Financial Wellness Center
Employer FAQs:
How do I add a new vendor to my list of providers?
As a plan sponsor, the employer must contact the investment provider in question to establish an investment vehicle in which their employees would then enroll. After the product has been established, contact your dedicated compliance specialist for further instructions.
Can I make changes to my plan document?
As part of the implementation process, OMNI works with employers to customize a plan document to their specific needs, but also recognize that further changes might be desired by our clients. If you would like to alter your plan document, please contact your dedicated compliance specialist for further instructions.
Will online SRA forms be sufficient in the event of an IRS audit?
Yes. When a participant completes an online SRA, the changes entered and confirmed by your employee are memorialized in the fund change e-mail you receive. Furthermore, OMNI retains electronic records of each SRA (including IP addresses) that can be provided to you at a moment’s notice.
What is the difference between an elective and a non-elective contribution?
An elective contribution is a paycheck deferral made by the employee to his 403(b)/457(b) plan. To initiate the elective contribution, the employee must complete a Salary Reduction Agreement. In contrast, non-elective contributions are funds employers choose to direct toward their eligible workers’ employer-sponsored retirement plans regardless if employees make their own contributions. These contributions come directly from the employer and are not deducted from employee’s salaries. Importantly, the employer and the employee never pay FICA and Medicare on non-elective contributions.
How do I know when an employee reaches his/her maximum allowable contribution limit?
As part of OMNI’s services, we continually track each participant’s maximum allowable contribution (MAC) limit throughout the year. OMNI notifies you when the employee is getting close to reaching his/her MAC, as well as when the employee has reached his/her MAC, OMNI’s compliance checks will identify the excess funds and return them to the employer prior to the funds being sent to the investment provider.
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Rochester, NY 14607
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