Greece New Hires
Welcome! Whether you saw us at orientation, or we missed you, we are glad you're here. Let us help you navigate the retirement benefits so you can focus on the start to your career with Greece Central Schools! Click here to schedule a phone call with us!
Throughout the first few months of school, keep referring back to this page as we will be updating it and continuously adding value.
We have been lucky enough to partner with local public school districts for a number of years to help employees truly understand what they have available to them. Our group has specialized in this area since 2003.
Most of you are probably a Tier 6 employee in the NYS Pension. This means you were hired in NYS after April 1st, 2012. Some highlights of your tier:
- Paying 3%-6% of each paycheck to NYS (sliding scale)
- Benefit is determined by your Final Average Salary (average of 5 highest earning, consecutive years) and Service Credits (number of years worked)
- The more Service Credits earned, the higher % of your F.A.S.
- 20 Years (20 Service Credits) = 35% of FAS
- Each additional year (service credit) = +2%
- Full Benefit can start at age 63
Saving for Retirement
Click here to see the list of companies that you are able to utilize for the 403b.
Let us help you choose which makes the most sense for YOU!
Why Are There So Many Options?
Greece works with OMNI as the Third-Party Administrator (TPA) to administer the 403b plan. There are a lot of options which can be a good thing or a bad thing. It's bad because it can certainly be overwhelming especially when you probably haven't heard of a lot of the companies.
The good thing is with a lot of options, comes a lot of competition. You can think of it as a list of companies competing for your business! We would be happy to go over this list with you to determine what makes the most sense right now. Some things that you should consider before choosing which of these companies to utilize-
- Surrender Periods
- Be aware of accounts that have a "surrender period." These are common in annuity 403b's. Some accounts have a 12-year surrender period meaning you can't switch providers within 12 years without paying an extra fee to do so.
- A lot of the options on the provider list have not "modernized" the fees charged within. Know what you are paying and how your advisor is being compensated. Ask them how that compares relative to the other providers on the list.
- Conflicts of Interest
- If you see "Company X" on the provider list and then somebody FROM "Company X" recommends using "Company X"... there may be a conflict of interest.
Traditional 403b or Roth 403b?
This is such an important question and one that is really so personal to you and your situation. The differences are below. Which one you should be emphasizing more depends on a number of factors and will most-likely change several times over the course of your career.
1. Pre-Tax Contributions
1. After-Tax Contributions
|2. Tax-Deferred Growth||2. Tax-Free Growth|
|3. Taxed Distributions||3. Tax-Free Distributions|