Voluntary Retirement Savings

 

The school district currently offers two voluntary retirement savings plan. The 457(b) is known as the New York State Deferred Compensation Plan (NYDCP). As of January 1^st, 2009, Omni will coordinate with approved vendors the 403(b). These Plans allow employee contributions through payroll deduction in a variety of investment choices. Employee contributions are not subject to current federal and New York State income taxes. 

 

 

457(b)

 

The NYDCP representative for East Greenbush Schools is Michael Kochan. He can be reached at www.nysdcp.com.   

      

 Employees should follow these steps to enroll in the NYDCP Plan:

1)                  Attend one of the informational sessions

2)                  Complete NYDCP enrollment form with investment selection

3)                  Return enrollment form to NYDCP for processing

4)                  Obtain account confirmation form from NYDCP

5)                  Complete district payroll deduction form

6)                  Return payroll deduction form and confirmation to payroll office

 

Payroll deduction forms will be available at the informational sessions and in the payroll office.

 

 

The Board approved the agreement with Omni on Wednesday, 9/24.
Shortly, we will begin the transition of the 403(b) plan for January 1
compliance.

 

As of this posting, the following vendors in our plan HAVE qualified:

ING National Trust

Mass Mutual/Panorama
Metropolitan Life
NY Life Insurance
PFS Investments/Primerica
Travelers Insurance Co. (understand it is now Met Life)
AXA Equitable
The following vendors in our current plan HAVE NOT qualified:
American Cap/Van Kampen Investments
American Funds Service Co.
Fidelity Retirement Services
Prudential Investments
TIAA-CREF
VALIC
Vanguard

You may want to take a look at the website on your own to look at the
participating company list.

Omni website