Employees

Frequently Asked Questions

We’ve developed a list of questions that we are frequently asked and provided answers that will help you with your 403(b) and 457(b) retirement plans.

What role does U.S. OMNI & TSACG Compliance Services play in my retirement plan?

U.S. OMNI & TSACG Compliance Services is a third party administrator that helps employers administer retirement plans that are not subject to the Employee Retirement Income Security Act (ERISA), including plans for public sector employees, religious organizations, or certain small businesses. OMNI/TSACG performs a range of administrative functions on behalf of the plan sponsor, including:

  1. Plan design and implementation: OMNI/TSACG can help the sponsor design a retirement plan that
    meets the specific needs of the plan participants and complies with applicable regulations.
  2. Recordkeeping and reporting: OMNI/TSACG maintains accurate records of plan transactions and prepares required reports, such as annual statements and tax filings.
  3. Compliance monitoring: OMNI/TSACG helps the sponsor ensure that the plan remains in compliance with applicable laws and regulations, including those related to contribution limits and distribution requirements.
  4. Participant support: OMNI/TSACG provides support to plan participants, such as answering questions about the plan, helping with enrollment and contribution changes, and processing distribution requests.

Overall, OMNI/TSACG’s role is to assist the plan sponsor with the administrative tasks involved in running a retirement plan, so that the sponsor can focus on other important aspects of their organization.

What is a 403(b) Plan?
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

Do I need to invest with OMNI?

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.

How do I select an investment provider from the approved providers in my employer’s plan?

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.

Who is eligible to contribute to a 403(b) plan?

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.

How do I contribute?
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.
Can I change my deduction amount and/or investment provider?
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.
Who decides which investment providers appear on my employer’s list?
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.
How do I get specific fund company for my 403(b) investment provider on my employer’s list?
Only your employer can choose to add/remove vendors from their list of participating providers.
How much can I contribute to my 403(b) plan?
Contribution limits are dependent on a number of factors. The IRS base limit in 2022 is $20,500. Employees over the age of 50 are automatically eligible to increase this amount to $27,000. Individuals with more than 15 years of consecutive service with their current employer MAY be eligible to contribute up to an additional $3,000 beyond their age based maximum. Please contact OMNI’s Customer Care Team for assistance determining your eligibility for the service based catch-up.