The 403(b) provides two savings options so you can choose the best tax deferral option for you. The pre-tax savings option offers lower taxable income today, while the after-tax Roth option allows you to have tax-free income in retirement. There are also additional tax advantages for rostered workers.
Savings in the CRSP makes up just part of your retirement paycheck. Learn about all of your current benefits, projected retirement pension income and how the CRSP savings fits into your overall retirement paycheck by visiting your Benefits Portal.
After your service to the LMCS, you have several options when it comes to your CRSP account such as leaving your funds invested in the CRSP; rolling some or all of your account balance into your Concordia Retirement Plan pension; or even taking a lump-sum or regular monthly payments.
The CRSP 403(b) is administered by Fidelity, who provides robust financial planning tools. Through their site, NetBenefits, you can see how your account is growing and invested. The site also has valuable financial planning tools and calculators. Log in to the Benefits Portal to see your CRSP 403(b) account balance.
Don’t navigate saving for retirement alone! Our Financial Education Team can help. From the benefits of savings, to rolling your savings from a former employer into the CRSP- they’re ready to answer your questions. Email MoneyMatters@ConcordiaPlans.org, to talk to an educator!
Questions about the 403(b)? The CRSP Enrollment Guide has the answers, providing you with plan details and information on the investment funds. Be sure to take the time to check it out.