JPS Retirement Plans
Planning for retirement starts today. JPS offers retirement savings plans with tax advantages, employer matching contributions for eligible team members, and investment tools to help you build long-term financial security at every stage of your career.
Being retirement ready is an important part of financial wellness. The key to success is to start saving now. To set up your retirement accounts, go to empowermyretirement.com or call 1-855-756-4738.
403(b) Savings Plan
The 403(b) Savings Plan helps you grow your retirement savings while reducing your taxable earnings. JPS offers the following matches to full-time team members based on your hire dates.
| Hire Date | Match | Vesting* |
|---|---|---|
| If hired before 10/1/2020 | 50% of your contributions on the first 4% of your base salary | 20% per year; 100% at five years of employment |
| If hired after 10/1/2020 | Dollar-for-dollar up to the first 5% of your base salary | 100% at completion of three years of employment |
| Hire Date | Match | Vesting* |
|---|---|---|
|
If hired before 10/1/2020 |
50% of your contributions on the first 4% of your base salary |
20% per year; 100% at five years of employment
|
|
If hired after 10/1/2020 |
Dollar-for-dollar up to the first 5% of your base salary |
100% at completion of three years of employment |
*Vesting occurs on your anniversary date.
Note: Acclaim contributions for each provider’s retirement plan is stated in their Total Rewards Summary.
Features
- Roth contributions are available on all of the 403(b) and 457 Plans.
- Self-directed brokerage is available on all plans.
- GoalMaker is an optional asset allocation tool offered to you at no additional cost. It chooses the investments for you.
- The 401(a) Retirement Plan receives your employer’s matching contributions to the 403(b) plan and any employer non-elective contributions made on your behalf.
457 Deferred Compensation
Another way to set aside additional income for retirement and defer federal income tax is the 457 Deferred Compensation Plan. The 457 plan is similar to a 403(b) savings plan, except that it does not offer an employer match and does not allow loans.
Consider a Rollover
This might be a good time for you to consider moving money from other retirement accounts you may have accumulated from the past to Empower. Rolling over retirement accounts from previous plans into your Empower account can make it easier to manage your combined accounts and can potentially cost you less than maintaining them separately.
To consolidate your accounts at Empower, call: 1-888-737-4480, between 7 a.m. – 9 p.m. CST, Monday – Friday, and between 8 a.m. – 4:30 p.m. CST, Saturday.
Legacy Pension Participants
Access your pension information in the Pension Center found on the Human Resources intranet page (https://jps/Intranet/Departments/HumanResources.aspx).
Best Practices for Saving for Retirement
For some of you, retirement may seem far in the future. For others, retirement may be just around the corner. How do you know if you’re getting the most out of your 403(b)?
Regardless of age, now is the best time to plan for a secure retirement. Use these best practices as you prepare for your future.
Get the Match
JPS offers a generous 403(b) match. Take full advantage of this free money to help grow your retirement savings faster.
Begin Saving as Soon as Possible
There’s no better time than now to start saving! The earlier you start setting money aside for retirement, the larger your nest egg will be in your golden years.
Start Small, If Needed, and Increase Over Time
If the thought of contributing is overwhelming, start with a small percentage and increase your contributions over time. Soon it’ll become a habit and you’ll see your retirement savings really grow!
Make Catch-Up Contributions
Are you nearing retirement? If you’re age 50 or older, make sure your election percentage includes catch-up contributions!
Diversify Your Portfolio
A well-diversified portfolio is the best assurance to have a nest egg at retirement. Your asset allocation should reflect your age and risk tolerance. Spread your assets among funds of different classes and investment styles, and periodically review to make sure your allocation still reflects your target.
Understand Investment Returns May Fluctuate
Market volatility can make anyone nervous. Don’t panic. Be patient and understand these fluctuations happen. A good asset allocation helps to buffer a market downturn, and don’t forget to rebalance, even in a bull market.
Educate Yourself
You’re the only person who has a vested interest in your account growing, so it’s up to you to educate yourself on how to take full advantage of it.