District Retirement Accounts
NEISD Retirement Plans include tax-sheltered accounts. A tax-sheltered account is a supplemental retirement plan that lets you save money on a pre-taxed basis while deferring income and earnings until you retire.
NEISD offers three plan types: 457(b), 457(b) Roth, and 403(b).
The 457(b) and 403(b) plans are similar in nature these are pre-tax options, the 457(b) Roth is an aftertax option. You may select either one or all three. You can also start any of these investments at anytime during the year, no need to wait for Open Enrollment.
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Contribution changes must be entered by the 30th of the month in order for the change to be effective the following month. Deduction amounts are per paycheck, not per month. For biweekly employees, changes will be reflected in the 2nd paycheck of the following month.
IRS Contribution Limits for 2021
The contribution limit for employees who participate in our 403(b) and 457(b) plans is $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans is $6,500.
Total annual maximum contribution is $19,500 for employees under the age of 50 and $26,000 for employees over the age of 50. These limits remained the same from 2020.
NEISD Employee Benefits
Benefits We Offer
Resigning and Retirement
403 (b) Plan
NBS is our third party administrator for our 403(b) plan. The NEISD 403(b) plan provides the opportunity for all full-time, part-time, and substitute employees to save on a tax deferral basis. If you start a contribution with a new investment Provider, you must have an account with that provider to properly route your contributions.
Support Line: 1-800-274-0503 option 5
Employees can access their account information to view balances, make contribution changes and provider changes 24/7. 457(b) contribution changes are made on the same link below.
The following link can be used to find the list of approved providers and their contact information for the 403(b) plan. You can also access paper forms for loan and hardship requests.
457(b)/ 457(b) Roth Plans
Empower Retirement is our third party administrator for our 457(b)/457(b) Roth plans. The NEISD 457(b) plan provides the opportunity for all full-time, part-time, and substitue employees to save on a tax deferral basis. The 457(b) Roth plan provides the opportunity to save on an after tax basis. To start / stop / increase or decrease salary deductions contact Empower Retirement at 1-888-411-4015 or access online at empowermyretirement.com
For assistance with investment options or to schedule an advice session: 1-888-411-4015 Contact our designated representative, Caterina Costante, 214-406-8774 or at: Caterina.Costante@empower-retirement.com
Introduction Video: Meet our new 457b plan provider - Empower Retirement
Disclosure to Employees
North East ISD has no liability for the employee’s selection of product providers. North East ISD does not warrant any special tax consequences to the employee. North East ISD does not give tax, legal, or investment advice. The school district recommends that employees seek the advice from professionals of their own choosing who specialize in these areas.