Annual Limits

403(b) Plans administered by OMNI - Read all about it HERE

ELECTIVE Contributions  “Elective” meaning the money you elect to take out of your check by choice, into your 403(b).

2025 LIMITS:

- Under age 50 - $23,500

       - Over age 50  - $31,000

An employee MAY be eligible for an additional $3000 service catch-up if they have 15 years of service at HHH and their lifetime annual average contribution is below $5,000.  The IRS requires employees to apply in writing to determine their eligibility.  The form is on the OMNI website at www.OMNI403B.com and you can submit it online.

NON-ELECTIVE Contributions “Non-Elective” meaning contributions are “contractually obligated” and MUST go into your 403(b) account (For example:  Sick day payouts).

The non-elective limit for HHH contributions to a 403(b) account is $70,000 for 2025 .  This amount MAY be limited if the employee's 403(b) elective contributions exceed $6,000 in the calendar year of retirement.

PLEASE NOTE - both the Teachers' Association and Administrators' Association currently allow for deferments of non-elective contributions (over that year's limit) to be made in subsequent calendar years.  Thereby, there will be no loss of tax savings for these HHH retiring employees.

457(b) plans administered by NYS Deferred Compensation

Only ELECTIVE contributions can be deposited to a 457 plan.

2025 LIMITS:

- Under age 50 - $23,500

       - Over age 50  - $31,000

*In order to access the additional $7,500 Catch-up plan, employees age 50 and over must APPLY for it.  The form is on their website at www.NYSDCP.com

An employee MAY be eligible for the “special retirement” which could entitle them to contribute twice the annual limit ($45,000) as an elective contribution.  Employees need to contact NYS Deferred Comp for the necessary paperwork as it is NOT available on the website.

*****PLEASE NOTE:   YOU CAN HAVE BOTH A 403(b) AND A 457 AT THE SAME TIME.  This will double your ELECTIVE limits !