Supplemental retirement plans are voluntary savings accounts designed to help individuals save for retirement on a tax-deferred basis or with tax-free growth. As an educator, supplemental retirement plans sponsored by your employer include a 457(b) governmental plan (offered by Ohio Deferred Compensation) and a 403(b) plan (offered by various vendors).
Planning for retirement should start at the onset of your career. The sooner you start saving, the more time you give your money to compound and grow.
To learn about the types of plans, eligibility requirements, contribution limits and more, click here.