Key Benefits

	Efficient, Effective & Easy
	Safeguards Your Checks
	Increased Earnings

Capabilities

More than four million paper paychecks are lost or stolen each year.  Misplacing or losing your check is virtually impossible when using direct deposit  -  funds are electronically transmitted to your account.  Checks will be automatically deposited when you are on vacation or just too busy to get to your banking institution.  Direct deposit checks are electronically credited to your account on the date of payment.  Dividends or interest could begin accruing immediately.  Your deposit is available for withdrawal on the date of the payment.

To sign up for Direct Deposit, please complete the direct deposit form which you will find on the Products & Forms link.   If you are unable to print the form, please contact our office.

Key Benefits

	Pre-Tax Dollars
	Payroll Deduction
	Additional Retirement Savings

Capabilities

What is the 403b Program?

	This is an IRS approved salary deferral retirement program started in 1961 for employees of non-profit institutions such as colleges, universities, museums, and public schools.  Basically the 403b Plan is much like a 401k except for non-profit status.  The 403b Program provides additional retirement savings.
	Every dollar contributed to your 403b plan is tax deferred.  In other words, your gross income is reduced by the amount of your contribution.  Tax-deductible contributions to the plan can only come from salary deductions and these deducted monies can only be placed into plans offered through and made available by the employer.  An employee cannot directly fund their plan.  By law, investment in these plans is limited to investing in mutual funds, variable annuities and fixed annuities only.
	Limits are established based on a calendar year.  For 2009 the limit is $16,500.  There is an additional $5,500 which can be sheltered if the employee is 50 years of age or older.   There is also a catch-up provision available for participants that have not previously participated subject to length of employment.   Employees are always 100% vested and own their participation in the plan.
	The Roth 403b is now available under our new Plan Document effective January 1, 2009.  The Roth has different limits and is taxed when the money is disbursed and not when contributed.  Please discuss this with your financial planner/representative.

The Omni Group is our Third Party Administrator of this program.  Please visit their website at www.omni403b.com for detailed information, forms, and links to our approved vendors.  The link below will provide local names and phone numbers for our approved vendors.   In addition, you can start/stop contributions at any time along with changing your dollar amounts.  Our Plan Document also allows for transfers and exchanges as well.