A 403(b) plan is a tax-sheltered annuity (TSA) plan. Employees can have their employers defer portions of their pay to these retirement accounts so that these earnings aren’t subject to income tax until the money is later withdrawn. *See the section about fees before meeting with an advisor.
Braintree has access to the following 403(b) vendors. Not all vendors are offer the same options, and some charge more than others!
Vanguard Fiduciary Trust Co
Vanguard is a new plan to Braintree that historically has some of the lowest 403(b) fees. With Vanguard 403(b) Services, you can build for your future through low-cost funds and an easy-to-manage plan that offers premier planning services. Find out why Vanguard’s different.
- Requirements: Must open a 403(b) at Vanguard before initiating contributions through Omni.
Horace Mann Companies
Horace Mann Companies has focused on helping educators since it was founded. Horace Mann partners with schools to boost participation in 403(b) programs and provides informational seminars that enable educators to better understand the Massachusetts Retirement System and their pension options. Mike Letorney has been with Horace Mann who has been helping educators for 31 years.
- Mike’s number is 781-740-8444 option 4.
Mark Soloperto, Financial Advisor, with Lincoln Investment will be available to discuss 403 (b) plans.
- Mark’s telephone number is 781-647-3050.
Eagle Strategies LLC/New York Life
Nicholas Silva or Christopher Donovan from Eagle Strategies LLC/New York Life and their team emphasize working with public school teachers in MA. They will be discussing opening 403B accounts and reviewing existing 403(b) accounts to ensure that yours is invested appropriately given your risk tolerance, target retirement date, and current market conditions. In addition, they are able to familiarize you with your pension options through MTRS.
- To schedule a meeting with Nicholas Silva please call (781) 392-1767
Equitable (Formerly AxA)
Equitable will be available to provide information on how the 403(b) plan integrates with your mandatory pension plan. They will also have information on rules and regulations regarding contribution limits, rollovers of old retirement plans (401k, IRAs and pensions), and life insurance.
- For an appointment, call Christine (Maggioli) Pacini at 781-237-8366 or Gregg Quinn at 781-510-2052
How to Contribute to a 403(b)
- To begin or change a payroll contribution, Login to OMNI (our third party administrator) on our employer’s page at Omni403b.com and electronically complete a Salary Reduction Agreement (SRA).
- To stop contributions, Login to OMNI (our third party administrator) on our employer’s page at Omni403b.com and complete the Salary Reduction Agreement (SRA) – enter “0” for your deduction amount. You may do this at any time.
- To enroll, it must be done during designated enrollment periods, which occur twice a year, once in the fall (until October 9, 2020) or again in the spring (until March 12, 2021). Then these contributions (elective deferrals) are invested with the vendor and funding vehicle you choose.
Should you require any assistance you can Contact Omni on their website, or by phone 1.877.544.OMNI (6664)