403(b) and 457(b)

Effective July 1, 2021, we are excited to announce U.S. OMNI as our 403(b) & 457(b) Third Party Plan Administrator!
OMNI Customer Care Team Phone number (877) 544-6664

403(b) Why Me Poster

403(b) Why Me - English

403(b) Why Me - Spanish Subtitles

OMNI Website (to change language, go to "Select Language" in the upper right corner)

Significant Legislation Impacting 403(b)/457(b) Plans 

In light of the COVID-19 pandemic, significant legislation (CARES Act) impacting 403(b)/457(b) plans has been passed to help relieve financial stress during these unprecedented times.

COVID-19 (Coronavirus) Resource Center

Plan Setup or Plan Change Instructions

IRS announces 2025 403(b) & 457(b) limit increases to $23,500

  • The normal calendar year limit for 403(b) and 457(b) plans will increase by $500 to $23,500 for 2025.
  • The age-based additional amount (age 50 by 12/31/2025) remains unchanged at $7,500 for 2025.
  • Starting January 1, 2025, SECURE 2.0 Act of 2022 includes a modification of the rules for participants utilizing the age 50 catch-up in 403(b) and 457(b) plans, which allows employees aged 60 to 63 to make higher catch-up contributions the greater of an additional $10,000 per year or 150% ($11,250) of the regular age 50 catch-up amount for that year.
  • Any other catch-up options that may be applicable to your Plan(s) remain unchanged.

403(b) Instructions

403b Plan Adoption Agreement (restatement July 2021) 

403b Summary Plan Description

Do Your Research

To get a perspective of the many investment providers available, visit the OMNI website, to provide comprehensive, unbiased information for Marin Community College District. Contact the OMNI Customer Care Team at  (877) 544-6664 for more details.

403(b) Instructions

Step 1: Go to the OMNI Website.

Step 2: Review the list of approved 403(b) vendors that partner with Marin Community College District. 

Step 3: Select a Vendor. 

Step 4: You and/or your Financial Advisor contact your Vendor of choice to establish an investment account. 

Step 5: All requests must be submitted Online. Click on 403(b) Online SRA to get started. When completing the online data please READ INSTRUCTIONS CAREFULLY, as you are making changes to your paycheck!  Once you have successfully submitted your changes, OMNI will provide you with a confirmation number. 

For the end of month payroll and the mid-month payroll, every attempt will be made to process requests on the next payroll, if the approved request is received by the District by the 15th of the month. Note: December is a short payroll month, so the deadline will be earlier in the month (on/around December 8th).

Changes to Your 403(b) Account

Use the 403(b) Online SRA to adjust your contributions. If you are making a one-time change, you will also need to submit another 403(b) Online SRA to change your contribution with an effective date.  

Individuals with at least 15 years of service with their current employer may be entitled to contribute up to an additional $3,000 above their age-based limit, potentially increasing the limit to $29,000 (in 2020) for a participant utilizing both the age based and the full amount of the service based catch-up provisions. If interested, please complete and submit the 403b Service Based Catch-up Request Form.

Roth (after-tax contributions)

For employees to start Roth contributions the following steps are required:

Step 1: Select a Roth vendor from the OMNI website.

Step 2: Contact the vendor that you select and obtain their account application to open a Roth account.

Step 3: Complete and submit the account application to the vendor to open the account.

Step 4: All requests must be submitted Online. Click on 403(b) Online SRA to get started. When completing the online data please READ INSTRUCTIONS CAREFULLY, as you are making changes to your paycheck!  Once you have successfully submitted your changes, OMNI will provide you with a confirmation number. 

For the end of month payroll and the mid-month payroll, every attempt will be made to process requests on the next payroll, if the request is received by the District by the 15th of the month. 

457(b) Instructions

457(b) Deferred Compensation Plan Adoption Agreement

You may open a 457(b) account with CalSTRS Pension2, National Life Group/Life Insurance Company of the Southwest (LSW), Security Benefit Group (SBG) or Valic. See the contact information below.

Corebridge Financial (formerly VALIC) – 457(b)

Plan ID: 02212
Phone: (800) 853-6399
Fax: (877) 202-0187

CALSTRS Pension2 (Voya is Record Keeper)

Plan ID: 401894
Toll Free Phone:  (844)  353-2872
Fax Number: (888) 814-5862
Website

National Life Group/Life Insurance Company of the Southwest (LSW) - 457(b)

Plan ID: A4806
Phone: (800) 579-2878
Fax: (214) 638-9170

Security Benefit (SBG) - 457(b)

Plan ID: 613893
Phone: (800) 888-2461
Fax: (785) 368-1772

Step 1: Select a Vendor.

Step 2: You and/or your Financial Advisor contact your Vendor of choice to establish an investment account. 

Step 3: All requests must be submitted Online. Click on the 457(b) tab, then click on the 457 Online SRA option.  When completing the online data please READ INSTRUCTIONS CAREFULLY, as you are making changes to your paycheck!  Once you have successfully submitted your changes, OMNI will provide you with a confirmation number.

For the end of month payroll and the mid-month payroll, 457b changes made in one month will be effective on the following month's payroll. 

The Final Three Year 457b Catch-Up may be available to an employee based on calculation qualification within the last three years prior to retirement, assuming they are retiring at or after the normal retirement age of 63. It is not allowed to be used in the year they will retire. For instance, if an employee plans to retire in 2023 the catch up is available to them (per qualification) in 2020, 2021, and 2022. If it is used in 2020 and they skip 2021 they are not allowed to use it in 2022. The idea of the catch-up is to allow for employee’s to “make-up” any contributions they didn’t defer within their employment.

To qualify the employee needs to complete the 457(b) Final Three Year Catch-up Request Form. The online 457(b) Final Three Year Catch-up Request Form is also available.

Lincoln Investment