Optional BenefitsRetirement Benefits
Generally, retirement income accounts can invest in either annuities or mutual funds. Contributions and investment earnings in a 403(b) grow tax deferred until withdrawal (assumed to be retirement), at which time they are taxed as ordinary income.The features of the 403(b) plan are very similar to the 401(k) plan. Employees may make salary deferral contributions that are usually limited by regulatory caps.403b Plan Document: 403(b) PlanTRS List of Certified Companies: http://www.trs.state.tx.us/info.jsp?submenu=403b&page_id=/403b/certified_listFirst Financial Administrators: www.ffga.com
- 403b Annuities: A 403(b) plan, also known as a tax-sheltered annuity (TSA) plan, is a retirement plan available to employees of educational institutions and certain non-profit organizations (as determined by section 501(c)(3) of the Internal Revenue Code). Accounts in a 403(b) plan can be any of the following types:
- An annuity contract, which is provided through an insurance company.
- A custodial account, which is invested in mutual funds.
When it comes to saving for retirement, an employer-sponsored retirement plans offers many advantages:
- 457b Deferred Compensation: A 457(b) plan is an employer-sponsored plan, so you can't open one on your own, as you can with an IRA. A Section 457(b) plan can only be offered by state and local governmental entitles, including most public education institutions, and certain tax-exempt organizations.
First Financial Administrators: www.ffga.comMedical Benefits
You pay no current federal income taxes on the money you put into the plan until it is time to take withdrawals.
You pay no current federal income taxes on any interest or earnings until you take withdrawals, generally at retirement when you may be in lower tax bracket.
Once you severance employment, you have no 10% penalty for early withdrawal.
Participating in an employer-sponsored plan can be a quick and convenient way to invest for your retirement.
American Fidelity Accident Insurance- This accident coverage pays you directly for any related medical expenses you may incur. it is also available for dependents.
- AFHSA Health Saving Account - These accounts are available for eligible employees who have elected Option III, our high deductible plan. Eligible employees must enroll in a Health Savings Account (HSA) to receive the $25 per month contribution from ECISD. They can also make contributions to their account by payroll deduction. Combined contribution maximuns apply.
HSA Overview for Employees:HSA Overview for Employees
HSA Video: HSA Video
HSA Enrollment Form: HSA Enrollment Form
AFHSA Website: American Fidelity HSA Website
- Superior Vision Insurance - This coverage is vision only. Employees can elect either employee or family coverage.
Vision Information: Superior Vision
- Vision Claim Form: Vision Claim Form
Ameritas Website: www.superiorvision.com
- United Concordia Insurance- This coverage is dental only. Employee can elect either employee or family coverage.
- Dental Insurance Information: United Concordia
- Dental Claim: Dental Claim Form
United Concordia Website: www.unitedconcordia.com
- American Fidelity Cancer Insurance-This supplemental cancer coverage pays for many of the costs not covered by major medical. Various riders are also available.
- Accident Insurance Information:Accident Plan
- Accident Claim Form: Accident Claim Form
- American Fidelity Website: www.afadvantage.com
Allstate Cancer, Heart & Stroke Insurance- This supplemental coverage pays for many of the heart & stroke costs not covered by your major medical. Various riders are available.
- Heart & Stroke Insurance Information:Allstate Heart & Stroke Plan
- Allstate Wellness Claim Form: Allstate Wellness Claim Form
- Allstate Claim Form: Allstate Claim Form
- Allstate website: www.allstateatwork.com
- Genworth Long Term Care- This long-term care insurance program is a for active TRS members, TRS retirees, and certain family members. Under this plan, eligible individuals may apply for completely portable long-term care insurance coverage at favorable group rates.
- TRS LTC website:
- Sun Supplemental Life - This benefit for additional emplyee life insurance is available to new full-time employees for up to $500,000, up to $150, 000 with no evidence of insurability. Existing full-time employee must provide evidence of insurability to add or increase this coverage.
- Sun Dependent Life - This benefit is for life insurance for the dependent of full-time employees. Spouses and children may be covered in various options as allowed.
- Texas Life - Individual life is available to full time employees, their spouses, children and grandchildren for long-term and/or permanent needs.
- American Fidelity- This benefit provides income replacement funds to employees who are not able to work. Various waiting periods and amounts are available.
Section 125 Cafeteria Plan
Section 127 Dependent CarePrepaid LegalBenefit Overview Guide