<p>Look carefully into OperaDad’s suggestion because the 403B’s I’m familiar with would not allow that. One I know of has a 13 year waiting period before you can roll the money into another account after you leave (unless you retire from that company). It’s very rare that you can roll money from a retirement account to a private account like that while you are still employed by that company/school, etc.</p>
<p>Thanks Steve</p>
<p>Come to CT, Steve. No matching funds here.</p>
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<p>That sounds like the back load fee on the annuity. There might be different withdrawals limitations on the money market option.</p>
<p>No matching here in IL, either, at least not anywhere near my District.</p>
<p>In Massachusetts, we have a pension plan that most teachers contribute 11% into–very stable plan,not linked to main state pension fund. There is a very tiny Social Security benefit, since we are a GPO state.</p>
<p>Some save additional funds and get a tax break by saving in a 403 b. There may be towns that match (maybe very affluent towns?) , but I don’t know of any in my area.</p>
<p>I’ve never missed the $250 per month I’ve put away, and now after 26 yrs, the fund is into six figures.</p>
<p>OperaDad-not in this particular case–it’s just the way it was designed–why, who knows. It isn’t for a school but a non-profit medical clinic.</p>
<p>gloworm–are you sure about that–a google search says otherwise-you have the option for a 6% match into a 401K plan…</p>
<p>^ Which is NOT a 403b, now is it?</p>
<p>gloworm–I said pensions or 403B’s…or in general retirement accounts. Most schools have a 403B vs a 401K so that is unusual to begin with–point being, you do have matching funds available to you…</p>
<p>Well, Steve, around here, hospitals, private schools and higher ed can offer the 401k, but the public K-12 offer 403b. In public ed we do not get SS, we pay part of our salary to the State Pension fund, which they (the State) are also supposed to pay into, but haven’t for years.</p>
<p>When I was in a private school, I was offered a 401k. NOT in public ed.</p>
<p>gloworm in NJ teachers contribute to both social security and the pension. The pension contribution is going to 7%. If you read the actuarial reports the contribution from the State was 4% of a teachers salary. The State missed it for about 20 years. When the State made the contribution the pension was the best funded plan in the country with about 105-110% of required funding. I realize that with the soft market over the years that funding level would not have stayed that high however if anyone does not see that the real issue was that the State missed 20 plus years of contributions they have a different agenda. Also does anyone believe that the employer contributing 4-6% of an employees salary to retirement is really burdensome?</p>
<p>tom1944,</p>
<p>My check not only deducts for my (future?) pension, but for those already retired as well, in a “separate deduction”. We hear in the news every week how our governor wants pension reform. He doesn’t want to put the constitutionally required money into our pension. It’s not just him, but others going back years. We don’t have any SS to fall back on, though, since we don’t contribute.</p>
<p>Thank goodness we have the 403b.</p>
<p>Those around here in MA who want “pension reform” don’t understand that it would cost cities and towns more money to put us on Social Security and a 401K type system than to leave things be. We pay in ourselves enough to make us eligible for Medicare. Joining SS would cost the town about 5-6%. We also pay in 11% of our income ourselves for the pension. Town pays nothing.</p>