The OMNI Group

The OMNI Group Answers Your SRA Questions

If you are an employee of an organization that has appointed The OMNI Group as third party adminstrator and have questions regarding your Salary Reduction Agreement, please refer to the frequently asked questions below. If a question/answer does not provide enough information or if you have a question not listed below, please contact us.

Salary Reduction Agreement (SRA) FAQ Information:

How do I access the form if I don't have a computer?
  • Contact OMNI at 877-544-6664 to receive a copy via fax or mail. Often your payroll department has copies as well.

How do I submit this form? (See page 2 of the SRA for contact information)?
    You have 3 options to submit the SRA: (No need to submit multiple times)
    • Online submission (recommended)
    • Mail
    • Fax

Can I call to change my deductions?
  • No. Online submission or a signed OMNI SRA indicating the change is required.

How long does it take to process an SRA?
    OMNI will process the form as promptly as possible
    • Faxed SRAs processed within 24/48 hours. You may confirm receipt at that time. Online submissions will provide you with a confirmation upon submission. The internal processing time still takes 24/48 hours, assuming there are no issues.
    • Changes will take effect on first available payroll after processing is complete unless otherwise requested. OMNI confirms new accounts with Service Providers and cannot start deductions prior to confirmation.
    • Note: Effective payroll dates depend on your employer's payroll schedule. Changes must be completed and processed within 8 calendar days prior to the effective payroll date.

What is the difference between initiating and changing a salary reduction?
    Initiating:
    • If you are already enrolled, but changing or discontinuing present Service Provider for another, or beginning with a new employer. OMNI needs to confirm all new changes prior to submitting funds.
    • If the service provider is the same, but the employer is new, be sure to update the service provider with the name of your new employer before submitting an SRA for to OMNI.
    • Never participated with your current employer. It is your first time enrolling. You must open a 403b account at the service provider, prior to submitting the SRA form to OMNI. OMNI will then verify the account before remitting contributions.
    Changing:
    • If you are making a dollar amount change and keeping the same Service Provider.

How do I fill out the form if I have more than one Service Provider?
  • Ask your employer, not every employer permits more than one Service Provider. When asked to provide Service Provider information, each line would indicate a different Service Provider. Complete each line fully to indicate the amount per Service Provider.

How do I change Service Providers?
  • First: Check the box in Section 3 - "Discontinue SRA" Be sure to identify the Service Provider to whom you no longer wish to contribute and the date of the discontinuance.
  • Second: Check the box in Section 3 - "Initiate a New Salary Reduction" Fill in the Service Provider, amount of contribution, and the effective date to begin your contribution.
  • Note: Effective payroll dates depend on your employer's payroll schedule. Changes must be completed and processed within 8 calendar days prior to the effective payroll date.

What if I would like to choose a percentage of my salary rather than a dollar amount?
  • Ask your employer, not every employer permits percentages. If permitted, Part 2 of the SRA must be completed by your employer including current salary information and pay periods.

I have an existing 403b account with my fund company, but have recently switched employers. What action do I need to take to ensure my deductions will continue without interruption?
  • You will need to contact your fund company and update your records with the name of your new employer. This should be done before submitting a new SRA to OMNI to ensure there are no interruptions with your deductions. Until this change takes place, we are unable to remit your funds.

Click here for the SRA form (pdf version)

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