2020 Universal Availability Notice

PLAN SUMMARY INFORMATION

403(b) PLAN AND 457(B) DEFERRED COMPENSATION PLAN
The 403 (b) and 457 (b) Plans are valuable retirement savings options. This notice provides a brief explanation of the provisions, policies and rules that govern the 403(b) and 457(b) Plans offered.

403(b) Universal Availability Notice
 

INVESTMENT PROVIDER INFORMATION
Plan administration services for the 403(b) and 457(b) plans are provided by the Omni Group. Visit the Omni Group website (Omni403b.com) for information about enrollment in the plan, Investment product providers available, distributions, exchanges or transfers, 403(b) and/or 457(b) loans, and rollovers.
  

ENROLLMENT
Employees who wish to enroll in the 403(b) and/or 457(b) plan must first select the provider and Investment product best suited for their account. Upon establishment of the account with the selected provider, a Salary Reduction Agreement" (SRA) form and/or a deferred compensation enrollment form and any disclosure forms must be completed and submitted to the Omni Group. These forms authorize the employer to withhold 403(b) and/or 457(b) contributions from the employee's pay and send those funds to the Investment Provider on their behalf. A SRA form and/or a deferred compensation enrollment form must be completed to start, stop or modify contributions to 403(b) and/or 457(b) accounts. Unless otherwise notified by your employer, you may enroll and/or make changes to your current contributions anytime throughout the year.

EMPLOYEE CONTRIBUTIONS
Traditional 403(b) and 457(b)
Upon enrollment, participants designate a portion of their salary that they wish to contribute to their traditional 403(b) and/or 457(b) account(s) up to their maximum annual contrilbution amount on a pre-tax basis, thus reducing the participant's taxable income. Contributions to the participant's 403(b) or 457(b) accounts are made from income paid through the employer's payroll system. Taxes on contributions and any earnings are deferred until the participant withdraws their funds.

Roth 403(b) and 457(b) Contributions
Contributions made to a Roth account are after-tax deductions from your paycheck and are subject to limit coordination with traditional accounts. Income taxes are not reduced by contributions you make to your account all qualified distributions from Roth accounts are tax-free. Any earnings on your deposits are not taxed as long as they remain in your account for five years from the date that your first Roth contribution was made. Roth 403(b) distributions may be taken if you are 59½ (subject to plan document provisions) or at separation from service, while Roth 457(b) disttibutions may be taken once you have separated from service.

THE BASIC CONTRIBUTION LIMIT FOR 2020 is $19,500.
Additional provisions allowed:

AGE-BASED AMOUNT
Participants who are age 50 or older any time during the year qualify to make an additional contribution of up to $6,000 to the 403(b) and/or 457(b)
accounts.

How Can I Get More Information?
You can access further information at www.omni403b.com.

Please note: The total annual amount of a participant’s contribution must not exceed the Maximum allowable Contribution.