• Alert:

    During the Stay Safe, Stay Home mandatory closure announced by Gov. Whitmer, all MPS offices are currently closed. Food service pick-up and drop-off points will continue Monday, Wednesday and Friday during the closure. My office will continue to communicate with stakeholders via our Communiques. Please use Email or MPSConnect if you have questions or need assistance. 

    Stay safe, Michael E. Sharrow, Superintendent, Midland Public Schools

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403b

What is a 403(b) Plan?

A 403(b) plan is a retirement plan for specific employees of public schools, tax-exempt organizations and certain ministers. These plans can invest in either annuities or mutual funds. A 403(b) plan is also another name for a tax-sheltered annuity plan, and the features of a 403(b) plan are comparable to those found in a 401(k) plan.

Benefits of a 403(b) Retirement Plan

Earnings and returns on amounts in a 403(b) plan are tax-deferred until withdrawn. For example, if “Tim” was earning $4,000 per month and contributing $700 to his 403(b) plan, his taxable income for the month is $3,300. Employees age 50 or over can make catch-up contributions, which increases the opportunity to defer taxation. The Internal Revenue Service sets the annual limits.

Roth Option

Some of the approved vendors offer a ROTH option. A Roth 403(b) is funded with after-tax contributions from the participant. The participant does not get a tax deduction in the year that contributions are made. However, earnings and returns on amounts in a Roth 403(b) are tax-deferred if the withdrawals are qualified distributions.

403 (b) and 457 Plan Vendors

Midland Public Schools utilizes a third party administrator to manage its plans, MEA Financial Services. (MEAFS) All transactions and form submissions are processed by MEAFS. Contact information is as follows:

Leslie Brown, TPA Coordinator
800-292-1950, Option 4
lbrown@mea.org

Choosing your Plan and Your Vendor