403(b) Tax Deferred Annuities

This plan allows employees to save designated amounts out of their paycheck “before tax” and place them into a variety of mutual funds, variable annuities and fixed annuities. All funds grow tax-deferred until withdrawn and are intended to supplement your TRS Pension Plan.

Plan Highlights

• $16,500 maximum contribution amount for 2010
• Catch-up provision available for those age 50 and over can contribute an additional $5,500
• Reduces current federal income tax by amount of contribution
• Annuity products have loan features at attractive rates
• Financial hardship withdrawals available

To participate in a 403(b) you must contact an agent/representative and select a BISD approved company and complete the required paperwork   A list of approved companies can be found on the FFGA website.  For information, contact First Financial’s Retirement Services Department at (800) 523-8422.