After you have read through the 403(b) information and FAQs, the Investment Reference section, and run through a variety of scenarios with the Calculators, you need to open an account with a vendor that provides the investment options and services you desire at a cost you understand. Note that a new account application must be sent to your selected 403(b) carrier in advance of the first contribution. This is particularly important when investing with Fidelity, T.Rowe Price, and TIAA-CREF, as there are no sales representatives involved to assist you. The new account form contains your name, address, social security number, age, investment selections, designation of beneficiaries, and identifies your investment elections.

Next, complete a Salary Reduction Agreement (PDF) when you determine how much you plan to invest each pay period. This agreement may be sent through the PONY or mailed to the Employee and Retiree Service Center, Attn.: Transaction Unit, 7361 Calhoun Place, Suite 190, Rockville, Maryland 20855. It will take approximately two to three weeks before contributions will begin. View the 2010 Defined Contribution Calendar (PDF).

Permanent employees may indicate their salary reduction amount in dollars per pay period or as a percentage of their salary. Substitute teachers and temporary employees must indicate a percentage of earnings, not a dollar amount.