Participating in a retirement savings/investment plan, offers an employee the opportunity to establish another retirement fund in which he or she can draw from at the time of retirement. The contributions made to this retirement savings plan are employee funded and are available through payroll reduction.
The School Board of Franklin County is a qualified tax-exempt organization covered under the Internal Revenue Code allowing you to accumulate money for your retirement in a special tax-sheltered plan, a Tax Sheltered Annuity.
This plan is in addition to your pension benefits under the Florida Retirement System. Social Security credits are not affected because they are determined by your gross earnings prior to your Tax Sheltered Annuity contributions.
Contributions are excluded from your current taxable income and the interest earned or gained is credited to your account and is tax deferred until you begin to receive distributions from your Tax Sheltered Annuity. The IRS has created formulas known as Maximum Annual Contribution which governs the maximum contribution that you may make to a Tax Sheltered Annuity in a given tax year. These limits are based on several factors including: your salary, years of service, prior contributions to a Tax Sheltered Annuity and/or other qualified plans.
It is never too late to start saving/investing for your future. Agents are available to meet with you at your convenience. They can provide you with free personal consultation and discuss your retirement goals. To obtain more information or a listing of participating vendors, visit the link below.