPERS – Ohio Public Employees Retirement System https://www.opers.org/