Teachers Retirement System (TRS), Employees Retirement System (ERS) , 403b & 457 Plans
Webster CSD staff may be entitled to benefits from the Teachers Retirement System (TRS) or Employees Retirement System (ERS).
The New York State Teachers’ Retirement System (NYSTRS) is a defined benefit pension plan that provides a guaranteed lifetime monthly income to public school teachers and administrators across the state. Your future benefit is calculated using a specific formula based on your years of service, age, and final average salary. It is highly advantageous because it offers "pension security" through a predictable, recession-proof income stream that also includes valuable disability and death benefit protections for you and your family. Learn more about the TRS system at this link.
A 403(b) is a tax-advantaged retirement savings plan designed specifically for employees of public schools, hospitals, and non-profit organizations. It allows you to contribute a portion of your salary directly into investments like mutual funds or annuities, often reducing your current taxable income. Starting one early is highly advantageous because it gives your money more time to grow through compound interest. Learn more about 403b through the district at this link.
The New York State Deferred Compensation Plan (457) is a voluntary retirement savings plan specifically for state and local government employees that allows you to set aside pre-tax or Roth (after-tax) dollars via payroll deduction. A major advantage of this plan is that it generally does not impose a 10% early withdrawal penalty if you leave your employer before age 59½, offering unique flexibility compared to other accounts. Additionally, because it is one of the largest plans in the country, it leverages its size to provide participants with institutional-grade investment options at a very low cost. Learn more about the 457b NYS Deffered Compensation Plan at this link.
