- 403b Annuities: A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan available to employees of educational institutions and certain non-profit organizations (as determined by section 501(c)(3) of the Internal Revenue Code). Accounts in a 403(b) plan can be any of the following types:
- An annuity contract, which is provided through an insurance company.
- A custodial account, which is invested in mutual funds.
Generally, retirement income accounts can invest in either annuities or mutual funds. Contributions and investment earnings in a 403(b) grow tax deferred until withdrawal (assumed to be retirement), at which time they are taxed as ordinary income.
The features of the 403(b) plan are very similar to the 401(k) plan. Employees may make salary deferral contributions that are usually limited by regulatory caps.
- 457b Deferred Compensation: A 457(b) plan is an employer-sponsored plan, so you can't open one on your own, as you can with an IRA. A Section 457(b) plan can only be offered by state and local governmental entitles, including most public education institutions, and certain tax-exempt organizations.
When it comes to saving for retirement, an employer-sponsored retirement plans offers many advantages:
You pay no current federal income taxes on the money you put into the plan until it is time to take withdrawals.
You pay no current federal income taxes on any interest or earnings until you take withdrawals, generally at retirement when you may be in lower tax bracket.
Once you severance employment, you have no 10% penalty for early withdrawal.
Participating in an employer-sponsored plan can be a quick and convenient way to invest for your retirement.
- AFHSA Health Saving Account - These accounts are available for eligible employees who have elected Option III, our high deductible plan. Eligible employees must enroll in a Health Savings Account (HSA) to receive the $25 per month contribution from ECISD. They can also make contributions to their account by payroll deduction. Combined contribution maximuns apply.
- Superior Vision Insurance - This coverage is vision only. Employees can elect either employee or family coverage.
- United Concordia Insurance- This coverage is dental only. Employee can elect either employee or family coverage.
- American Fidelity Cancer Insurance-This supplemental cancer coverage pays for many of the costs not covered by major medical. Various riders are also available.
American Fidelity Accident Insurance- This accident coverage pays you directly for any related medical expenses you may incur. it is also available for dependents.
- Sun Supplemental Life - This benefit for additional emplyee life insurance is available to new full-time employees for up to $500,000, up to $150, 000 with no evidence of insurability. Existing full-time employee must provide evidence of insurability to add or increase this coverage.
- Sun Dependent Life - This benefit is for life insurance for the dependent of full-time employees. Spouses and children may be covered in various options as allowed.
- Texas Life - Individual life is available to full time employees, their spouses, children and grandchildren for long-term and/or permanent needs.
- American Fidelity- This benefit provides income replacement funds to employees who are not able to work. Various waiting periods and amounts are available.
Section 125 Cafeteria Plan
Section 127 Dependent Care
Benefit Overview Guide