Retirement PlansWith the hurried pace of our everyday lives, it is difficult sometimes to slow down and plan for the future. Although retirement may seem far away, actions you take today can make a big difference when you reach retirement.
PfISD offers retirement programs to its employees through the use of 403(b) tax deferred annuities and 457 deferred compensation and Teachers Retirement System. These plans allow employees to save designated amounts out of their paychecks before tax and place them into a variety of mutual funds, variable annuities and fixed annuities. Any earnings grow tax deferred until withdrawn and are intended to supplement your TRS Pension Plan.
Teachers Retirement SystemTRS administers a defined benefit retirement plan that is a qualified pension trust under Section 401(a) of the Internal Revenue Code. The pension trust fund provides service and disability retirement, as well as death and survivor benefits, to eligible Texas public education employees and their beneficiaries.
All eligible PfISD employees contribute to the Teacher Retirement System of Texas.TRS Contact Information:1-800-223-8778 (toll free) or 512-542-6400403(b) Plan
This plan allows employees to save designated amounts out of their paycheck "before tax" and place them into a variety of mutual funds, variable annuities and fixed annuities. All funds grow tax-deferred until withdrawn and are intended to supplement your TRS Pension Plan. To participate in a 403(b) you must contact a financial advisor of your choice.457 Plan
Deferred Compensation is an excellent way to provide maximum retirement income for employees. Section 457 of the tax law allows you to contribute pre-tax dollars to your own supplemental retirement program. This voluntary plan allows you to withdraw funds at separation of service or retirement before age 59 1/2 without the 10% IRS penalty tax. You can select from a wide choice of investment options including variable and fixed annuities as well as mutual funds. To participate in the 457 plan, you must contact a financial advisor of your choice.If you are submitting a Salary Reduction Agreement (SRA) online and your selected service provider is not listed on the drop down menu, and participates in the TRS Program, you will need to submit a paper Salary Reduction Agreement to The OMNI Groups Data Entry Team at 1-585-672-6194. Once OMNI receives the Salary Reduction Agreement, they will add your selected vendor. If you have any questions, please contact The OMNI Group Customer Care Center at 1-877-544-6664 from 7:30 AM to 4:00 PM Monday through Friday.Click on the link below to watch a short video on "Why 403(b)?"OMNI Group Mailing Address:The OMNI® GroupWater Tower Park1099 Jay Street, Building FRochester, NY 14611-1153ATTN: Service Provider TeamPhone: 877.544.6664Fax: 585.672.6194