403(b) Plan
What is a 403(b) Plan? A 403(b) plan is a tax sheltered retirement savings plan. Eligible employees can contribute pre-tax dollars to their plan, which are invested in either an annuity contract or custodial account (mutual fund). Contributions will be allowed to grow tax free until the funds in question are withdrawn (usually at retirement, although it may be possible to access your funds prior to retirement in certain circumstances). It is strongly recommended that you seek the input of a financial professional to select the proper investments to meet your retirement planning goals.
I don't have a financial advisor, how do I find one? You can contact the Employee Assistance Program (EAP) for a free 30 minute consultation. And the EAP provides a 25% discount on select fees. This program is available 24 hours a day 7 days a week. 1-877-622-4327 or 1-800-759-8122
Why should I contribute? 403(b) plans can play a vital role in building a secure retirement. The value of your investments may increase based upon fund performance and other factors, making it possible to build account balances that far exceed the amounts withdrawn from your paycheck. It is also important to remember that your taxable income will be lowered in proportion to the amount you choose to defer, minimizing the impact to your take home pay.
Who is eligible to contribute to a 403(b) Plan? All regular full time employees are eligible.
How do I contribute? Your first step will be to contact a participating 403(b) investment provider to establish your investment account. A list of participating investment providers is available on OMNI's website. After working with your provider to establish your account and select investment vehicle(s), you will then need to complete a Salary Reduction Agreement (SRA) to initiate your deductions. (located below)
Who/what is The OMNI Group? Do I need to invest with OMNI? OMNI is our Third Party Administrator (TPA) of 403(b) plans. They work with Raymond School District to help ensure compliance with IRS regulations governing the operation of 403(b) plans. OMNI also helps Raymond School District remit 403(b) contributions to participating service providers. OMNI is NOT an investment provider- they do not offer and cannot recommend any specific investment vehicle.
Who can I call if I have more questions? OMNI's Customer Care Team is available at 877-544-6664 between the hours of 7:30 AM and 8:00 PM Eastern Standard Time.
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