It's never too early or too late to start investing towards your retirement!
Bastrop Independent School District offers employees the opportunity to participate in a "before tax" retirement savings plan.
The Bastrop Independent School District has chosen to have the 403(b) Plan administered through the Region 10 Retirement Asset Management Services (RAMS)* program.
The Region 10 RAMS 403(b) Administration Services are offered to public school districts and other education agencies in Texas.
BISD's Administrator is JEM Resource Partners (JEM). JEM is the third party administrator contracted through Region 10 to provide this service. Contact JEM Resources Partners at 1-800-943-9179 or http://www.region10rams.org/contact
In accordance with BISD Policy GKDA (Legal), the District does not endorse the solicitation of any tax deferred or other benefit plan on any campus/department.
HOW TO GET STARTED
Vendors who (a) are on the approved list of 403(b) vendors products published by the Texas Teacher Retirement System (TRS) and (b) agree to follow BISD'S 403(b) plan rules and meet the administrative requirements necessary to keep the plan in compliance with federal and state laws will be available in the plan.
- All 403(b) agreements are done online at http://www.region10rams.org/contact
- Choose both a vendor and a product when you set up a payroll deduction.
- Use the website to view your account balance with participating vendors in the plan.
- You are required to request distributions and loans through http://www.region10rams.org/.
- JEM is completely independent of the investments and vendors offered in the plan and JEM will not sell 403(b) products to employees.
WHO SHOULD PARTICIPATE?
Every eligible employee of the District should supplement his or her Teacher Retirement System Account. Careful planning for your retirement years should begin early so that your money can work for you and your financial future.
TRS APPROVED 403(b) VENDORS
BASTROP ISD 403(b) SUMMARY PLAN DESCRIPTION
Save More and Take Home More!
All contributions are deducted from your paycheck before income taxes are withheld. For the tax year in which you contribute, your income may fall in a lower tax bracket, resulting in lower taxes paid to the IRS. Contributions grow tax-free and any earnings are also tax deferred until they are withdrawn. You will usually be in a lower tax bracket at retirement, when you can begin distribution.
- You can contribute up to the 2014 Yearly Maximum of $17,500.
- There are other contributions available under special circumstances:
- Catch-Up >50 Provision allows you to contribute an additional $5,500 if you are over the age of 50.
Frequently Asked Questions (FAQs)
MAKING A CHANGE TO YOUR CONTRIBUTION:
If you are changing your elections for the first time, you will need to enroll by choosing ‘Login’ on the left-hand menu and clicking “New to the system? Enroll Now!” You will need your Social Security Number and the plan password provided on the Summary Plan Description for your Employer. (The Summary Plan Description can be found by clicking on the link in the section above titled, BASTROP ISD 403(b) SUMMARY PLAN DESCRIPTION.) The elections you make during the enrollment process will take the place of your current elections.
If you have already enrolled on our system, you can make future changes online by clicking the ‘Login’ button on the menu and accessing your account.
The following transactions can be made online:
- Contribution Amount
- Investment Provider Allocation Percentages
IRS ANNUAL Contribution Limits
TAX YEAR 2016
contribution for age 50 and older