403 b tax shelters Information
The district has added Vanguard to its list of accepted vendors for 403 b tax shelters. This is a major development for our members. Much of the credit goes to OSMS technology teacher Matt Quenneville. He worked hard to get the necessary signatures that the district required. Vanguard is a leader in Index Funds and low cost investing. Their flagship fund, The Vanguard 500 Index Fund Admiral Shares (VFIAX), only charges .04% . This is much lower than the usual annuity funds that the district has offered in the past.
Anyone interested in joining Vanguard should complete the following steps:
1. Navigate to this website: Omni403b Employee Plan Details
2. From the dropdown menu select "NY" for the state.
3. Enter employer name as "Oneida City School District" (name will autocomplete) and press "GO"
4. Select "Online Enrollment Available" icon to the left of Vanguard's name.
5. On the vanguard site, click on the dropdown menu and type in "Oneida City School District" (name will autocomplete) and select.
6. Fill in the resulting form and wait for a response from Vanguard.
Once you have an account number, decide how much to contribute each payday through OMNI. You can use the OMNI website or contact our payroll office to sign up.
Changing to Vanguard is the easiest way to save on fees and still be investing in the stock market. There is a national trend happening among teachers. They are talking about the enormous fees teachers pay with annuities. NYSUT endorses VOYA who charges 1.75% on their index accounts and close to 2% on their managed accounts. These fees really add up over time. For example, a member with $500,000 in their retirement account would pay either $200 (.04%) with Vanguard in fees or $10,000 (2%) with a VOYA account. That money really adds up over the years.
Anyone interested in joining but needs a little help is encouraged to reach out to Matt Quenneville at OSMS or John Markle at OHS.
Anyone interested in joining Vanguard should complete the following steps:
1. Navigate to this website: Omni403b Employee Plan Details
2. From the dropdown menu select "NY" for the state.
3. Enter employer name as "Oneida City School District" (name will autocomplete) and press "GO"
4. Select "Online Enrollment Available" icon to the left of Vanguard's name.
5. On the vanguard site, click on the dropdown menu and type in "Oneida City School District" (name will autocomplete) and select.
6. Fill in the resulting form and wait for a response from Vanguard.
Once you have an account number, decide how much to contribute each payday through OMNI. You can use the OMNI website or contact our payroll office to sign up.
Changing to Vanguard is the easiest way to save on fees and still be investing in the stock market. There is a national trend happening among teachers. They are talking about the enormous fees teachers pay with annuities. NYSUT endorses VOYA who charges 1.75% on their index accounts and close to 2% on their managed accounts. These fees really add up over time. For example, a member with $500,000 in their retirement account would pay either $200 (.04%) with Vanguard in fees or $10,000 (2%) with a VOYA account. That money really adds up over the years.
Anyone interested in joining but needs a little help is encouraged to reach out to Matt Quenneville at OSMS or John Markle at OHS.
| teach_and_retire_wealthy_2017_update__2_.pptx |
| omni_form.pdf |
| 403_b__open_investments.xlsx |