403b and 457 Plans
TSA - Tax Sheltered Accounts (403b & 457)
If you decide to put aside additional money towards retirement, you have three companies to choose from. Your choices are:
Fidelity offers a 403(b) plan. (Plan #51224) You can work directly with Fidelity or reach out to the advisors listed below to assist you with setting up a Fidelity account.
Sentient Wealth Group:
Firm Website: www.sentientwealthgroup.com or Sentient Wealth Group
| Matt Martinson | Phone#: 612 -238-8875 | Email: mattm@sentientwealthgroup.com |
EFS Advisors Contact Information:
| Joe Batkiewicz | Phone#: 651-412-1860 | Email: joebat@efsadvisors.com |
| Adell Hargreaves | Phone#: 651-372-8545 | Email: adellh@efsadvisors.com |
| Alex Rootes | Phone#: 612-360-4535 | Email: alexr@efsadvisors.com |
Skloff Financial Group: www.skloff.com
| Aaron Skloff | Phone#: 908-531-6422 | Email: askloff@skloff.com |
Or you can connect with Fidelity directly at:
Phone #: 1 (800) 343-0860
Website: www.mysavingsatwork.com
VOYA (formerly ING) offers a 403(b) plan. (Plan #666212). You can work directly with VOYA or reach out to Capital Street Financial Services to assist you with setting up a VOYA account. VOYA Portal for SPPS Employees.
Capital Street Financial Services
Phone #: (651) 665-4300 Capital Street Website: www.capitalstreet.biz
MN Deferred Comp offers a 457 plan. They also offer the option for after-tax deductions into a Roth 457 account. Please note that while MNDCP’s forms ask you to indicate a percentage of pay or dollar amount that you wish to contribute, the District can only accept dollar amounts. MNDCP can be reached at:
Phone #: 1-877-457-6466 or 651-284-7723 MNDCP General Information
Website: www.mndcplan.com
Plan With Ease is not a provider, but a third party vendor SPPS works with to make it easier for retirees and former employees to manager their accounts, request withdrawals, etc. Information about Plan With Ease is listed on the menu at the right hand side of this page. https://planwithease.beready2retire.com/
To set up a new TSA account and start payroll deductions:
- Either complete the online Enrollment/Application or the account paper form, for the investment company you choose. If you choose to use the account paper form instead of the online enrollment/application, returned the paper form TO THE INVESTMENT COMPANY.
- IF YOU CHOSE FIDELITY OR VOYA, return the District’s Salary Reduction Agreement form to Payroll to start up the requested payroll deductions, and match amount if eligible.
- IF YOU CHOSE MN DEFERRED COMP, they will send payroll a weekly report to let us know how much you wish to contribute. However, if you wish to participate in the District’s matching funds program, you will also need to complete the the District's separate match request form and send it to the payroll department.
To CHANGE contributions for an existing TSA account that has active payroll deductions:
- For FIDELITY OR VOYA, complete a new Salary Reduction Agreement form and send to Payroll to modify payroll deductions, and match amount if eligible.
- For MN DEFERRED COMP, contact MNDCP to request the change. They will send payroll a weekly report to let us know the new amount(s). To request an employer match, complete the appropriate match request form and send it to the payroll department.
To request an EMPLOYER Match to existing payroll deductions when no match is currently set up:
- Review your union contract to determine whether or not you are eligible for a district match. Eligibility and match amount is based on your collective bargaining agreement.
- For any plan (VOYA, FIDELITY, or MNDCP), complete a Match Request Form.
NOTE: If you contribute to both a 403(b) plan and a 457(b) plan, your employer match will be applied to 403b contribution amounts first. Employer contributions to a 403(b) are non-taxable. Employer contributions to a 457(b) are FICA taxable.
If you are age 50+ and would like to contribute to the catch-up contributions, please note that catch-up contributions are Roth only. Anything over the basic limit of $24,500 will be automatically deducted as Roth.
To Request a distribution from your account(s), you can work directly with your investment provider, or through Plan With Ease. Please note, other than qualifying hardship withdrawals or loans (where allowed), distributions can only be taken after separation of service from St Paul Public Schools. 403(b) and 457 plan savings are designed to help you set aside and invest money to be used when you retire.
FORMS
403(b) Salary Reduction Agreement
Fidelity Application- paper form
VOYA Application - paper form
MNDCP Enrollment form- paper form
MNDCP Quick Enrollment Form - Quick paper form