VOLUNTARY RETIREMENT PLANS
Research shows that Americans are living longer and their number of years in retirement is increasing. While your TRS pension may be enough to cover expenses during your initial retirement years, the reduced monthly income may not be sufficient for costly factors such as medical bills, taxes, and your desired standard of living. Contributing to a retirement savings plan can help supplement your pension during retirement. Most plans allow you to make adjustments to your contribution amount at any time.
HELP IS AVAILABLE
For assistance enrolling or if you’d like to speak with a Retirement Plan Specialist, please call the TCG Advisors Hotline at 512-600-5204 or visit www.tcgservices.com/openenrollment.
403(b) RETIREMENT PLAN
403(b) is a voluntary retirement plan that allows you to save money in a pre-tax (Traditional) or after-tax (Roth) account. Contributions to the plan are salary-deducted from your paycheck and automatically deposited into your 403(b) retirement savings account. Early withdrawals from a 403(b) account are subject to a 10% excise tax. TCG is the 403(b) plan administrator—managing your contributions, distributions, and personal updates. Money and investments are held with the vendor of your choice. To get started, visit www.tcgservices.com/documents and find your employer’s 403(b) Approved Vendor List. Open an account by contacting one of the approved 403(b) providers directly. Next, register your access to your TCG 403(b) administration account and set up salary deferrals at www.tcgservices.com/enroll.
CONTRIBUTION LIMITS
In 2020, you can contribute 100 percent of your compensation up to $19,500, whichever is less. If you are age 50 or older, you can contribute up to an additional $6,500 for a total of $26,000. You may simultaneously contribute to both 403(b) and 457(b) plans.
TCG Administrators
800-943-9179
www.tcgservices.com
For assistance enrolling or if you’d like to speak with a Retirement Plan Specialist, please call the TCG Advisors Hotline at 512-600-5204 or visit www.tcgservices.com/open-enrollment.