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403b & 457b

Newtown Board of Education offers a 403(b) or a 457(b) Plan for any employee wanting to participate. A 403(b) or a 457(b), commonly referred to as a Tax-Deferred Annuity (TDA) or Tax-Sheltered Annuity (TSA) plan is a retirement savings plan. The following questions may help you in determining if you would like to enroll in a 403(b) Program.

ENROLLMENT AND ALL CONTACT REGARDING 403b INVESTMENTS IS THROUGH THE DISTRICT'S THIRD PARTY ADMINISTRATOR:

THE OMNI GROUP P: (877) 544-6664 W: https://omni403b.com/

FAQ

How can I participate in a 403(b) or 457(b) plan?

Answer: You can participate in the Plan with pre-tax contributions by completing and submitting a Salary Reduction Agreement (SRA) online by clicking this link Additionally, prior to contributing you must open an account with an investment provider participating in the Plan. A list of the Plan's participating investment providers may be viewed on OMNI's website after submitting your Employer's name and state or by clicking here

What if I already have an account?

Answer: If you are already contributing to the Plan and you want to change your contribution amount or investment provider, simply complete and submit a new SRA. See directions in the previous question for on-line and paper submission options.

What if I do not want to contribute?

Answer: If you do not want to take advantage of this program, simply submit an SRA to your employer with the option "I do not wish to participate at this time" selected.

How much can I contribute annually?

Answer: Contribution limits increase from year to year. For the latest informaiton click here to access the IRS.Gov ; this amount is subject to change annually.

If you have at least 15 years of service with the district, or you are 50 years old, you may also be able to make additional catch-up contributions.

For appropriate limits for your particular circumstances, please contact OMNI's Customer Care Center at 1-877-544-6664.