A 403(b) plan is a retirement plan for certain employees of public schools, tax-exempt organizations, and ministers. Contributions are made under a salary reduction agreement (SRA) with your employer. This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. Usually, you do not pay income tax on these contributions until you withdraw them from the account. www.omni403b.com
Chenango Valley offers its employees the opportunity to participate in a 403(b) plan as an additional way to save for your retirement (in addition to the NYS Retirement System). Participation in a 403(b) plan is completely voluntary but, for those who choose to participate, the sooner that you start saving - the better the outcome. You can deduct as little as $25 per paycheck or as much as $825 per paycheck ($16,500 for the 2011 fiscal year).
CV have an agreement with The OMNI Group, a third party administrator, for our 403(b) program. The Omni Group handles all of the new applications and changes for all employees as well as any loans, hardship withdrawals, etc. You can visit their website to obtain general information, sign up for payroll deduction, change your existing payroll deduction, etc. In addition, there is a short video (14 minutes) that highlights the value of investing in a 403(b) account...especially the value of starting one as soon as possible. Viewing the video is optional but, in order to see it, you must sign in with your email address, etc.- some districts are making the viewing of this video mandatory so if you stop it before the end or don't follow the instructions, you'll get an "urgent" email from OMNI...you can ignore that email.