Enrollment: Step-by-Step
Your complete guide to getting your money working — no guesswork required
📋 Important: This module is for educational purposes only and does not constitute financial, investment, tax, or legal advice. When specific vendors like Fidelity, Vanguard, or T. Rowe Price are mentioned, these are educational examples — not personalized recommendations. Always check your district's approved vendor list and consider consulting a fee-only fiduciary advisor for personalized guidance.
You're Ready. Let's Do This.
Coach Marty says:
Questions I had before filling out my first SRA form: How much should I contribute? What's a TPA? Am I picking the right fund? Sound familiar?
Here's what I wish someone had told me that day: it's not as complicated as it looks. The hardest part is starting. Once the paperwork is done and the money starts coming out of your paycheck automatically, you'll wonder why you waited so long.
I waited 25 years. Don't be me. Let's walk through this together — step by step.
You've learned about the 30% income gap. You understand fees and vendor selection. You know your savings priorities and how HSAs work. You've built the knowledge foundation.
Now it's time to actually enroll.
This module walks you through the entire enrollment process step-by-step. By the end, you'll know exactly what to do, what to avoid, and how to verify everything is set up correctly.
When Should You Enroll?
Many educators choose to enroll as soon as they feel ready — starting earlier may allow more time for contributions and compounding. Here's why timing matters:
- Time in the market beats timing the market: The earlier you start, the more your money compounds
- Dollar-cost averaging works in your favor: Automatic contributions smooth out market volatility
- Tax benefits start immediately: Your contributions reduce your taxable income right away
- Behavioral momentum: Once you enroll, it's automatic—you don't have to think about it
Typical Enrollment Windows
Most districts allow enrollment during these periods:
- Open enrollment: Usually in the fall (September-November)
- New hire enrollment: Within 30-60 days of starting your position
- Year-round enrollment: Some districts allow enrollment anytime (check with HR)
- Life event enrollment: Marriage, birth, adoption (usually 30-60 days after event)
Check with your HR/benefits office to confirm your district's enrollment deadlines and windows.
Before You Enroll: Your Preparation Checklist
Many educators find it helpful to gather this information BEFORE starting the enrollment process:
Know which 403(b) and/or 457(b) vendor you're selecting (e.g., Fidelity, Vanguard, T. Rowe Price — mentioned as educational examples, not endorsements). Refer to Module 4 if you haven't decided yet.
Decide how much you'll contribute per paycheck (percentage or dollar amount). I'll cover this in detail below.
Full legal names, dates of birth, Social Security numbers, and relationship to you for primary and contingent beneficiaries.
Know which TPA your district uses and their website. This is where you'll get the Salary Reduction Agreement (SRA) form. Your HR office can tell you.
You'll need this for the enrollment forms and vendor account setup.
Some forms ask for this—have it ready.
⚠️ Don't Skip the Beneficiary Step!
This step is critically important: designating beneficiaries protects your family. If you die without a beneficiary on file, your retirement account could go through probate, creating legal headaches and delays for your loved ones.
Primary beneficiary: The person(s) who receive your account if you die (usually spouse, children, or parents).
Contingent beneficiary: Backup beneficiaries if your primary beneficiaries are deceased.
Update beneficiaries whenever you have major life changes (marriage, divorce, births, deaths).
To designate or update beneficiaries, log directly into your vendor's website (such as Fidelity.com or Vanguard.com) and look for the beneficiary section in your account settings. This is done through your vendor — not HR or your TPA.
Step-by-Step Enrollment Process
The enrollment process involves three players: HR/Payroll (your school district), the TPA (a third-party administrator), and your vendor (your chosen brokerage (e.g., Fidelity, Vanguard)). Here's a quick explanation of why there's a middleman involved:
Now that you understand the three players, here are the four steps to get enrolled:
Get Your Vendor List from HR or Your TPA
Visit your HR or benefits office and ask for the official list of approved 403(b) and 457(b) vendors. You can ONLY choose from this list.
Where to find it:
- Your district's HR/benefits office
- Your TPA's website (HR can give you the link)
- Your district's benefits portal
Pro tip: Cross-reference this list with 403bwise.org to find the green light vendors. If your preferred vendors aren't on the list, you have a few options:
- Ask HR to add them: Many districts will add vendors upon request and it costs the district nothing.
- Check neighboring districts: Sometimes county-level or state-level 403(b) plans offer better vendor options.
- Choose the lowest-fee option: If you can't get a low-cost provider added, select the lowest-fee option on your current approved list.
Need help with that conversation with HR? Use the Request Low-Cost Vendors tool in your Toolkit for pre-made letters you can copy and send to your district.
While you're there, ask HR: "Who is our TPA?" and "What's the TPA website where I get enrollment forms?" Write both down.
Open Your Vendor Account
Go to your chosen vendor's website (e.g., Fidelity.com, Vanguard.com) and open your 403(b) and/or 457(b) account. This is where your money will actually be invested.
What you'll need:
- Social Security number
- Date of birth
- Employment information (employer name, start date)
- Beneficiary information (full legal names, dates of birth, SSN, relationship, percentage allocation)
Time required: 10-15 minutes
Once your account is opened, you'll receive an account number. Write this down — you'll need it for the enrollment form in Step 3.
Get the Enrollment Paperwork (SRA)
Download the Salary Reduction Agreement (SRA) from your district's TPA website. If your district doesn't use a TPA, get the SRA from your HR office directly. This is the form that tells your district to deduct money from your paycheck and send it to your vendor.
Important: If you're enrolling in BOTH a 403(b) and a 457(b), you'll need a separate SRA for each account. They are separate accounts with separate contribution limits, so each one requires its own paperwork.
What you'll fill out on the SRA:
- Your personal information (name, SSN, date of birth)
- Your chosen vendor and account number (from Step 2)
- Your contribution amount (dollar amount or percentage per paycheck)
- Contribution type: Pre-tax (Traditional) or Roth
If your SRA form asks you to choose between Traditional (pre-tax) and Roth (after-tax) contributions, that's the Roth option explained in Module 2. Not sure which to pick? Many educators use Traditional contributions, though the appropriate choice depends on individual tax circumstances. If you want to compare, use the Roth vs. Traditional Calculator before submitting your form.
Submit Your SRA
Once you complete your SRA, the TPA typically sends it to your district's HR/Payroll electronically. If your district handles enrollment in-house, you'll submit the SRA directly to HR. Either way, this is the final hurdle — once they process it, deductions begin automatically.
In my district, I always received an immediate email confirmation from the TPA once my SRA was submitted, so I knew they received it. Most districts work this way now — it's a much smoother process than it used to be.
After submitting, contact HR and ask: "When will my first contribution be deducted?" This helps you know when to verify everything in the next section.
✅ Submitted! Now Verify Everything
You've done the hard work. Now make sure the machine is actually running. Here are three verification steps many educators use to confirm everything is running correctly:
a) Verify your first pay stub.
Check your next paycheck to confirm the deduction appears and the amount is correct. If it doesn't show by the second pay cycle, contact HR/Payroll to see if they received the file from the TPA. Sometimes, depending on what day of the month you enroll, you might not make it in time for the next paycheck. Don't worry — it'll be there by the following month, and it will all be worth it.
b) Log into your vendor account about a week after your first deduction.
Go to your vendor's website (such as Fidelity.com or Vanguard.com, mentioned as educational examples, not endorsements) and confirm the money actually landed there. Confirm that contributions have been allocated according to your selected investment options (see Module 7) — not just sitting in a cash or money market account.
c) If you switched districts this year:
This is important — you must manually tell the TPA how much you already contributed at your previous job so they don't let you exceed the annual contribution limit. The TPA tracks limits, but they can only track what they know about. If you contributed $5,000 at your old district before switching, your new TPA needs that number.
How Much Should You Contribute?
Coach Marty says:
Not sure how much to save? I broke it all down by career stage in Module 5 — with a chart showing recommended percentages whether you're in your 20s or your 50s. Head back there if you need a refresher. The important thing is getting started. Many educators find that once they take the first step, the momentum takes over.
How Will You Enter Your Contribution on the SRA?
Depending on your district and TPA, your SRA form may ask for a dollar amount per paycheck, a percentage of salary, or give you the choice. Check your form — if you only see a dollar amount field, that's normal. Many districts work this way.
If your form does give you the option, here's the difference:
| Contribution Type | How It Works | Best For |
|---|---|---|
| Percentage | Contribution automatically increases when your salary increases (raises, step increases) | Teachers who want automatic increases and don't want to manually adjust contributions every year |
| Dollar Amount | Fixed amount per paycheck—stays the same unless you manually change it | Teachers who want precise control over cash flow and prefer predictable deductions |
Coach Marty says:
⚠️ Don't Exceed the Annual Limits
Remember the 2026 contribution limits:
- 403(b) and 457(b): $24,500 per account ($32,500 if 50+)
- 403(b) AND 457(b) combined: You can contribute up to $24,500 to EACH account in the same year (total of $49,000 if under 50, or $65,000 if 50+)
- Ages 60–63 super catch-up: $35,750 per account ($71,500 combined if maxing both)
New in 2026 — Roth catch-up requirement: If you earned over $150,000 in FICA wages in the prior year, your age 50+ catch-up contributions may be required to be made as Roth (after-tax), depending on your specific plan's implementation timing. This primarily affects administrators and higher-earning educators. Check with your TPA or HR if you’re unsure whether this applies to you.
Your district's payroll system tracks contributions made through that payroll, but it cannot see contributions made elsewhere (e.g., a 403(b) from a side job, or contributions you made at a previous district this year). If you have multiple sources of contributions, monitor your year-to-date totals across all of them to ensure you don't exceed annual limits.
8 Enrollment Mistakes to Avoid
I've seen these mistakes cost teachers thousands (or tens of thousands) of dollars. Don't let this be you.
❌ Mistake #1: Not Designating a Beneficiary
The fix: Log directly into your vendor's website and look for the beneficiary section in your account settings — this is done through your vendor, not HR or your TPA. It takes about 2 minutes. Don't leave it blank. Update it after major life events (marriage, divorce, births, deaths).
❌ Mistake #2: Choosing the Wrong Vendor
The fix: Don't pick the vendor that sends the flashiest brochure or whose rep visits your school. Look for a low-cost index fund provider — vendors like Fidelity and Vanguard consistently receive top ratings on 403bwise.org, but always check your district's approved list. Refer to Module 4 for vendor ratings and Module 7 for fund selection.
❌ Mistake #3: Leaving Money in Cash/Money Market
The fix: After enrolling, log into your account and verify your contributions are being INVESTED, not sitting in cash. Many educators select their investment funds (such as low-cost index funds) after confirming contributions are active.
❌ Mistake #4: Contributing Too Little
The fix: Many educators start with at least 5% when possible, then increase by 1% every year. The general target is 15-20% total savings (including pension). The difference between 3% and 10% contributions can be significant over 30 years.
❌ Mistake #5: Not Verifying the First Paycheck Deduction
The fix: Check your paycheck after enrollment to confirm the deduction is happening and the amount is correct. If it's wrong, contacting HR promptly to correct it is a common next step.
❌ Mistake #6: Stopping Contributions During Market Downturns
The fix: Many educators continue contributing during market downturns — historically, that's when shares are purchased at lower prices. Staying consistent through volatility has been one of the most effective long-term wealth-building habits.
❌ Mistake #7: Forgetting to Increase Contributions After a Raise
The fix: Set a calendar reminder every August/September (when raises usually happen) to increase your contribution by 1-2%. Or choose percentage-based contributions so it happens automatically.
❌ Mistake #8: Not Reading Your Vendor Statements
The fix: Review your quarterly/annual statements. Make sure contributions are showing up, fees are low, and your balance is growing. If something looks wrong, call your vendor immediately.
What Happens After You Enroll?
Once you're enrolled and everything is verified, here's what to expect:
Automatic Paycheck Deductions
Your contributions will be deducted from every paycheck automatically. You'll see the deduction on your pay stub, usually labeled something like:
- "403(b) Retirement"
- "457(b) Deferred Comp"
- "Tax Sheltered Annuity (TSA)"
- Your vendor name (e.g., "Fidelity 403b")
Your taxable income is reduced by the contribution amount, which means you pay less in federal and state income taxes immediately.
Vendor Statements & Account Access
You'll receive statements from your vendor (Fidelity, Vanguard, etc.) either:
- Quarterly: Every 3 months
- Annually: Once per year
You can also log into your account online anytime to check:
- Current balance
- Contribution history
- Investment performance
- Beneficiary information
Making Changes
You can typically change your contribution amount, investment funds, or beneficiaries anytime by:
- Contribution changes: Submit a new SRA form through your TPA (same process as enrollment, just with updated numbers). You can also stop contributions entirely by submitting an SRA with a zero amount — not advisable, but it's your money and you should know the option exists.
- Investment changes: Log into your vendor account and change your fund allocations
- Beneficiary changes: Update through your vendor's website or by submitting a beneficiary form
- Vendor changes: Want to change your vendor entirely — for example, moving from a high-fee vendor to a low-cost option? That process is called a contract exchange, and it's covered step-by-step in Module 9. It's absolutely doable.
💡 When to Make Changes (Things to Consider)
Increase contributions when:
- You get a raise or step increase
- You pay off debt (redirect that payment to retirement)
- Your spouse or partner starts working or gets a raise
- Your kids finish daycare or college
Some educators consider decreasing contributions when:
- You face a true financial emergency (medical crisis, job loss)
- You're redirecting money to pay off high-interest debt (>7%)
Something to keep in mind: "The market is down" or "I want to buy something." Staying the course has historically rewarded long-term investors.
Annual Limits Reset
Contribution limits reset every January 1. If you maxed out in 2026, you can start contributing again in 2027 with the new limits.
Your payroll system should automatically track your year-to-date contributions and stop deductions when you hit the limit.
30-Day Verification Checklist
Use this checklist to verify everything is working correctly within 30 days of enrollment:
✅ Your 30-Day Checklist
Coach Marty's Final Enrollment Tips
1. Don't overthink it. Get the forms, fill them out, submit them. Don't let analysis paralysis keep you from starting.
2. Start small if you have to, but START. Contributing 3% is infinitely better than 0%. You can always increase later.
3. Automate the increase. Set a calendar reminder every September to bump your contribution by 1%. Or use percentage-based contributions so raises do it automatically.
4. Consider not checking your balance too often. Many educators find that avoiding frequent balance checks helps them stay the course through market volatility.
5. Share your plan with your loved ones. Make sure someone you trust knows where your accounts are, who your beneficiaries are, and how to access everything.
6. There's rarely a "perfect time" to start. Starting sooner has historically mattered more than timing. Adjust later if needed.
7. Celebrate the win. 🎉 You just made one of the most important financial decisions of your life. Be proud.