Research shows that Americans are living well past retirement years. Are you saving enough to be able to enjoy those years? A 403(b) plan can help you get there. 

403(b) is a voluntary plan that allows you to save money in a pre-tax (Traditional) 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. 

Highlights

• Multi-vendor plan. You must research from a list of 50+ vendors and decide the best fit for you. 
• Fees and investments vary per vendor. 
• Commissions vary per vendor. 
• 10% early withdrawal penalty (goes away at age 59 ½ or age 55 if retired). 
• Investment options vary by vendor, including fixed/variable annuities and mutual funds. 

The 457(b) plan is an employer-sponsored voluntary retirement savings plan that allows you to save money for retirement on a tax-deferred basis. The plan contains most of the same features of the 403(b) plan but is different in one unique way. Distributions from a 457(b) Deferred Compensation Plan are not subject to the 10 percent excise tax for early withdrawal. 

Highlights

• Employer-sponsored plan with fiduciary oversight by TCG Advisors and a committee ofSuperintendents/CFOs 
• High-quality, low fee investment options 
• No commissions. 
• No federal penalties to withdraw funds from account. Income tax still applies. 
• To get started, simply visit www.tcgservices.com/enroll and establish your account. 
• Choose between target date funds, risk-based portfolios, or self-directed mutual funds. 

In 2024, you can contribute 100 percent of your includible compensation up to $23,000, whichever is less. If you are age 50 or older, you may contribute up to an additional $7,500 for a total of $30,500 to both. You may simultaneously contribute to both the 403(b) and the 457(b) plans. 

Schedule a TeleWealth meeting with Louis at www.tcgservices.com/lperez . For extended hours or weekends, please email lperez@tcgservices.com.