What is a 403(b) Plan?
A 403(b) plan is a voluntary retirement savings plan available to public school employees. If you choose to participate, contributions are taken directly from your paycheck through a salary reduction agreement and deposited into your individual 403(b) account. In most cases, these contributions are not taxed until you withdraw them.
This plan is in addition to your NYS Retirement System benefits.
Why Consider Participating?
- Participation is completely voluntary
- You may contribute as little as $25 per paycheck
- Starting earlier generally results in better long-term savings outcomes
Plan Administration – OMNI Group
Chenango Valley’s 403(b) plan is administered by The OMNI Group, a third-party administrator that handles:
- New enrollments
- Changes to payroll deductions
- Loans and hardship withdrawals
You can access OMNI:
- Through the Chenango Valley website: Staff ? Documents and Forms?403(b) ? OMNI Group website
- Or directly at www.omni403b.com
On the OMNI website:
- Select Participants for general information and forms.
- For Chenango Valley–specific providers:
- Choose New York in the “Emp State” field
- Enter Chenango Valley CSD in the “Emp Name” field
- Select Show Details