Retirement Savings Plans
NORTH ADAMS PUBLIC SCHOOLS/STAFF/ RETIREMENT SAVINGS PLANS
403(b) Tax Sheltered Annuities
The North Adams Public Schools is pleased to offer 403(b) tax sheltered annuities to school department employees. For more information click on the file below.
The City of North Adams (including the School Department) also offers payroll deductions for 457 deferral Compensation Plans, which provide a similar pre-tax vehicle for retirement planning. Information on the 457 plan is available through the Payroll Department at Central Office.
The City of North Adams (including the School Department) also offers after tax payroll deductions for Roth IRA’s. For a Roth IRA you pay taxes now and will be eligible for tax free withdrawals if the withdraw is made at five years or more after the January 1 of the first year that a Roth contribution was made to the IRA and the withdrawal was on account of death, disability or attainment of age 59 ½. Information on the Roth IRA plan is available through the Payroll Department at Central Office.
This notice is to provide general information regarding a benefit to school employees. The North Adams Public Schools is not endorsing any particular investment vehicle or company. Employees should consult with their own financial, tax, or legal advisor as to whether they should contribute to any investment plan.