Tax Sheltered Annuities
403b, Roth 403b and 457 Plans
The Meriden Public Schools uses a Third Party Administrator for compliance with our 403b program. As of May 12, 2014 that company is Omni. The website is www.omni403b.com. Employees may request contract exchanges, distributions of funds, hardship withdrawals, and loans through this site. Salary Reduction Agreements are also available there as well as at the link below. This does not apply to our 457 program.
- Enrollment Procedures 403b and Roth 403b
- Contribution Limits for 403b and 457 plans
- 403b Service Providers
- 403b and Roth 403b Salary Reduction Agreement
- 457 Forms and Information
What is a 457 Plan?
A 457 plan is a tax deferred savings plan much like a 403B plan. Savings are pre-tax and earnings on investments are tax deferred.
Maximum Contribution: $19,500 in 2020. If you are over 50, you can defer an additional $6,500
There is a 3-year catch up rule that allows participants in one or more of the three years ending before the attainment of normal retirement age under the plan to make additional deferrals.
Service Providers participating in Meriden Public School's 457 plan:
- AXA Equitable | Contact: Joseph Scappatura (203) 937-2438
- ING | Contact: Robert Klein (800) 784-6386 ext. 580-1636
- New England Capital | Contact: Chris Beale
- Security Benefits | Contact: Bill Mann (203) 271-3192
457 Forms & Information
Changes to your 457 plan have to be submitted to and received by the Business Office prior to the first of the month in which you would like the change to take place. Any changes received after the first of the month cannot take place until the first payroll in the following month. However, you may stop your contribution at any time during the month.
403b, 457 Contribution Limits
Base Contribution Limit: $19,500 in 2020. If you are over 50, you can defer an additional $6,500
For 403b plans, there is also a 15 year catch-up rule. An employee must have worked for the Meriden Public Schools full time for 15 years. The catch-up is based on the smallest of $3,000 or $15,000 minus any elective salary deferrals excluded under the catch-up election, or $5,000 times years of service minus any prior elective salary deferrals made to the plan.