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Measure A on November Ballot
Clovis Unified’s Measure A is on the ballot this November. Measure A is a facility bond measure that maintains a stable tax rate and would provide for: 
  • Safety, energy efficiency and technology upgrades for ALL schools.
  • Modernization and repairs to aging schools.
  • Completion of our new high school to ease overcrowding.
 
Learn more about this $400M facility bond measure at cusd.com.
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403b/457b FAQ

What is a 403(b) and 457(b) Plan?

A 403(b) and 457(b) plan is a voluntary retirement plan offered by CUSD to help supplement your retirement savings. It is similar to a 401(k) but is called a 403(b) because it is offered by public schools and other tax exempt organizations. The plans allow you to set money aside in a special account and invest it for your retirement.

Contributions can be started by filling out a Salary Reduction Agreement (SRA) through OMNI, the districts third party administrator (TPA) of 403(b)/457(b) plans. The SRA allows CUSD to withhold money from your paycheck to be contributed into a 403(b)/457(b) account for your benefit. Usually, you do not pay income tax on these contributions until you withdraw them from the account.

To complete a Salary Reduction Agreement, click here

How do I Contribute?

  1. Choose a participating 403(b)/457(b) investment provider and establish your investment account. A list of providers is available by clicking here. After working with your investment provider to establish your account and select investment vehicles, then advance to step 2.
  2. Complete an OMNI Salary Reduction Agreement (SRA) to initiate your deductions. Click here. If the SRA is completed and OMNI can verify your Active Account with your provider by the end of the 15th of the month, then your deduction can start on that months paycheck. 

Who is OMNI?

OMNI is the districts third party administrator (TPA) of 403(b)/457(b) plans. OMNI ensures compliance with IRS regulations governing the operation of the plans. OMNI also helps remit your contributions to the investment provider(s) you have specified. OMNI is NOT an investment company/investment provider, they do NOT offer and CANNOT recommend any specific investment vehicle.

Can I change or end my Deduction and/or Investment Provider?

Yes, you can change or end your deduction amount and/or investment provider at any time. Salary Reductions Agreements (SRA) that are completed by the 15th of the month can be deducted on that months paycheck, as long as OMNI has verified you have an active open account with that provider.

Salary Reduction Agreement: Used to add, change or end your contributions

How much can I Contribute to my 403(b) and/or 457(b) Plan in 2024?

Contribution limits are dependent on a number of factors. The IRS base limit in 2024 is $23,000. Employees over the age of 50 are automatically eligible to increase this amount to $30,500. Individuals with more than 15 years of consecutive service with their current employer MAY be eligible to contribute up to an additional $3,000 beyond their age based maximum. Please contact OMNI's Customer Care Team for assistance determining your eligibility for the service based catch-up.

Limits are individual for 403(b) and 457(b). 

Who is Eligible to Contribute?

All CUSD employees are eligible to contribute to a 403(b)/457(b) plan.

What's the Difference Between a 403(b) and 457(b)?

Please see document below for the different features of both a 403(b) and a 457(b) plan.

What is a ROTH Plan?

Basically, a Traditional 403(b)/457(b) is a pretax deduction where as a ROTH 403(b)/457(b) is a posttax deduction.
Please see the below document explaining the ROTH features:

I need a Signature on a document?

If you need a signature on a document for your 403(b)/457(b) due to cashing out, rolling funds, etc.  CUSD is not authorized to sign documents.  OMNI, the districts Third Party Administrator, can sign those types of documents.

Please call OMNI at 877-544-6664 and they can give you direction.  You can also CLICK HERE for additional information and transaction forms.

Contact

If you have any additional questions, please email us at [email protected] and we would be happy to assist you.

OMNI
Toll-Free: 1-877-544-6664
Hours: Monday - Friday 7:30am - 8:00pm EST

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