A 403(b) plan is a voluntary retirement plan offered by public schools and other tax exempt organization to their employees to help supplement employee retirement savings. 403(b) plans allow employees to set money aside in a special account and invest it for their retirement.
Contributions are made under a Salary Reduction Agreement (SRA) with your employer. This agreement allows your employer to withhold money from your paycheck to be contributed directly into a 403(b) account for your benefit. Usually, you do not pay income tax on these contributions until you withdraw them from the account.
To complete a Salary Reduction Agreement, click here
OMNI is a third party administrator (TPA) of 403(b)/457(b) plans. We work with your employer to help ensure compliance with IRS regulations governing the operation of 403(b)/457(b) plans. OMNI also helps your employer remit 403(b)/457(b) contributions to participating investment providers. OMNI is NOT an investment company/investment provider- we do not offer and cannot recommend any specific investment vehicle.
Each investment provider offers difference investment products, each with different features. In order to select the right investment provider for your retirement needs, it is recommended that you contact each provider in the plan to determine the best fit for you.
All full time employees are eligible by default. Part time employees may or may not be eligible, depending on the specifics of your employer’s plan. Contact your employer for specific information regarding your eligibility.
Your first step will be to contact a participating 403(b)/457(b) investment provider to establish your investment account. A list of participating investment providers for your employer is available on your organization's Plan Detail Page. After working with your investment provider to establish your account and select investment vehicles, you will then need to complete an OMNI Salary Reduction Agreement (SRA) to initiate your deductions.
Yes. Most employers place no limits on the number of changes you can make. Simply complete an SRA form and return it to OMNI to initiate a deduction change. To change investment providers within your plan, simply complete OMNI’s Contract Exchange form, and open an account with the new investment provider.
Your employer is responsible for choosing which Investment Providers appear on their list. Any investment provider which has completed an IRS mandated Information Sharing Agreement (ISA) could potentially be included on an employer’s vendor list.
Only your employer can choose to add/remove vendors from their list of participating providers.