Instructions

403(b)

Early 403(b) withdrawals are sometimes permissible in the event that you become permanently disabled. After completing your Service Provider’s distribution paperwork, fill out the online Disability Request Form. Evidence of disability approval from the Social Security Administration would be required.

OMNI will verify any necessary information with your current or former employer before authorizing your transaction and emailing you a Certificate of Approval . Typical turnaround time for this transaction is between five and eight business days. Once a certificate of approval has been issued, it should be printed and submitted to your Service Provider with any required paperwork.

457(b)

Not Allowed by IRS

403(b)

IRS regulations allow for any individual who is 59 1/2 years of age and/or separated from service to withdraw funds from their 403(b) plan. If you meet these criteria, your first step will be to contact your 403(b) service provider to request a distribution.

After completing your Service Provider’s distribution paperwork, fill out the online Distribution Request Form. OMNI will verify any necessary information with your current or former employer before authorizing your transaction and will email a Certificate of Approval, which should be printed and submitted to the Service Provider with any required paperwork .

457(b)

IRS regulations allow for any individual who is 70 1/2 years of age (or 59 1/2 depending on your plan’s features) and OR separated from service to withdraw funds from their 457 plan. If you meet these criteria, your first step will be to contact your 457 service provider to request a distribution. After completing your Service Provider’s distribution paperwork, fax the completed documents to OMNI’s Service Provider Team at 585-756-5557. In some cases, original paperwork may need to be submitted.

OMNI will verify any necessary information with your current or former employer before authorizing your transaction and returning it directly to your 457 Service Provider for payout. Typical turn around times for this transaction are between five and eight business days. If at any point you would like a status update on the progress of your distribution, feel free to contact OMNI’s Customer Care Team at 877-544-6664.

403(b) / 457(b)

This refers to the transfer of your 403(b) assets from one 403(b) Service Provider to another of your employer’s participating providers. As with a rollover, you will want to obtain paperwork from your receiving vendor (who must be on your current employer’s list of participating vendors), to initiate this transaction.

After contacting your sending provider to obtain any paperwork that may be required, complete the online Exchange Request Form. OMNI will email the certificate of approval within 2-3 business days, which should be printed and submitted to your Service Provider with their required paperwork.

403(b)

A hardship distribution is a distribution of funds from your 403(b) account due to an immediate and heavy financial need. Seven circumstances are deemed by the IRS to constitute an immediate and heavy financial need:

• Medical expenses for the employee or his/her spouse or dependents
• Costs for the purchase of a principal residence
• Tuition and related educational expenses for the employee or his/her spouse or dependents
• Payments necessary to prevent eviction from or foreclosure on a primary residence
• Burial or funeral expenses for the employee’s parent, spouse, or dependents
• Repair of damage to the employee’s principal residence
• Expenses and losses incurred on account of a FEMA declared disaster

Other requirements particular to hardship distributions are:

• The amount of the hardship distribution cannot exceed the amount of the immediate and heavy financial need.
• Hardship distributions can only be made from employee contributions and qualified employer non-elective and matching contributions made to a non-custodial account.

Your employer has hired U.S. OMNI & TSACG Compliance Services to authorize hardship distributions from its 403(b) plan. Accordingly, OMNI/TSACG only approves hardship distributions meeting one of the seven categories and requires you to certify that the hardship distribution is for one of the seven circumstances described above. In addition, you must certify that the requested amount does not exceed the amount required to satisfy the need and you have no alternative means reasonably available to satisfy the need.

457(b)

See Unforseeable Emergency below

403(b)

See Hardship section above

457(b)

An unforeseeable emergency distribution is a distribution of funds from your 457(b) account due to severe financial need. Four circumstances are deemed by the IRS to constitute a severe need:

• Illness, accident or medical expenses of the participant, the participant’s beneficiary, or the participant’s, or the beneficiary’s spouse or dependent
• Property loss caused by casualty (for example, damage from a natural disaster not covered by homeowner’s insurance) of the participant or the beneficiary
• Funeral expenses of the participant, beneficiary or dependent
• Imminent foreclosure of or eviction from the participant’s primary place of residence

Other requirements particular to an Unforeseeable Emergency Withdrawal are:

• The amount of the unforeseeable emergency distribution cannot exceed the amount of the immediate and heavy financial need.
• Unforeseeable emergency distributions can only be made from employee contributions and cannot be made from earnings on those contributions.

Your employer has hired U.S. OMNI & TSACG Compliance Services to authorize unforeseeable emergency distributions from its 457(b) plan. Accordingly, OMNI/TSACG only approves unforeseeable emergency distributions meeting one of the four categories and requires you to certify that the unforeseeable emergency distribution is for one of the four circumstance above. In addition, you must certify that the request amount does not exceed the amount required to satisfy the need and you have no alternative means reasonably available to satisfy the need.

403(b) / 457(b)

Many Service Providers allow for participants to take a loan against the assets held in their plan. If your Service Provider allows for loans, you will start the process by contacting them directly to request this transaction. It is important to note that Loans will need to be repaid (often with interest). Your Service Provider will work with you to decide on the technicalities of your loan, including the manner in which it will be repaid.

After completing your Service Provider’s Loan Paperwork, fill out OMNI’s Loan Request Form. OMNI will contact your Service Provider to confirm your eligibility and the maximum amount you may borrow. OMNI will then email a certificate of approval within 3-5 business days, which should be printed and submitted to your Service Provider with their required paperwork.

If the amount requested exceeds the available loan amount, OMNI will issue an approval for the maximum amount allowed by the Service Provider. We strongly advise confirming the available amount with your Service Provider before submitting this request.

403(b) / 457(b)

A Qualified Domestic Relations Order (QDRO) is a court order necessary for the distribution of a participant’s account to a former spouse. A QDRO is commonly separate from a judgment of divorce, and provides the specifics of how the funds are to be divided.

OMNI will review the court order to ensure compliance with applicable regulatory requirements. Upon approval of the court order, OMNI will forward its findings to the distributing service provider(s) and all other parties involved. OMNI also reviews drafts of orders prior to submission to a judge for signature in an effort to facilitate a smooth transaction once the signed order is submitted to OMNI for approval. Please note the service provider(s) may require additional paperwork to complete the transaction and an original or certified copy of the court order.

Court orders may be sent via fax to OMNI’s Service Provider Team at 585-756-5557 or mailed to 220 Alexander Sreet, Suite 400, Rochester, NY 14607 .

Please be advised that once OMNI has been notified of a divorce – whether completed or pending – no transactions taken on the account will be approved until we receive the signed QDRO (if former spouse has a claim) or the Judgement of Divorce and Settlement Agreement confirming that the former spouse has no claim on the account.

403(b) / 457(b)

Required minimum distribution from Plan where participant is within the calendar year of attaining the age of 73 or later. For more details, please visit our Transaction Information page or contact OMNI.

403(b)

In the event that you are moving funds from another form of tax sheltered retirement savings account, such as a 401(k) or IRA, to your 403(b) plan, your first step will be to contact OMNI to confirm whether this transaction is allowed under your employer’s plan . If so, you should establish a 403(b) plan with one of your employers Participating Providers. After establishing your plan, obtain your receiving vendor’s rollover paperwork.

Once you have received the Service Provider paperwork, complete the online Rollover Request Form. OMNI will email the certificate of approval within 2-3 business days, which should be printed and submitted to your Service Provider with their required paperwork.

Please note OMNI’s Rollover Form is classified as the transfer of funds from a non-403(b) account into a 403(b). For transfers out of the 403(b) plan into any other type of retirement plan (such as 401(k) or IRA), please use OMNI’s Distribution Form.

457(b)

In the event that you are moving funds from another form of tax sheltered retirement savings account, such as a 401(k) or IRA, to your 457 plan your first step will be to establish a 457 plan with one of your employers Participating Providers. After establishing your plan, obtain your receiving vendor’s rollover paperwork, or obtain a Letter of Acceptance (LOA) indicating their ability to accept your funds.

After contacting your sending provider to obtain any paperwork that may be required, fax the completed documents to OMNI’s Service Provider Team at 585-756-5557. In some cases, original paperwork may need to be submitted.

403(b) / 457(b)

Transfer of funds from a 403(b) account to purchase service credit in a tax-qualified defined benefit governmental plan (i.e., pension plan).

To request approval for the purchase of service credit, obtain any Service Provider paperwork and fill out the Service Credit Request Form. OMNI will email the certificate of approval, which should be printed and submitted to the Service Provider directly.

403(b) / 457(b)

This refers to the transfer of your 403(b) assets from a plan under a former employer to that of your current employer. Your first step should be to establish a 403(b) plan with one of your current employer’s Participating Providers. After establishing the plan, obtain any paperwork that is required for the transfer of funds and complete the online Transfer Request Form. OMNI will email the certificate of approval within 2-3 business days, which should be printed and submitted to your Service Provider with their required paperwork

Please note that a transfer is an optional transaction for employers. The ability to submit a transfer request does not guarantee that a transfer will be approved by either the former or the current employer. If a transfer is not allowed by an employer’s plan, you will be notified accordingly.