A 403(b) plan is a tax sheltered retirement savings plan. Eligible employees can contribute pre-tax dollars to their plan, which are invested in either an annuity contract or custodial account (mutual fund). Contributions will be allowed to grow tax free until the funds in question are withdrawn (usually at retirement, although it may be possible to access your funds prior to retirement in certain circumstances). The district’s 403(b) plans are administered by The OMNI Group. Contributions flow through OMNI to a chosen service provider, of which the district offers over 35 to choose from. The OMNI Group strongly recommends that you seek the input of a financial professional to select the proper investments to meet your retirement planning goals.
A 457(b) is similar to a 403(b) plan, as both allow you to contribute pre-tax dollars. Employees can actually contribute the maximum dollar amount to both 403(b) and 457(b) plans in the same year, effectively doubling their voluntary retirement contributions.
ROTH Option: If you are looking to reduce your taxable income during retirement, contributions through our District-offered ROTH 457 plan may be an attractive option for you. These plans permit you to contribute after-tax dollars and take the distributions tax-free.
Plan Administrator and Provider: