There are two basic limitations on how much a 403(b) account holder can save:
The annually prescribed limit which can change each year;
The Maximum Contribution Calculation ("MCC"), depending on your salary, age and years of service, may allow you to contribute as much as $24,500 as of 2018. Please see your Representative for a customized calculation relevant to your situation.
Reminder: The 403(b) was designed to encourage saving for retirement. Withdrawing funds from this account before the age of 59½ (or age 55 in certain circumstances) may be subject to income tax and an additional 10 percent tax penalty.
Foresters Financial has made a particularly strong commitment to serving the retirement needs of employees of non-profit organizations and schools, especially K-12 educators. Today, we are currently involved with more than 1,800 such systems throughout the country. Foresters Financial is a member/supporter of ASBO (Association of School Business Officials, International), and has actively participated at national and statewide ASBO conferences and exhibits. Please visit www.asbointl.org for more information about this worthwhile organization.