The Omni Group

The OMNI Observer April 2009

 

Rod Williams, President

President's Message

Rod Williams

With numerous new IRS rules and the difficult economic climate this year, meeting the high level of customer service you’ve come to expect from OMNI has been challenging.  But as we all know, only through challenge can there be growth.
OMNI’s Corporate Motto: “Listens Leads Delivers” implies that we will always be open to your ideas and suggestions for innovation. We too want to streamline business processes.
To that end, I am excited to announce the first release in a series of steps we hope you find improve your experience with OMNI - online form submission. Additionally, we are investing significant technical resources to renovate our infrastructure; giving our Customer Care Representatives a central location for tracking and processing incoming documents.
Thank you for your continued loyalty and business. We hope you will join with us in welcoming the many exciting changes to come in the near future!
- Rod Williams

OMNI Announces Online Transactions!
  • You asked, we listened! In light of overwhelming interest on behalf of employers across the country, OMNI is pleased to announce the rollout of Online Transactions, beginning in mid-April. Going forward, employees will be able to make changes to their fund company/deduction, request a loan, and even initiate a Hardship Distribution- all online! Interested in making a transaction? Simply select your employer’s home page. At the top of the page you will notice several new options:
    • Online SRA
    • Online Hardship Request Form
    • Online Loan Request Form

  • Each of these links will take you to an online form; which happens to look very similar to the paperwork you may already be familiar with. Complete ALL fields as directed, confirm your information, provide an electronic signature, and hit submit- you’re done!
  • What really makes online transactions exciting are the immediate results you'll see. For example: If you are changing your deduction amount, you will automatically receive an e-mail confirming that your change has been received by OMNI- no more wondering if a fax has been received or worrying about when to expect your change to become effective.
  • Anything that would normally require a paper SRA, can now be completed online. You will be able to start contributions, change your deduction amount or fund company, even set up a special one-time contribution.
  • Loan and Hardships are a bit more complex. Obviously, we can't give instantaneous confirmation, but we can give you a tracking number - and the ability to follow your loan throughout the approval process. As always, our Dedicated Customer Care Unit is fully available to address any questions that might arise during the switch over to Online Forms.

411 for your 403b
  • OMNI’s Customer Care Center- In early 2009, OMNI established a dedicated Customer Care Team to help field the staggering volume of inquires from Plan Sponsors (employers), Participants (employees) and Service Providers (fund companies and their representatives). Our Customer Care Center can receive over 1,000 phone calls a day. Available from 7:30 AM to 6:00 PM EST, our Customer Care Representatives are ready to respond to any concern or question you may have. Simply call the main OMNI phone number: 877-544-6664.

A Word From Compliance
2009 First Quarter Chart
  • Help Us Help You
    Over 9,000 distribution requests have been received by OMNI since we rang in the new year. A helpful hint to retirees requesting a distribution based on age or separation of service - submitting supporting documentation, such as proof of date of birth or termination of employment along with the Service Provider paperwork will only help to speed the requests through the pipeline.
  • Service Providers Are Figuring This All Out Too
    What once was easy is now complex. Transactions that used to take days may now take weeks, or even longer. The new IRS regulations and today’s financial turmoil has shaken the entire 403b industry. Service Providers are assessing their own record keeping processes under the newly required Information Sharing Agreements and adjusting corporate policy. While OMNI is in contact with the Service Providers, and is attempting to forge new protocols to establish seamless workflows; when in doubt about their current policy, or their rules regarding a particular document or form - contact them. Your employer’s homepage on the OMNI website, www.omni403b.com, provides links to each Service Provider’s website.
  • In Closing
    I thank you for taking the time to review this inaugural edition of The OMNI Observer; it is our latest effort to provide you with the highest level of communication and customer service. This and future volumes will continue to be available on our website. Should you have suggestions or comments, or even requests for future newsletters, simply Contact Us.

    Thank you for selecting OMNI as your partner in 403b compliance

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