457b retirement plans

A 457(b) plan is a Tax-Deferred Retirement Plan available to employees of state and local governmental agencies, including public school employees. They are similar to 401(k) plans because they allow you to place a percentage of your salary into an employer-sponsored plan that helps you save for retirement. You will not have to pay taxes on what you contribute or earnings made until you withdraw the money.

Benefits Include:

  • Investment options: fixed annuities, variable annuities, or mutual funds
  • Flexibility: start, stop, and adjust your contributions as allowed by your employer’s plan
  • Receive periodic account statements
  • No 10% federal penalty on interest or earnings for early withdrawal
  • No current federal income taxes on the money you put into the plan until it is time to take withdrawals

Contribution Limits:

  • Participants may contribute up to $19,500 for year 2021.
  • Participants age 50 and older at any time during the calendar year are permitted to contribute an additional $6,500 for 2021, for a total of $26,000.

457 Helpful Guide

Please review the following information before submitting any Deferred Compensation Agreements (DCAs) to First Financial Administrators, Inc. (FFA): 

Steps to Establish a New 457 Account 

With National Life Group or Fidelity Security Life Insurance Company: 

1. Contact JR Cornejo with FFA at 903-245-3889, or by email at JR.Cornejo@ffga.com. 

With Fidelity Investments: 

1. Complete a Fidelity Investments 457(b) Enrollment Form. The form is available by calling Fidelity at 1-800-343-0860 and online at http://403b.com. To locate the form online, select Library from the home page menu and then choose the Forms tab. 

2. The Conroe Independent School District plan number is 84568. To obtain information about investment options, please call a Fidelity representative at 1-800-343-0860 or visit their website, www.fidelity.com. 

3. Once you receive confirmation of your account from Fidelity, complete a First Financial DCA and fax or mail the form directly to FFA, attention Retirement Services Department. 

*** Only the First Financial DCA form will be accepted to start or make changes (i.e. increase, decrease or stop) to your 457 account contributions. 

First Financial Administrators, Inc. Contact Information 

Phone: 1-800-523-8422 

Retirement Services Fax: 1-866-265-4594 

Mailing Address: First Financial Administrators, Inc. 

P.O. Box 670329 

Houston, TX 77267-0329 

Retirement Services Specialist: Please go to www.ffga.com and refer to your district’s page under “View Employer Retirement Plan” for your specialist’s contact information.