Life Insurance & Retirement Plans

How we can help

Overview

There are several ways we can help you secure your financial future. These are the major services we offer:

Life Insurance

Teacher's Pension provides a variety of insurance services depending on your family's specific needs and objectives.

Coverage during working years only

Pension max planning for retirement

Supplimental tax-free plans for retirement

Specific coverage in the case of a heart attack, stroke, cancer, or other major medical conditions

Retirement Plans

401k Plans

A 401(k) is a feature of a qualified profit-sharing plan that allows employees to contribute a certain amount of their wages to individual accounts.

Elective salary deferrals are excluded from the employee's taxable income (except for designated Roth deferrals). Employers can contribute to employees' accounts.

Distributions, including earnings, are includible in taxable income at retirement (except for qualified distributions of designated Roth accounts).

457 Plans

Plans of deferred compensation as described in IRC section 457 are available for certain state and local governments and non-governmental entities tax exempt under IRC 501. They can be either eligible plans under IRC 457(b) or ineligible plans under IRC457(f). Plans eligible under 457(b) allow employees of sponsoring organizations to defer income taxation on retirement savings into future years. Ineligible plans may trigger different tax treatment under IRC 457(f).

403b Plans

A 403(b) plan (tax-sheltered annuity plan or TSA) is a retirement plan offered by public schools and certain charities. It's similar to a 401(k) plan maintained by a for-profit entity. Just as with a 401(k) plan, a 403(b) plan lets employees defer some of their salary into individual accounts. The deferred salary is generally not subject to federal or state income tax until it’s distributed. However, a 403(b) plan may also offer designated Roth accounts. Salary contributed to Roth account is taxed currently, but is tax-free (including earnings) when distributed.

Eligible employers are: Public school, college, or university, Church Charitable entity tax- exempt under Section 501(c)(3) of the Internal Revenue Code.

Traditional Roth and IRA Plans

Features

Traditional IRA

401k Plans

Who can contribute?

Traditional IRA

You can contribute if you (or your spouse if filing jointly) have taxable compensation but not after you are age 70 1/2 or older.

401k Plans

You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts (see 2014 and 2015 limits).

Are my contributions deductable?

Traditional IRA

You can deduct your contributions if you qualify.

401k Plans

Your contributions aren't deductible.

How much can I contribute?

Traditional IRA and 401k Plans

The most that you can contribute to all of your traditional and Roth IRAs is the smaller of:

• $5,500 (for 2017) or $6,500 if you're age 50 or older by the end of the year

• Your taxable compensation for the year

What is the deadline to make contributions?

Traditional IRA and 401k Plans

Your tax return filing deadline (not including extensions). For example, you have until April 15, 2015 to make your 2014 contribution.

When can I withdraw money?

Traditional IRA and 401k Plans

You can withdraw your money at any time.

Do I have to take required minimum distributions?

Traditional IRA

You must start taking distributions by April 1 following the year in which you turn age 70 1/2 and by December 31st of later years.

401k Plans

Same, unless you are still employed.

Are my withdrawals and distributions taxable?

Traditional IRA

Any deductible contributions and earnings you withdraw or that are distributed from your traditional IRA are taxable. Also if you are under age 59 1/2 you may have to pay an additional 10% tax for early withdrawals unless you qualify for an exception.

401k Plans

None if it is a qualified distribution (or a withdrawal that is a qualified distribution). Otherwise, part of the distribution or withdrawal may be taxable. If you are under age 59 1/2, you may also have to pay an additional 10% tax for early withdrawals unless you qualify for an exception.

Start planning today.

We'll help with all the hurdles and road blocks to retirement.