Our Process

We have a highly comprehensive process to help districts review their current 403(b) plan structure to determine if it is in compliance according to Internal Revenue Service (IRS) regulations.

Your assigned Omni team will do the following for your district so you don't have to…

1. Review employee files to ensure that each employee has an IRS-compliant Salary Reduction Agreement on file.
2. Review the annuity contracts and custodial accounts to ensure that appropriate documents are in place with respect to the 403(b) program.
3. Place in force all Service Provider Agreements.
4. Review employee contributions to ensure that contributions are within the dollar limitation under section 402(g) and if applicable, 402(g)(8) of the Internal Revenue Code.
5. Calculate the Maximum Allowable Contributions (MAC) for all participating employees annually to ensure that all contributions are properly excludable from income under Section 403(b) of the Internal Revenue Code.
6. Determine the amount included in the MAC with respect to contributions under other plans maintained by the Board.
7. Conduct on-site visits with the school district as needed.
8. Review all hardship withdrawal distributions for compliance with the provisions of Section 403(b)(11).
9. Identify any defects revealed by a compliance audit.
10. Recommend methods for correcting any defects that are discovered in the audit, and help the district implement corrections.

In addition, the audit process will put in force up to $1,000,000 of "Errors and Omissions" insurance coverage on behalf of the district.

For more information regarding our process or other services, please contact us.