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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. Roth 403(b) and Roth 457(b) TSAs are also available. For Roth accounts, contributions are made on an after-tax basis, so withdrawals in retirement are tax-free.

For the 2025 calendar year, you may contribute up to $23,500 (if you are under age 50), $31,000 (if you are 50-59 or 64+), or $34,750 (ages 60-63) to a 403(b) and/or a 457(b). These limits are independent of one another. If you participate in both a 403(b) and a 457(b), 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 OMNI, our third-party administrator of TSAs (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 the approved companies listed on our plan page
  • For a 457(b) plan, there is only one provider—the NY State Deferred Compensation Program. When applying, please include the GNPS plan ID number: 211514

After your TSA account is set up, you must contact OMNI via their website (http://www.omni403b.com) or by phone at (877) 544-6664. Complete OMNI’s Salary Reduction Agreement Form to initiate paycheck deductions that will fund your account.

Additional information from the OMNI Group is under Important Documents.