Employee Benefit Information 403(b) and 457(b)
As an employee of Oak Park Unified School District, we are pleased to inform you that you may be eligible to participate in our 403(b) and 457(b) retirement plans. Our 403(b) or 457(b) plan allows you to contribute money directly from your paycheck into a retirement account you choose from our approved list. Participation in the plan not only helps you prepare for a more financially secure future, it can provide significant tax advantages today.
Did You Know? As public school employees, you may receive a pension from either STRS or PERS upon your retirement, however, when you retire your pension will not be 100% of the income you’re making now.It’s important to understand the benefits offered to you through the district. The supplemental retirement plans we offer can help you reduce or eliminate your retirement income gap. Speak with a Benefits Counselor to learn more about these benefits.
Our plan administrator, Tax Deferred Solutions, assists us in offering our employees an effective opportunity to participate by providing you with free educational resources and information regarding our benefits.Request more information.
Not sure where to start? No problem! Here are some common questions that are asked:
- I’m not sure how my plan works; can you explain it to me?
- What’s the difference between a 403(b) and 457(b)?
- What are the 2019 contribution limits? Do I qualify for a catch-up contribution?
- What is a Roth retirement account?
- What investment providers are authorized under my plan?
- How can I save for retirement without changing my take home pay?
- What are the benefits of the new Preferred Mortgage Assistance program?
The best part of this opportunity to obtain information is that any questions you have can be handled over the phone when it’s convenient for you! Request the information below. Or, you can go online and chat with a Benefits Counselor too.
To begin deferrals to the plan, submit a completed Salary Amendment Agreement form to your employer. These forms are available on the www.403bcompare.com website and may be submitted at any time throughout the year for starting, stopping or changing elective deferrals.