Tax Sheltered Annuity 403(b)
403(b) UNIVERSAL AVAILABILITY NOTICE
You have the opportunity to save for retirement by participating in the Pittsford Central School District’s 403(b) plan (“Plan”). We recommend that all employees view a brief, 3-minute video presentation explaining what a 403(b) plan is, and how to contribute.
The video can be reached at http://www.403bwhyme.com/
If there are any questions, you may contact The OMNI Group at 877-544-6664.
How Can I Participate?
You can participate in the Plan with pre-tax contributions by completing and submitting a Salary Reduction Agreement (“SRA”) online at https://www.omni403b.com/default.aspx, or by submitting a completed SRA form, which can be found on the same website, to The OMNI Group either by facsimile to (585) 672-6194 or by mail at 1099 Jay St., Bldg F, Rochester, NY, 14611 (“OMNI”).
Maximum Allowable Contributions
The IRS elective contribution limit to a 403(b) for 2022 starts at $20500. If you are over the age of 50, your contribution limit increases to $27,000. The Fifteen Year Cap Expansion Option, commonly referred to as service-based catch up, may also be available to veteran employees having 15 years or more with their current employer and whose total past 403(b) annual contributions average under $5,000 per year of employment. This allowance has a $3,000 maximum amount per year with a lifetime maximum of $15,000. A qualified employee could, for example, contribute an additional $1,000 per year for 15 years to reach the $15,000 lifetime maximum.
For appropriate limits for your particular circumstances, please contact OMNI’s Customer Care Center at 1-877-544-6664.
What If I Already Have An Account?
If you are already contributing to the Plan, and you want to change your contribution amount or service provider, simply complete and submit a new SRA. See directions above for on-line and paper submission options.
What If I Do Not Want To Contribute?
If you do not want to take advantage of this program, simply submit an SRA with the option “I do not wish to participate at this time” selected. See directions above for on-line and paper submission options.
The Pittsford Central School District has enrolled in OMNI’s Limited Preferred Provider Program (P3). Employees may select among the following P3 Service Providers to make 403(b) contributions or open new 403(b) accounts.
Aspire Financial Services
AXA Equitable Life Insurance Company
FTJ FundChoice, Inc
ING National Trust-NY
Mass Mutual VA
Oppenheimer Shareholder Svcs.
RiverSource Life Insurance Co of NY
The Legend Group/ADSERV
Do not send Salary Reduction Agreements directly to Omni.
Send to the Payroll Office at 75 Barker Road, East Wing.