The 403(b) retirement program is a voluntary program that allows employees to put extra money aside in annuities or mutual funds with one of ten (10) available pre-tax and/or one of eight (8) post-tax (Roth) providers for their retirement. Employees choose their provider (from the approved list) and investment options that provider offers. The program is administered by the Omni Group.
Traditional 403(b) plans (which the school department has offered for a number of years) allow you to save for retirement pre-tax, meaning that the amount of your salary that goes to the 403(b) plan is not taxed (effectively reducing your annual income for tax purposes. Our new Roth 403(b) plans (available as of 7/1/20) allow you to save for retirement post-tax, meaning that the amount of salary that you contribute to the plan is taxed as normal, however the advantage of the Roth option is that your disbursements from the plan after you retire are not taxed. You can choose to have both a traditional 403(b) and a Roth 403(b) simultaneously in order to attempt to maximize your savings and hedge against changing tax situations.
403(b) Universal Eligibility Notification | Omni's Quarterly Newsletter / Archived Newsletters
Omni's Pawtucket Schools Plan Page
Includes Salary Reduction Agreement, Plan Documentation and other resources.
Omni Salary Reduction Agreement (SRA) Form - Online / PDF
Employees must establish an account with an approved provider prior to completing a SRA. Send SRAs directly to Omni.
Omni Contact Number: 1-877-544-6664
PSD Contact: Steve Fratiello - 401-729-6345 | firstname.lastname@example.org