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Members must complete the
OMNI 403b Flex Form to
utilize payroll deduction for 403b investments options. OMNI, the
District's Common Remitter, requires this form to ensure IRS
compliance with this benefit.
Teachers may participate in one
tax-sheltered annuity and the Deferred Compensation Plan. Payroll
deduction forms for this purpose must be submitted prior to November
1st for a January 1st effective date and before July 1st for a
September 1st effective date. Notwithstanding the preceding dates,
the District will permit unit members to make changes to their
payroll deductions upon official notification of retirement.
With regard to 403(b) accounts, a
maximum of 40 tax-sheltered annuity companies will be selected by
the Association for use by members. These vendors may be changed at
the sole discretion of the Association and will be selected for the
sole purpose of providing investment options for members. No
selection is to be considered an endorsement on the part of the
Association or the District, regardless of any outside endorsements,
including those of NYSUT's Member Benefits.
With regard to Section 457(b) of the
United States Internal Revenue Code, the default vendor to be
utilized for the Deferred Compensation Plan will be the New York
State Deferred Compensation Plan. The employee/participant is
responsible for payment of the annual account fee associated with
the Deferred Compensation Plan. It is the employee's responsibility
to adhere to IRS limits as prescribed by law when utilizing 403(b)
and 457(b) investment options.
Check Stub Codes: Select this link to view an
itemized list of Investment as well as other payroll
deduction codes that appear on your check stub along
with a description of what each code means.
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