Retirement Planning

403(b) and 457(b) plans are tax-deferred retirement savings plans where participants can elect to make contributions through a payroll deduction and invest their contributions in mutual funds. The plans are a great way to save for retirement since not only are your contributions made with pre-tax dollars which reduces your taxable income each year, but also your investment earnings grow tax-deferred until you take a distribution.

All Osseo Area Schools employees are eligible to participate in the Retirement Savings Plans and can enroll and/or change their contributions at any time during their work year.  Employees may also be eligible to receive district matching funds to their 403(b) Retirement Savings Plan.  New enrollments will only receive the district matching funds in the 403(b) plan.  Additional details about district match eligibility and amount of the matching contribution are defined in your collective bargaining contract. 

Universal availability notice

The Internal Revenue Code limits contributions to a 403(b) or 457(b) tax-deferred retirement savings plan for 2025, the general limit is $23,500 for contributions to the 403(b) Plan and $23,500 for contributions to the 457(b) Plan.  If you will be age 50 at the end of the calendar year, you may also contribute an additional $7,500 to each plan, for a total of $31,000 per plan.  To substantially increase your savings, you may contribute up to the maximum for both the 403(b) plan and 457(b) plan.

New Secure 2.0 Act:

Any person who will be 60, 61, 62 or 63 in the calendar year can contribute an additional $11,250 in 2025 to these plans, for a total contribution of $34,750 for each plan.

Employees can enroll in a 403(b) or 457(b) Retirement Savings Plan at any time.  Enrollment information for each plan can be found below under the Retirement Savings Plans section.