Tax Deferred Benefits
Below is information about the tax deferred benefits offered through the town. While we administer the deductions through payroll, please speak with your representative before making changes.
What is a 403b or 457?
A 403b is a tax deferred annuity savings plan offered to school employees. A 457 is a tax deferred annuity savings plan offered to municipal employees. Both offer tax deferred savings and growth while lowering your taxable income and providing an additional retirement savings.
What is the maximum I can contribute to a 403b or 457 account?
The IRS allows a maximum of 19,000.00 in each per calendar year. The makeup contribution over the age of 50 is an additional 6,000.00
How easy is it to change my contributions in my 403b or 457?
Very easy, just speak with your representative to complete the appropriate payroll paperwork. The School Deparment Guide below provides contact numbers for our account representatives.