Annuity 403(b) Plan Information
House Bill 2820, passed by the 86th Session of the Texas legislature, removed the Teacher Retirement System (TRS) oversight of eligible qualified 403(b) investment products.
Under Texas law and the provisions of the Vernon Statute, public schools are required to allow employees to :
- Invest with companies licensed by the Texas Department of Insurance;
- Meet minimum capital and surplus requirements; and,
- Have experience providing qualified investment products.
With the elimination of the TRS oversight, districts no longer have a place to direct employees for information regarding a 403(b) retirement savings account.
National Benefits Services is offering CISD's 403(b) Retirement Plan as an added benefit to our employees. The 403(b) Retirement Plan provides the following benefits:
- Contributions to the plan are held in a governmental retirement account with tax benefits.
- Money may be accessed for various reasons.
- Contribution limits are much higher than the limits in IRAs.
403(b) Retirement Plan Information Website for a list of approved vendors.