As an employee of a school district, you have a unique opportunity to set aside additional money for retirement in a tax-sheltered account. This retirement account, which is funded through payroll deduction is called a 403(b) tax-sheltered account or TSA. A 403(b) plan allows you to save pre-tax earnings for your retirement, which lowers your current income tax burdern. The money you save in a TSA is in addition to your PSERS retirement benefit and Social Security benefits. Social Security credits are not affected by your TSA contribution.
The annual contribution limit for 2021 is $19,500 if you are under the age of 50. If you are over the age of 50 you may contribute an additional $6,500 annually.
If you wish to participate in a 403(b) Tax Sheltered Annuity program, you will need to select a vendor from Radnor Township School District's list of approved vendors. You should contact the vendor of your choice and complete any paperwork required by the vendor to establish an account. Once this is complete, you will need to return the Salary Reduction Agreement form to the district Benefits Office for processing.
Radnor Township School District's 403(b) program is administered by:
TSA Consulting Group, Inc.
Please visit TSA Consulting Group's website using the above link for an informational video, list of approved vendors, Salary Reduction Agreement and other transaction forms. Distributions, rollovers, transfers, loans, and withdrawals are processed by TSA Consulting Group, not the district. For your convenience, the Summary Plan Document is viewable below.