• ÌÇÐÄÊÓƵ Deferred Compensation Investment Information

    **ÌÇÐÄÊÓƵ will never direct you to invest your money with a particular vendor. Any investment you make is at your own discretion. ÌÇÐÄÊÓƵ will not send you emails to make appointments with specific vendors.

    FYI: Each year investment vendors request your contact information through the Open Records Act. These vendors have been known to solicit you through email. If you are unsure of an email you have received, please check with the Employee Benefits Department to verify its validity.

    403(b)/457/Roth Plan Information

    When deciding on retirement investments, it can be confusing which one is the best for your family. As a governmental entity GPISD offers a 403(b), a Roth 403(b), a 457(b), and a Roth 457(b) as investment plans to supplement your retirement income. These accounts are funded by your contributions through payroll deduction only. Consider an investment plan for your retirement needs.

    For information about enrolling in a 403(b)/457/Roth plan, please contact Holli Sherrard, Director for Employee Benefits at (832) 386-1507.

    For financial planning information, please call First Financial Group Administrators at 1-800-523-8422, and ask to speak to a Retirement Services Representative.

  • Money

    403(b)

    • Contributions are tax deferred, that means you are taxed when you begin withdrawing funds.
    • Employees can contribute to any of the approved investment plans, and may contribute to both a 403 and a 457 plan.
    • Your funds may be rolled over to an IRA upon a Qualifying Event.
    • The maximum contribution is established by the IRS each year.
    • An additional amount is permitted for those age 50 and over as a savings “catch-up.”
    • You can access your funds if you separate from employment. If you are not separated from employment, you may access your funds if you are age 59 1/2; you are disabled; you have a QDRO; the plan terminates; or upon your death.
    • There is a 10% early withdrawal penalty before age 59 ½ (some special conditions apply, see your 403b vendor for a list of special exceptions).
    • Loans and hardship withdrawals may also be available. Please contact First Financial Administrators, Inc.-Retirement Services at 1-800-523-8422 for more information.

    Roth 403(b)

    • Contributions are made after your wage is taxed, this means you are not taxed on your contributions when you begin making qualified withdrawals on the deposits you made.
    • Employees can contribute to any of the approved investment plans, and may contribute to both a 403 and a 457 plan.
    • The maximum annual contribution is established by the IRS each year.
    • An additional amount is permitted for those 50 and over as a savings “catch-up.”
    • You may access funds tax-free as long as the account has been held for 5 years, and you have reached age 59 ½ and are separated from employment.
    • There is a 10% early withdrawal penalty before age 59 1/2 (some special conditions apply, see your 403b vendor for a list of special exceptions.)  Taxes may be due on earnings for early withdrawals.
    • Loans and hardship withdrawals may also be available. Please contact First Financial Administrators, Inc.-Retirement Services at 1-800-523-8422 for more information.

    (Enter Galena Park in the search box)

    403(b) Enroll/Stop/Change Form

  • Pig Bank      

    457(b)

    The 457 Plan is Administered     by TCG Services
    (as of October 2021) 

    • Contributions are tax deferred, that means you are taxed when you begin withdrawing funds.
    • Employees can contribute to any of the approved TCG investment funds, and you may contribute to both a 403 and a 457 plan.
    • The funds may be rolled into a Roth IRA upon a Qualifying Event.
    • The maximum amount is set annually by the IRS.
    • An additional amount is permitted for those age 50 and over as a savings “catch-up.”
    • You may withdraw your funds once you have separated from employment, or you have reached age 70 1/2 (if still employed).
    • While still employed, loans and unforeseen emergency withdrawals may be available. Please contact a TCG Representative at 1-800-943-9179 for more information.

    Roth 457(b)

    • Contributions are made after your wage is taxed, that means you are not taxed on your contributions when you begin making qualified withdrawals on your deposits.
    • Employees can contribute to any of the approved TCG Services investment plans, and may contribute to both a 403 and a 457 plan.
    • The maximum annual contribution is established by the IRS.
    • An additional amount is permitted for those age 50 and over as a savings “catch-up.”
    • You may access funds tax-free as long as the account has been held for 5 years, and you are 59 1/2 or older, and you separated from employment.
    • You may withdraw your funds once you have separated service, or you have reached the age of 70 1/2 (if still employed).
    • While still employed, loans and unforeseen emergency withdrawals may be available.  Please contact a TCG Representative at 1-800-943-9179 for more information.

     

  • Age 50 Catch Up

    Participants age 50 and older at any time during the calendar year are permitted to contribute an additional $6,500.
    Contributions in the deferred compensation plans may be started and stopped at any time throughout the year.

    For more information about the investment plans offered, contact Holli Sherrard, Director of Employee Benefits at 832-386-1507.