Security Benefit has offered retirement plans to educational employers for over 50 years. Serving teachers is the cornerstone of our business and we have a passion for offering plans to teachers under our core belief that everyone should have an opportunity to achieve financial well-being. For 19 years, we’ve funded the Kansas Teacher of the Year program, considered one of the best programs in the nation. We’ve provided the Teacher of the Year and seven finalists and district nominees with opportunities to tour and learn from schools across the state. Security Benefit has honored more than 1800 Kansas teachers and invested more than half a million dollars, representing one of the largest contributions made by a single company in support of Kansas education. We also support the National Teachers Hall of Fame, the Kansas Foundation for Excellence in Education, internships and scholarships.
When should employers use a 403(b) Voluntary Plan?
403(b) Voluntary Plans are favored when the Employer:
- Wants to give Employees the opportunity to enhance their own retirement benefits
- Wants to provide a retirement plan benefit for employees but needs a cost-effective option for the employer.
457 Plans are also available to school districts
457 Programs (also called deferred compensation programs) are retirement programs available to employees of state and local governments and political sub-divisions. A 457 Program allows participants to save for retirement by deferring a portion of their income now and paying taxes on it at withdrawal. There are no early distribution penalties that apply to 457 withdrawals.
Some School Districts also offer 401(a) Defined Contribution Plans too. These plans allow employers the opportunity to make contributions on the employees’ behalf but still provide for flexibility in making contributions. These plans are inexpensive and easy to understand and can help you attract, keep and reward employees.