Employee FAQ Information
If you are an employee of a school district currently working with The Omni Group, please refer to the frequently asked questions below. If a question doesn't provide enough information to help you or if you have a question not listed below, please contact us.
Click a question to see the information.
» What is the difference between a 403(b), TSA, and TDA?
There is no difference between these terms. They are different names for the same program. The 403(b) is the Internal Revenue Service's (IRS) code for the program. TSA and TDA stand for Tax Sheltered Annuity and Tax Deferred Annuity, respectively.
» I want to keep my current investment company and agent. Do I have to roll my funds over to The Omni Group?
No. The Omni Group does not sell any products. We remit the funds for the school district and ensure all IRS rules and regulations are followed. You will still be with your current investment provider and agent.
» I was a teacher for 15 years at another school district. Can I use catch-up in my new school district?
No. You do not qualify for the Fifteen Year Cap Expansion Option. You must work 15 years for your current employer before you qualify for this provision.
» I am over 50. How long can I do catch-up?
There is no limit to how long you can use this provision. In 2007 the amount available is $5,000.
» What is this going to cost me?
In most cases The Omni Group is paid by the school district. You get the benefits of the compliance program without any of the costs.
» What if The Omni Group finds out that I over-contributed? Will you notify the IRS?
The Omni Group works for the school district and the employees, not the IRS. As part of the compliance process, The Omni Group will assist you in correcting any possible over-contributions.
» I'm not really into the finance stuff. Can The Omni Group assist me in picking out the right company to work with?
The Omni Group is not able to help you select the "right company" to work with. We feel strongly that selling product or giving financial advice is a potential conflict of interest with our compliance and remitting services.
» How often may I change my salary reduction agreement?
In most cases, there is no limitation to how often employees may change their deduction. Your employer will dictate any restrictions that may be in place.
» How do I go about making a change for my 403(b) plan?
All changes must be done using an IRS-approved salary reduction agreement. This form allows you to start, increase, lower, or stop deduction, and change the investment provider. To view your vendor list, select your district from the home page.
» Which company(ies) may I have my deductions sent to?
Your school district has an approved vendor list from which you may choose. To view your vendor list, select your district from the home page.
» Are loans and/or hardships available through my 403(b)?
Contact your 403(b) provider directly and they will inform you of what is available within your 403(b).
» Who can participate in a 403(b) plan?
All employees of the district may elect to make salary reduction contributions.
» How are service providers added to the district vendor list??
Omni acts as a district gatekeeper when adding service providers to the district’s vendor list. Omni will obtain signed service provider agreements from the vendor so that the vendor may be added to the district’s list. Omni adheres to the strong advice given by the IRS that vendors that do not sign should not be made available.
» Can an employer make a contribution on behalf of a district retiree??
Yes, this can be done in the case of a Non-Elective 403(b) Contribution. Due to the depth of this subject please contact the Compliance Department at Omni.
Click here for a Word Document illustrating of the limits.
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