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

As an employee of the school district, you may participate in a 403(b) and/or a 457(b) Tax-Sheltered Annuity (TSA) retirement plan. These plans allow you to defer federal and New York State taxes on the portion of your salary that you contribute, up to the annual limits established by the Internal Revenue Service (IRS).

Roth 403(b) and Roth 457(b) options are also available. Roth contributions are made on an after-tax basis; however, qualified withdrawals in retirement are tax- free.

2026 Contribution Limits - for the 2026 calendar year, the IRS contribution limits are:
• Under age 50: $24,500
• Ages 50–59 or 64 and older: $32,500
• Ages 60–63: $35,750

These limits apply separately to each plan. If you participate in both a 403(b) and a 457(b), you may contribute the maximum amount to each plan.

Current Participants
If you already participate in a 403(b) and/or 457(b) and wish to continue your current payroll deductions, no action is required, UNLESS you are impacted by the new January 1, 2026 IRS rule for those earning over $150,000 in the prior calendar year. Your deductions will remain in effect until you choose to change or stop them. To change or stop a deduction, please contact OMNI, the district’s third- party TSA administrator (see contact information below).

New Participants
If you do not currently participate in a 403(b) and/or 457(b) and would like to enroll, your first step is to select a provider and open an account.

• For a 403(b) plan, you must choose one of the approved companies listed on our plan page
• For a 457(b) plan, there is only one provider—the NY State Deferred Compensation Program (GNPS Plan ID Number: 211514)

For additional information about these providers and links to their websites, please
visit the GNPS plan page on OMNI’s website: www.omni403b.com/plandetail/634

Initiating Payroll Deductions
Once your TSA account has been established, you must contact OMNI to initiate
payroll deductions. This can be done online at www.omni403b.com or by phone at
(877) 544-6664. You will need to complete OMNI’s Salary Reduction Agreement
Form to begin funding your account.

Additional Resources
More information is available under Important Documents