Annual Notice – State of Delaware 403(b) Plan Enrollment Information
403(b) Plan: The State of Delaware is a tax-exempt government employer, and sponsors a retirement savings plan as described under section 403(b) of the Internal Revenue Code (“403(b) Plan”). The purpose of this notice is to ensure that you are aware of the 403(b) Plan and provide you with the information necessary to enroll. Under the 403(b) Plan, employees may make contributions on a pre-tax basis to a 403(b) account, where the earnings grow tax-deferred until they are distributed. It is the employee’s responsibility to select an investment service provider or “vendor” among the approved vendors available under the 403(b) Plan, and to select among the investments offered by such vendor. It is also your responsibility to understand the tax and investment consequences of the custodial account or annuity you selected for investment. You may seek investment, legal, or tax advice if necessary, or see IRS Publication 571 (Tax Sheltered Annuity Programs for Employees of Public Schools) at http://www.irs.gov .
Who is Eligible: All employees of State of Delaware elementary and secondary public schools, Delaware State University, Delaware Technical and Community College and the Delaware Department of Education are eligible to participate in the 403(b) Plan.