Supplemental Retirement Account

By law, SCASD employees are automatically enrolled in the Public School Employees' Retirement System (PSERS).  Both the employee and the District contribute to this account.

Many employees elect to open an additional individual retirement saving account and make contributions via direct deposit.  SCASD offers a variety of 403(b) plans in which you can invest.  The 403(b) plan was designed for nonprofit and public school sectors and has similarities to other retirement accounts such as a 401(k) and IRA. A 403(b) plan offers a way for participants to take a systematic and regular amount from their pay each month to save for their long-term retirement goals.

A 403(b) plan:

• Offers the ability to set aside tax-deferred savings for retirement.  The amount you put into the 403(b) will be deducted from your income, and you can defer paying tax on it. If you put in $30 during a pay period in which you earned $1,000, your taxable income will only be $970.  Once you start withdrawing funds from your 403(b) they will be considered income and taxed as such.
• Typically includes different options for investments.
• Takes contributions directly from your paycheck.

For additional information, contact the Payroll Department.