New 403(b) Regulations
The IRS released Finalized 403(b) Regulations Monday, July 23, 2007. The regulations were released with an applicable date for tax years beginning after December 31, 2008. As of January 1, 2009 the list of eligible service providers will change as many providers have decided not to sign information sharing agreements with our Third Party Administrator Omni Financial Group. We are currently working closely with Omni to determine what this will mean for employees with payroll deduction to companies that will no longer participate.
More information will be available in the coming months and updates can be obtained on the Omni website.
Please check back often for a listing of companies that you are participating in Massena Central School District's investment plan.
To be eligible for Medicare Part B Reimbursement, retirees who have reached the age of 65 must submit a copy of their Medicare card to the Massena Central Business Office.
Reimbursements are made semi-annually around June 1st and December 1st. Retirees should forward all inquiries and address changes to Julie Locey.
Massena Central School District has determined that the prescription drug coverage offered is expected to pay out as much as standard Medicare prescription drug coverage pays and is therefore considered Creditable Coverage. Because your existing coverage is Creditable Coverage, you can keep this coverage and not pay a higher premium (a penalty) if you later decide to join a Medicare drug plan. Click here to read the full credible coverage letter (PDF).
Employee Retirement System
Chief Payroll Clerk