Federal Way sponsors a 403(b) plan to offer supplemental tax-advantaged retirement savings opportunity in addition to other plans that may be available (such as the state retirement plan). All part-time and full-time employees are eligible to contribute to the TSA Plan.
The basic elective deferral limit for 2023 is the lesser of $22,500.00 or 100% of your compensation. If you are age 50 or better by the end of 2023, you are eligible to defer an additional $7,500.00. If you will have at least 15 years of full-time equivalent service with your current Employer by December 31, 2023, then you may be eligible to contribute up to an additional $3,000 during 2023. For additional details about contribution limits for 2022 and 2023, go to the Federal Way Eligibility & Limits Page.
Catch-ups under the Plan: *15 Years-of-Service Catch-up Elective Deferral Contributions *Age 50 Catch-up Elective Deferral Contributions Contributions to the Plan: *Direct Rollovers Into the Plan *Employer Contributions Allowed *Employer Post Severance Contributions Allowed *Exchanges Within the Plan Other Plan Transactions: *Hardship Distributions *In-service Distributions After Age 59-1/2 *In-service Distributions From Rollover Accounts *Loans *Permissive Service Credit Transfers *Plan-to-Plan Transfers To the Plan *Plan-to-Plan Transfers From the Plan
Employees of Federal Way are eligible to apply for an account under the Federal Way403(b) Plan with any Vendor whose name appears in the following list. Please see Enrollment Procedures for details.
* The availability of certain account types may be subject to change and/or vendor restrictions.
Please contact Carruth Compliance Consulting (CCC), Federal Way's 403(b) Third Party Administrator (TPA) with any questions or concerns regarding the plan. CCC can be reached at (503) 968-8961 or toll free at 1-877-222-3090 and via out secure web page at: Submit A Question To CCC
Note: you can download a printer friendly PDF of this page by clicking here.
Page Last Modified: 8/22/2018 6:21:51 PM