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Universal Availability Notice
Visit NBSbenefits.com/403b for additional information.
Congratulations! You are eligible to participate in the 403(b) retirement plan provided by the Granite School District. Contributing to a
403(b) plan will give you peace of mind through financial security during your retirement. A 403(b) plan allows you to contribute a portion of
your compensation as a pre-tax or post-tax (Roth) contribution (if allowed by your Employer) in order to save for retirement. Participation in
the 403(b) plan is completely voluntary. If you are already contributing to the 403(b) plan, now is a perfect time to increase your
What is a 403(b) Plan?
A 403(b) plan, also known as a Tax-Sheltered Annuity (TSA), is
a tax-deferred retirement plan provided for employees of certain until withdrawn. Qualified distributions will allow you to
tax-exempt, governmental organizations or public education withdraw your money tax-free.
institutions. HIGHER LIMITS
What are the benefits of contributing to a 403(b) Plan? Annual contribution limits are much higher than those of an IRA.
LOWER TAXES! How much can you contribute to a 403(b) Plan?
The 403(b) contributions you make can be on a pre-tax basis. You may elect to save up to 100% of your income.
This means that the money used to invest in the 403(b) plan is
not taxed until the funds are withdrawn. For example, if your For the current IRS contribution limits, including the age 50+
federal marginal income tax rate is 25%, and you contribute catch-up, please reference www.nbsbenefits.com/limits
$100 a month to a 403(b) plan, you have reduced your federal
income taxes by nearly $25. In effect, your $100 contribution INITIAL ELIGIBILITY
costs you only $75. The tax savings grow with the size of your You must meet the following requirements to become eligible to
403(b) contribution. contribute to the 403(b) Plan:
TAX-DEFERRED GROWTH Employee Deferrals
In your 403(b) plan, interest and earnings grow tax-deferred. ? Immediate Eligibility
This means that your interest will grow tax-free until the time of
your withdrawal. The compounding interest on your 403(b) plan Employer Discretionary Contributions
allows your account to grow more quickly than money saved in ? Immediate Eligibility
a taxable account where interest and earnings are taxed each
TAKING THE INITIATIVE Your employer has provided investment option(s) for you. A list
Contributing to a 403(b) retirement plan helps you take control of approved vendor(s) and the Salary Reduction Agreement
of your future retirement needs. Other sources of retirement ("SRA") can be found by visiting the National Benefit Services
income, including state pension plans and Social Security, often (NBS) website at NBSbenefits.com/403b or by contacting NBS
do not adequately replace a person's salary upon retirement. A (contact information below).
403(b) plan can be a great way to supplement your income at Once you have chosen an approved vendor, please open a
retirement. 403(b) account directly with them. To begin investing, send the
POSSIBLE TAX CREDITS completed SRA form to NBS who will work with your employer
Pre-tax contributions may put you in a lower tax bracket to begin contributions.
reducing your overall tax rate. It is important to make sure your salary reductions do not
ROTH exceed contribution limits as determined by applicable law. As a
You may also choose to invest part of your income on an after- participant, it is your responsibility to notify your Employer if you
tax (Roth) basis. Roth contributions are taxed at the time of the
investment though contributions and earnings grow tax-free
NBS Retirement Service Center Granite School District 403(b) Plan
8523 S. Redwood Rd.
West Jordan, UT 84088 Plan Contact Person:
800.274.0503 ext. 5 Richard Welch
Fax - 1.800. 597.8206 2500 South State Street
Contact NBS if you have questions about Salt Lake City, UT 84115
the retirement plan 385-646-5000
403(b) UA Notice Continued
own more than 50% of another business and adopt a retirement HARDSHIP DISTRIBUTIONS
plan for that business to ensure you do not exceed the An in-service hardship distribution may be allowed if you satisfy
maximum contribution amount to all plans involved. Any certain criteria. Contact NBS for more information about the
contribution that exceeds the maximum contribution limit must requirements. If you take a hardship distribution you are
be distributed from my Employer's 403(b) plan first. required to stop making contributions for 6 months.
The company may elect to match part of your contributions, Distributions are required at age 72. Exceptions may apply.
make a Nonelective Contribution, or both. Company
contributions are discretionary and will be announced when
Annuity contracts made available through insurance companies or
custodial accounts through a retirement account custodian are Updated: 11/9/2022
allowed in 403(b) plans. You will need to contact the vendor for a
comprehensive listing and information regarding the available
investment options.
You always own 100% of the contributions you make to the
403(b) and their earnings.
Company contributions, if any, vest at the following rate, based
upon your years of service with the company:
Vesting Schedule
Immediate Vesting
As a participant in the 403(b) Plan, you have the option to move
funds, or "exchange" tax-free between different vendors within
the same plan.
You also have the option of rolling retirement funds from
previous employers to your current employer's plan thus
simplifying retirement management.
You or your beneficiary will be able to withdraw your vested
balance when one of the following occurs:
1. Retirement
2. Termination of Employment
3. Attainment of Age 59 ?
4. Total Disability
5. Death
The vendors may require additional paperwork.
You may borrow up to 50% of your vested balance up to
$50,000 (whichever is less). Contact your current vendor about
their specific loan provisions.
NBS Retirement Service Center Granite School District403(b) Plan
8523 S. Redwood Rd.
West Jordan, UT 84088 Plan Contact Person:
800.274.0503 ext. 5 Richard Welch
Fax - 1.800. 597.8206 2500 South State Street
Contact NBS if you have questions about Salt Lake City, UT 84115
the retirement plan 385-646-5000