The Opportunity
You
have the opportunity to save for retirement by participating in your
Employer’s 403(b) retirement plan. A 403(b) plan is a retirement plan for certain employees of public schools, tax-exempt organizations and ministers.
Why Save with 403(b)?
>You do not pay income tax on allowable contributions until you begin making withdrawals from the plan, usually after your retirement.
>Investment gains in the plan are not taxed until distributed.
>Retirement assets can be carried from one employer to another in most cases.
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How Can I Participate?
Prior to contributing you must
open an account with an investment provider participating in the Plan. A
list of the Plan’s participating investment providers may be viewed on
OMNI’s website after submitting your Employer’s name and state by clicking here: http://www.omni403b.com/PlanDetail.aspx?tml=323. The list is also included in the flyer attached at the top of this page. You may then complete a Salary Reduction Agreement (SRA) online at www.omni403b.com/SRA.
How Much Can I Contribute Annually?
In 2021, you
may contribute up to $19,500; this amount is subject to change
annually. If you have at least 15 years of service with your employer or
you are at least 50 years old, you may be entitled to make additional
contributions. For appropriate limits for your particular circumstances,
please contact OMNI’s Customer Care Center at 877-544-6664.
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What If I Already Have An Account?
If
you are already contributing to the Plan, and you want to change your
contribution amount or investment provider, simply complete and submit a
new SRA. See directions above for online submission.
What If I Do Not Want To Contribute?
If
you do not want to take advantage of this program, you do not need to
do anything. You will only be enrolled if you wish to participate and
complete and SRA.
How can I get more information?
You can access further information at www.omni403b.com.