OMNI 403B

403b Benefit Opportunity - for more information and a list of financial institutions that the district participates in 

2024 Maximum Allowable Contributions

The normal calendar year limit IRS elective contribution for a 403(b), 457(b) and 401(k) plans will increase $23,000 for 2024.

The age-based additional amount (age of 50 by 12/31/2024) may contribute an additional to $7,500, which will permit employess age 50 or older in 2024 to contribute up to $30,500.

Any other catch-up options that may be applicable to our plan remain unchanged.

The Fifteen Year Cap Expansion Option, commonly referred to as service-based catch up, may also be available to veteran employees having 15 years or more with their current employer and whose total past 403(b) annual contributions average under $5,000 per year of employment. This allowance has a $3,000 maximum amount per year with a lifetime maximum of $15,000. A qualified employee could, for example, contribute an additional $1,000 per year for 15 years to reach the $15,000 lifetime maximum.

The overall employee and employer contribution limit for 401(a) and 401(k) and 403(b) plans increases by $3,000 to a total of $69,000 effective January 1, 2024.


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