• Business Services

    Tax Sheltered Annuities:
    403(b) and 457(b)

     

    Employees of the school district may participate in a 403(b) and/or a 457(b) tax-sheltered annuity (TSA). These retirement plans allow you to defer federal and state taxes on the portion of your salary that you contribute, up to the Internal Revenue Service’s annual limit. 

    For the 2019 calendar year, you may contribute up to $19,000 (if you are under age 50) or up to $25,000 (if you are 50+) to a 403(b) and/or a 457(b). These limits are independent of one another. If you participate in both plans, you can contribute the maximum to both of them.

    If you already have a 403(b) and/or 457(b) and you want to keep your payroll deductions the same as they are now, no action is necessary. These deductions will continue until you change or stop them. To change or stop a deduction, please contact the Omni Group (see details below).

    If you do not already participate in a 403(b) and/or 457(b) plan and would like to, your first step is to choose a provider and open an account. 

    • For a 403(b) plan, you must choose one of these approved companies (PDF)
       
    • For a 457(b) plan, there is only one provider—the NY State Deferred Compensation Program. Contact information appears below:
      Bertrand E. Thomas
      Account Executive
      (800) 422-8463, ext. 4435
      www.nysdcp.com
      When applying, please include the GNPS plan ID number: 211514

    Once your account is set up, you must contact the Omni Group, which is the district’s third-party administrator of TSAs. Omni can be reached at (877) 544-6664 or online (www.omni403b.com). You’ll complete Omni’s salary reduction agreement, which will trigger paycheck deductions to fund your account(s).

    Additional information from the Omni Group is available at right, under Important Documents.

     

  • New GNPS Logo with star in the middle.