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Revolutionizing the relationship between employers and their 403(b) providers.
OMNI's Preferred Provider Program (P3SM) presents the opportunity to reduce your fees for 403(b) plan administration, as the investment providers who have qualified for P3 status have agreed to assume the costs of plan administration on the district's behalf.

In addition to the financial benefit, P3 makes available investment providers who have been independently vetted by a committee of your industry peers. The committee, consisting primarily of school business officials, evaluated a myriad of criteria ranging from errors and omissions coverage and indemnification policies to pending litigation and customer service design. As a result, P3 can help bolster the already significant protections provided in Omni's Information Sharing Agreement (ISA), which indemnifies the district against potential lapses in compliance by a participating investment provider, regardless of its P3 status.
How it came to be

Since its initial unveiling in 2011, interest in OMNI’s Preferred Provider Program (P3) has been truly exceptional. The P3 Advisory Committee organized key aspects of this exciting new service model that is revolutionizing the relationship between employers and their 403(b) providers.

Here are the steps taken to develop the program:

  • Advisory Committee made up of School Business Officials hire National Consultant to Develop Request for Information (RFI).

  • Committee identifies over 80 criteria to evaluate Service Providers on.

  • RFI Application sent to over 200 Service Providers.

  • Advisory Committee evaluates and scores responses from Service Providers.

  • Most major Service Providers meet or exceed criteria in RFI.

  • Service Providers awarded P3 status enter into an agreement with Omni to pay for Plan Administration expenses associated with their active accounts in Districts.

  • Approximately 90% of all major Providers participate in P3.

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