I'm a teacher and I have a 457 and a 403b. I regularly max out the 457 account, which is through Empower, using a combination of Roth and pre-tax contributions. I haven't contributed to my 403b in a few years and just tried to set up contributions through my HR department but I'm running into an issue.
My 403b is through Fidelity. My HR department seems to think that in order to make a combination of Roth and pre-tax contributions I need to have separate 403bs set up at Fidelity (a roth 403b and a traditional 403b). I know this is the case for IRAs, but I thought the 403b was the same as my 457 in that I can choose which kind of contributions to make but they go into the same account.
With my 457, I can log in to Empower and there's a section that tells me how much of the money invested is pre-tax vs roth. But when I logged into Fidelity to try to find the same information, I can't find it anywhere so I'm wondering whether my HR department is correct.
Does anyone have a 403b with Fidelity and know the answer? I can only change my contributions for my 403b through my HR department, not through the website, like I can for my 457.
Thanks for your help!
My 403b is through Fidelity. My HR department seems to think that in order to make a combination of Roth and pre-tax contributions I need to have separate 403bs set up at Fidelity (a roth 403b and a traditional 403b). I know this is the case for IRAs, but I thought the 403b was the same as my 457 in that I can choose which kind of contributions to make but they go into the same account.
With my 457, I can log in to Empower and there's a section that tells me how much of the money invested is pre-tax vs roth. But when I logged into Fidelity to try to find the same information, I can't find it anywhere so I'm wondering whether my HR department is correct.
Does anyone have a 403b with Fidelity and know the answer? I can only change my contributions for my 403b through my HR department, not through the website, like I can for my 457.
Thanks for your help!
Statistics: Posted by Teach2011 — Sat Jan 11, 2025 1:39 pm — Replies 1 — Views 62