403(b) Plan

  • Are you aware of your 403(b) benefit?

    The Opportunity

    You have the opportunity to save for retirement by participating in the Nassau BOCES 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.

    Sample: Future retirement savings value assuming 6% yield on invest.**

    Monthly Contributions

    5 Years

    15 Years

    20 Years

    $50

    $3,489

    $14,541

    $23,102

    $200

    $13,954

    $58,164

    $92,408

    $500

    $34,885

    $145,409

    $231,020

    **OMNI does not offer financial advice. Always consult your financial advisor before investing. For more information about 403(b) plans, visit the IRS website.

    How can I participate?

    Prior to contributing, you must open an account with an investment provider participating in the Plan, a list of which is available at www.omni403b.com. You may then complete a Salary Reduction Agreement (SRA) form online at www.omni403b.com. An SRA form may be submitted at any time and may be submitted through the payroll department at Nassau BOCES.

    How much can I contribute annually?

    In 2021, you may contribute up to $19,500 if you are 49 years of age and below and up to $26,000 if you are 50 years of age and over. You may also be entitled to additional catch-up provisions like the 15 Year Service Catch-up. Please contact OMNI's Customer Care Center at 877-544-6644 for further details.

    Looking for help in learning about your investment options?

    Visit www.omni403b.com/spinforeq.aspx to request more information from approved service providers.

    Please be sure to consult with your legal or tax advisor before participating in the 403(b) plan. Nassau BOCES does not provide tax or legal advice.

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