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 403(B) and 457(B)


Brevard Public Schools offers a 403(b) and 457(b) retirement savings plans.  These accounts are commonly referred to as Tax Sheltered Annuities or TSAs.  Participation in either plan can significantly add to the retirement income employees may receive upon retirement.  Individual investment strategies should reflect your personal savings goals and tolerance for financial risk.  You may want to consult a tax or financial advisor before enrolling. 

The 403(b) Plan is a defined contribution plan described under section 403(b) of the Internal Revenue Code (the IRC).  Future benefits from the 403(b) Plan are dependent on the amount of your voluntary salary deferral contributions plus earnings.  In order to participate in the Plan, you will need to designate a portion of your gross annual salary to be contributed on a pre-tax basis, reducing your taxable income.  Taxes on contributions and any earnings are deferred (that is postponed) until you with draw the money. 

With the 457(b) Deferred Compensation Plan, just like the 403(b) Plan, contributions are made before taxes by participants.  Employees may enroll in either the 403(b) or 457(b) Plan through one of the authorized providers listed on the TSA Consulting Group Inc. link:

IRS Publication 571 (12/2010), Tax-Sheltered Annuity Plans (403(b) Plans)