The 403(b) is a tax-deferred retirement plan available for certain public school and non-profit organization employees, is an excellent way to save money for retirement whether as a supplement to a traditional pension plan or other retirement plan(s), or as a stand-alone plan.
How much may I contribute?
You may contribute up to $19,500 in 2020.
Employees that have 15 or more years of service in the district and who have contributed on average $5,000 or less per year during this time may choose the "15-Yr Catch-up" and contribute an additional $3,000, or a total of $22,500 in 2020.
Employees that are age 50 or higher may choose to the "Age 50+ Catch-up" and contribute an additional $6,500, or a total of $26,000 in 2020.
When may I change or stop my contributions?
You may change or stop your contributions at any time by completing a new Salary Reduction Agreement.
When should I start investing?
The key to investing is to start early and gradually adjust your risk level as you approach your goal.
I wish to withdraw from my 403b, how do I do so?
Retiree's or employee's no longer with the district may be eligible to withdraw from their 403b account. If you are not age 59 1/2, penalties will apply. If you are an active Hopkins employee and are in need of a loan or financial hardship withdrawal, please review the forms provided below. A signature/approval is required for withdrawal and can be obtained by calling Nick Wirtz with the Great GASB Group. He can be reached at 651.695.2572 or 1.877.263.8457 (phone).