Whether retirement is around the corner or decades away, it’s important to plan early and know your three key numbers. At TCG Advisors, a HUB International company, we are here to help you approach retirement planning with confidence.
- What age can I retire?
- How much will my pension pay me?
- How much do I need to save?
Research shows that Americans are living longer and their number of years in retirement is increasing. While your TRS pension may be enough to cover expenses during your initial retirement years, the reduced monthly income may not be sufficient for costly factors such as medical bills, taxes, and your desired standard of living. Contributing to a retirement savings plan can help supplement your pension during retirement.
As an Eagle Mountain-Saginaw employee, you are eligible to contribute into a 457(b) or 403(b) account. Choosing to save with a 457(b) and/or a 403(b) allows you to save money in a pre-tax (Traditional) or after-tax (Roth) account. Contributions to the plan are salary-deducted from your paycheck and automatically deposited into your account. You may start and stop contributions at any time by completing a salary reduction agreement with TCG Services, Eagle Mountain-Saginaw’s third-party administrator.
403(B) SAVINGS PLAN
- Multi-vendor plan. You must research and select from a list of vendors.
- Investment options vary by vendor, including fixed/variable annuities, and mutual funds.
- 10% early withdrawal penalty (goes away at age 59 1/2 or age 55 if retired). Income tax may apply.
- Financial hardship withdrawals and loans may be available
To participate in a 403(b) you must contact an agent/representative at a District approved company to complete the required paperwork.
To get started, visit and establish your account.
Retirement Plan Specialist Kevin Hull can help you create a plan of action to address your unique retirement goals.
Enrollment assistance is available by appointment at www.tcgservices.com/telewealth or by calling the Enrollment Hotline at 512-600-5204 Monday through Friday, 8 a.m. - 5 p.m. (CST).
457(B) SAVINGS PLAN
A Section 457(b) plan is a special type of employer-sponsored retirement plan that certain governmental employers, and other tax-exempt organizations can establish for their employees. Your employer offers the RAMS 457(b) plan as a way to help you save for life beyond your full-time working years. Contributing regularly to a 457(b) can help give you the power and confidence to retire with more in your pocket to cover housing, health care, vacations, bills, and other expenses upon retirement.
2024 Contribution Limits
You can contribute 100% of your compensation, up to $23,000, whichever is less. If you are 50 or older, you can contribute up to an additional $7,500 for a total of $30,500. You can contribute to both 403(b) and 457(b) plans simultaneously.
RAMS 457(b) Plan Highlights
- Oversight by Superintendents, HR Directors, and Chief Financial Officers—bringing peace of mind public employee interests are represente
- Low, transparent fees
- Wide range of investments to choose from including managed portfolios, target date funds, and self-directed options
- No 10% early distribution tax/penalty No surrender charges or hidden fees
- No product commissions
- Full control on starting/pausing contributions
- Access to financial education through FinPath Wellness, including 1:1 financial coaching, online financial health tools and monthly opportunities to win prizes*†
- Access to no-cost W-2 tax preparation and complimentary creation of a personal will†
457(b) FICA Alternative Plan and Trust
Eligibility: An employee is required to participate in the FICA Alternative Plan if they meet one of the eligibility requirements listed below.
• Part-time (20 hours or less per week)
• Seasonal (five months or less per year)
• Temporary (contract of two years or less in duration)
• Not covered by TRS in a position otherwise covered by TRS
Contributions: Social Security requires that the equivalent of 12.4% of an employee’s salary be contributed each month (6.2% employee, 6.2% employer). However, the FICA Alternative Plan requires only a 7.5% contribution to a retirement account. The deferrals are made on a “pretax” basis, unlike Social Security, which are made on an “after-tax” basis.
For questions regarding the 457 plan, you can contact:
TCG Services
Enrollment assistance is available by appointment at www.tcgservices.com/telewealth or by calling the Enrollment Hotline at 512-600-5204 Monday through Friday, 8 a.m. - 5 p.m. (CST).
To get started, visit and establish your account.
Retirement Plan Specialist Kevin Hull can help you create a plan of action to address your unique retirement goals.
