Annuity Plans
Our annuity program is available to all employees, including part-time and substitute employees. Suffolk Public Schools offers both IRS Section 403(b) and Section 457(b) deferred compensation plans to all of its employees, including part-time and substitute employees. These plans allow the employee to defer compensation (maximum amounts apply) on a per pay basis, saving current taxes and providing the employee with additional retirement income.
See below to learn how to participate in 403b/457 Benefit Investment options, as well as illustrations on the advantages of contributing. The selected company representative will help you with your individual plan. Call the Payroll Office at 757-925-6754 for more information or call any of the company representatives.
Select the link below to learn how to complete and submit your Salary Reduction Agreement (SRA) with ease using the OMNI online SRA submission process!
Online Salary Reduction Agreement
Suffolk Public Schools has contracted with “The OMNI Group” to administer our 403(b) Retirement Plan in compliance with new IRS guidelines. Under our agreement, it is OMNI’s responsibility to ensure that the district, its employee participants, and each of our providers adhere to all of the many compliance regulations of the IRS. As part of the process of assuring compliance with IRS regulations, OMNI has standardized our tax-sheltered annuity forms. Interested employees must complete and sign the new OMNI Salary Reduction Agreement (SRA) and submit it directly to OMNI. IRS regulations will not permit OMNI to process your payroll deduction without a completed form. Forms must be submitted by any pay date to be effective the following pay date. All employees are also eligible to participate in the IRS 457 deferred compensation plan. New participants in the 403(b) or 457 plans may contact Elizabeth Conroy in the Finance Department for further details at elizabethconroy@spsk12.net or by phone at 757-925-6754.
