The 403(b) Scoop

The 403(b) is a tax-deferred retirement plan available for certain public school and non-profit organization employees, is an excellent way to save money for retirement whether as a supplement to a traditional pension plan or other retirement plan(s), or as a stand-alone plan.

How much may I contribute? 

You may contribute up to $19,000 in 2019.

Employees that have 15 or more years of service in the district and who have contributed on average $5,000 or less per year during this time may choose the "15-Yr Catch-up" and contribute an additional $3,000, or a total of $22,000 in 2019.

Employees that are age 50 or higher may choose to the "Age 50+ Catch-up" and contribute an additional $6,000, or a total of $25,000 in 2019.
 

When may I change or stop my contributions? 

You may change or stop your contributions at any time by completing a new Salary Reduction Agreement.

 

When should I start investing? 

The key to investing is to start early and gradually adjust your risk level as you approach your goal.

 

I wish to withdraw from my 403b, how do I do so? 

Retiree's or employee's no longer with the district may be eligible to withdraw from their 403b account. If you are not age 59 1/2, penalties will apply.  If you are an active Hopkins employee and are in need of a loan or financial hardship withdrawal, please review the forms provided below.  A signature/approval is required for withdrawal and can be obtained by calling Patty Costello with the Great GASB Group. She can be reached at 651.695.2583 or 1.888.695.2650 (phone) or 651.695.2651 (fax)

Please contact Jason Stegeman at 952.988.4006, or Payroll 952.988.4010 or 952.988.4011 for further assistance or information.



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The 403(b) Scoop Presentation

Watch a short presentation describing 403(b) plans. Click on more to view full screen presentation.