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MetLife Resources The Internal Revenue Code limits deferrals to 100 percent of compensation. Further, some employers limit deferrals to considerably less so that there’s enough left over to withhold FICA taxes and other payroll deductions. 1 457(b) Plan Services Additional Retirement Savings Opportunity Withdrawals from 403(b) annuity contracts prior to age 591⁄2 are prohibited unless certain conditions are met. Where permitted, withdrawals are subject to a 10% tax penalty and ordinary income tax. 2 Circular 230 Disclaimer - The information contained in this communication (including attachments) concerning Federal tax issues is not intended to (and cannot) be used by anyone to avoid IRS penalties. This communication is intended to support the sale of MetLife insurance, annuity products and financial services. You should seek advice based on your particular circumstances from an independent tax advisor. MetLife and its agents and representatives may not give legal or tax advice. Any discussion of taxes in this communication or related to this communication is for general information purposes only and does not purport to be complete or to cover every situation. Tax law is subject to interpretation and legislative change. Tax results and the appropriateness of any product for any specific taxpayer may vary depending on the facts and circumstances. You should consult with and rely on your own independent legal and tax advisors regarding your particular set of facts and circumstances. MetLife Resources is a division of Metropolitan Life Insurance Company (MLIC), 200 Park Avenue, New York, NY 10166. Increased Potential Retirement Savings If you are like most public school employers, you make available a 403(b) plan to give your employees an opportunity to save for retirement. But did you know that a public school employer may also sponsor a 457(b) plan? Adding a 457(b) plan can help your employees save even more. Even better, 403(b) contributions don’t count against a 457(b) plan’s deferral limit. So, your employees can save more for retirement. Sponsoring a 457(b) plan provides an additional benefit to help retain talented educators and administrators. How it Works Below is a simple example of how a public school employee can use the separate 403(b) and 457(b) deferral limits to maximize his or her retirement savings. Pat’s school district makes available both a 403(b) program and a 457(b) plan. Pat is 50 years old, has at least 15 years of service, and did not contribute in the past. 403(b) Contributions Basic deferral limit Age 50 or older catch-up 15 Years of service catch-up Total $16,500 + $5,500 + $3,000 * $25,000 457(b) Contributions Basic Deferral Limit Age 50 or older catch-up Total Metropolitan Life Insurance Company ©2009 METLIFE, INC. www.metlife.com PEANUTS © United Feature Syndicate, Inc. LD TBD MLR19000343012(rev5/09) Total 2009 Tax-deferred Contributions *$15,000 maximum per lifetime applies. $16,500 + $5,500 $22,000 $25,000 + $22,000 Total $47,000 Pat may defer (in 2009) $25,000 to a 403(b) contract and another $22,000 under a 457(b) plan, for a combined retirement savings of $47,000.1 Although not all employees can afford to save this much, a higher-paid employee, an employee with a highly-paid spouse, or even an employee who’s paid off his or her mortgage and now wants to focus on building retirement savings might welcome an opportunity to save more. In addition, an employee who’s thinking about retiring before age 591⁄2 might want to consider a plan that allows him or her to take money at retirement or severance without a 10 percent penalty tax against “early” payments2. Setting Up A 457(b) Plan MetLife can provide funding vehicles and services for your plan as well as help you provide the plan and trust documents that you’ll need to meet Internal Revenue Code rules. You’ll need to set up a separate payroll slot for your 457(b) plan. You’ll separate 403(b) elective deferrals and 457(b) deferrals on the employee’s W-2 Form. Unforeseeable-emergency distributions, minimum distributions, domestic-relations orders, beneficiary claims, and other plan administration matters do not have to burden you. Most of our customers prefer not being involved in these situations, and so instruct MetLife to handle these processes under a standard procedure. MetLife Resources The Internal Revenue Code limits deferrals to 100 percent of compensation. Further, some employers limit deferrals to considerably less so that there’s enough left over to withhold FICA taxes and other payroll deductions. 1 457(b) Plan Services Additional Retirement Savings Opportunity Withdrawals from 403(b) annuity contracts prior to age 591⁄2 are prohibited unless certain conditions are met. Where permitted, withdrawals are subject to a 10% tax penalty and ordinary income tax. 2 Circular 230 Disclaimer - The information contained in this communication (including attachments) concerning Federal tax issues is not intended to (and cannot) be used by anyone to avoid IRS penalties. This communication is intended to support the sale of MetLife insurance, annuity products and financial services. You should seek advice based on your particular circumstances from an independent tax advisor. MetLife and its agents and representatives may not give legal or tax advice. Any discussion of taxes in this communication or related to this communication is for general information purposes only and does not purport to be complete or to cover every situation. Tax law is subject to interpretation and legislative change. Tax results and the appropriateness of any product for any specific taxpayer may vary depending on the facts and circumstances. You should consult with and rely on your own independent legal and tax advisors regarding your particular set of facts and circumstances. MetLife Resources is a division of Metropolitan Life Insurance Company (MLIC), 200 Park Avenue, New York, NY 10166. Increased Potential Retirement Savings If you are like most public school employers, you make available a 403(b) plan to give your employees an opportunity to save for retirement. But did you know that a public school employer may also sponsor a 457(b) plan? Adding a 457(b) plan can help your employees save even more. Even better, 403(b) contributions don’t count against a 457(b) plan’s deferral limit. So, your employees can save more for retirement. Sponsoring a 457(b) plan provides an additional benefit to help retain talented educators and administrators. How it Works Below is a simple example of how a public school employee can use the separate 403(b) and 457(b) deferral limits to maximize his or her retirement savings. Pat’s school district makes available both a 403(b) program and a 457(b) plan. Pat is 50 years old, has at least 15 years of service, and did not contribute in the past. 403(b) Contributions Basic deferral limit Age 50 or older catch-up 15 Years of service catch-up Total $16,500 + $5,500 + $3,000 * $25,000 457(b) Contributions Basic Deferral Limit Age 50 or older catch-up Total Metropolitan Life Insurance Company ©2009 METLIFE, INC. www.metlife.com PEANUTS © United Feature Syndicate, Inc. L0509038630[exp0510][All States][DC] MLR19000343012(rev5/09) Total 2009 Tax-deferred Contributions *$15,000 maximum per lifetime applies. $16,500 + $5,500 $22,000 $25,000 + $22,000 Total $47,000 Pat may defer (in 2009) $25,000 to a 403(b) contract and another $22,000 under a 457(b) plan, for a combined retirement savings of $47,000.1 Although not all employees can afford to save this much, a higher-paid employee, an employee with a highly-paid spouse, or even an employee who’s paid off his or her mortgage and now wants to focus on building retirement savings might welcome an opportunity to save more. In addition, an employee who’s thinking about retiring before age 591⁄2 might want to consider a plan that allows him or her to take money at retirement or severance without a 10 percent penalty tax against “early” payments2. Setting Up A 457(b) Plan MetLife can provide funding vehicles and services for your plan as well as help you provide the plan and trust documents that you’ll need to meet Internal Revenue Code rules. You’ll need to set up a separate payroll slot for your 457(b) plan. You’ll separate 403(b) elective deferrals and 457(b) deferrals on the employee’s W-2 Form. Unforeseeable-emergency distributions, minimum distributions, domestic-relations orders, beneficiary claims, and other plan administration matters do not have to burden you. Most of our customers prefer not being involved in these situations, and so instruct MetLife to handle these processes under a standard procedure.