403(b) PLAN

  • Framingham Public Schools offers its employees the option to participate in a 403(b) plan, which is a retirement savings plan with tax advantages. This plan is available to employees of public education organizations, certain non-profit employers, cooperative hospital service organizations, and self-employed ministers in the United States. The 403(b) plan operates similarly to a 401(k) plan, especially after the Economic Growth and Tax Relief Reconciliation Act of 2001. With the 403(b) plan, employees can defer a portion of their salary into their retirement account before paying income taxes. These contributions can grow tax-deferred until they are withdrawn, at which point they are taxed as income.

Providers

  • Framingham Public Schools allows its employees to choose and contribute to a 403(b) plan that suits their preferences. Employees can seek guidance from a financial advisor or select a plan offered by any suitable provider listed below. 

    CLICK HERE FOR AUTHORIZED INVESTMENT PROVIDERS

     

    IMPORTANT DISCLOSURE:

    Framingham School Department maintains a neutral stance regarding endorsing specific providers for the 403(b) plan. It is important to note that the department does not favor one provider over another. The sole requirement for a company to participate in the FPS 403(b) plan is to have an Information Sharing Agreement on file with our Third Party Administrator.

    The aforementioned providers have met this requirement and are currently approved to offer their services in the FPS 403(b) plan. It is worth mentioning that FPS is open to adding additional companies per the employees' requests, given that the requested company signs an Information Sharing Agreement.

    This approach ensures that FPS employees have the opportunity to explore various options and select the provider that best suits their needs. The department is committed to facilitating access to a diverse range of providers and will continue to expand the list based on employees' preferences.

Inquities

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