BENEFITS - Tax Deferred Account

HUMAN RESOURCES

BENEFITS

Tax Deferred Accounts

Did you know that an eligible Collin College employee can contribute as little as $25 a month to a 403(b) Tax Deferred Account/Investment, and/or to a 457 Deferred Compensation Plan, to save for retirement on a tax-deferred basis? All full-time employees are eligible to participate in either or both plans.

What are you waiting for? Get enrolled and stay invested to save for your future!

Voluntary Tax-Deferred Savings Option 1: Tax Deferred Account/Investments
403(b) Supplemental Retirement Savings Accounts

TDA Program Eligibility and Enrollment Process
TDA Program Summary, Annual Maximums, and Helpful Hints
List of Authorized Companies for TDA
Salary Reduction Agreement - Enrollment form that must accompany a copy of the TDA company's application form
MAC (Maximum Allowable Contribution) -Required if contributing the annual maximum catch-up amount for participants with 15 years of service

Voluntary Tax-Deferred Savings Option 2: Deferred Compensation Plan

457 Plan aka "Texa$aver" through CitiStreet

See http://www.ers.state.tx.us/texasaver/default.aspx

Enroll directly with CitiStreet via phone or online through the above link

"Financial Education 101"

Get educated about saving for your future and how important it is to do so now!

Basic Investment Education

Easy to understand information is available at the click of your mouse from the U.S. Securities and Exchange Commission at: http://www.sec.gov/investor/pubs/begininvest.htm

Know about two powerful concepts that work on your side:

The Power of Compound Interest

See what the Department of Labor has to say about this concept and other saving and investing need-to-knows at: http://www.dol.gov/ebsa/PDF/SavingsFitness.pdf

Dollar-Cost Averaging

For guidance on this subject and other related topics, see Investment Company Institute's website at: http://www.ici.org/home/bro_understanding_mfs.html#TopOfPage, "Establishing an Investment Plan, Dollar-Cost Averaging"

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