As a school district employee, you are entitled to many different types of retirement plans in order to fit your needs. Below is an overview of some of the options you may have through your CCSD benefits package.
Defined Contribution PlansThese types of plans have many different advantages and offer you, as an employee, a variety of ways to save money for your retirement. The types of programs available to you are listed below:
• TSA (Tax-Sheltered Annuity) This is a type of insurance product that is very popular among conservative investors. Your money grows tax-deferred, and as in most annuities, your principal is protected.
• 403(b) This term is the section of the tax code that outlines the retirement plan for Public School Employees, Non-Profit Organizations, and Public Universities. You are allowed to defer a maximum of $15,000 per year, which becomes tax-deductible to you. If you are over the age of 50, you may also take advantages of ‘catch-up’ provisions. This is the CCSD’s version of a 401(k) plan.
• 403(b)7 This program has the same rules and regulations as a traditional 403(b). However, this program must be used in conjunction with a mutual fund custodial account. This allows an employee to opt-out of using annuities in his/her retirement plan if desired.
• 457(b) A 457(b) plan is a non-qualified, tax-deferred compensation plan offered by many tax-exempt institutions to their employees, especially by governments. Contributions are made from pre-tax wages, and the Internal Revenue Code sets the maximum annual contribution limits. Because contributions are made before tax, this means that taxes are due when withdrawals are made. However, unlike qualified plans such as 403(b) plans, 457(b) plans do not impose a penalty on early withdrawals.What are the advantages of using these plans?
- Payroll Deduction: Contributions are voluntary, and come directly out of your paycheck for easy management
- Pre Tax Contributions: Employees get a tax deduction for every dollar they contribute to their retirement program
- Compounding Interest: By avoiding immediate taxation on your contributions, you can take advantage of the power of compounding interest on 100% of your retirement portfolio
- Thousands of Investment Choices: By using our services, you have access to a wide array of investment options. We can set up programs and portfolios for the most conservative or the most aggressive investor, and everyone in-between.
Contact Us ›› to learn more about your retirement plans.
Defined Benefit Plans
• P.E.R.S. Your defined benefit plan through Clark County School District is a non-voluntary pension plan that is administered through the state called P.E.R.S. (Public Employees Retirement System). Every qualified CCSD employee who is fully-vested in this program will receive retirement income from the program. Click Here to access the P.E.R.S. Benefits Estimator Click Here to view P.E.R.S. Forms and Additional Information
• Pension Maximization This benefit is administered through a third party and is most useful for teachers who are preparing to retire within the next one to three years. These programs will allow clients to maximize the benefits accumulated by the PERS Plan, while also leaving the maximum benefits available to their spouses or family members. This program eliminates the need to take a smaller income through the PERS program in order to provide loved ones with income during retirement.
Contact Us ›› to learn more about Pension Maximization.