A 403(b) is a Tax Deferred Retirement Plan. They are similar to 401k plans because they allow you to place a percentage of your salary into an employer-sponsored plan that helps you save for retirement. You will not have to pay taxes on your contributions or earnings made until the money is withdrawn.
Benefits Include:
- Tax deferred growth: no annual taxation on earnings
- Investment options: fixed annuities, variable annuities or mutual funds
- Competitive interest rates
- Flexibility: start, stop, and adjust your contributions as needed throughout the year
- Financial hardship withdrawals and loans may be available
To participate in a 403(b) you must contact an agent/representative and select a District approved company and complete the required paperwork A list of approved companies can be found on the Omni website. For information, contact Omni's Retirement Services Department at (877) 544-6664.
Important Forms & Information:
Omni 403(b) Salary Reduction Agreement Form (SRA)457 Deferred Compensation Plans
A 457 Plan is a Tax Deferred Retirement Plan available to all eligible district employees. They are similar to 401k plans because they allow you to place a percentage of your salary into an employer-sponsored plan that helps you save for retirement. You will not have to pay taxes on what you contribute or earnings you made until you withdraw the money.
Benefits include:
- Investment options: fixed annuities, variable annuities or mutual funds
- Flexibility: start, stop and adjust your contributions amounts as allowed under your employer’s plan
- At early retirement or severance of service from your employer, distribution can be made without the 10% IRS penalty tax, usually
For questions regarding the 457 plan, you can contact Foresters Financial at (817) 870-1130 extension 122 for Clint Muirhead or extension 115 for Ryan Cullinan.
