2021 MAC Limits

2021 Limitations Adjusted as Provided in Section 415(d), etc

The IRS has recently announced the 2021 Maximum Allowable Contribution (MAC) limits for 403(b) and 457(b) plans. Elective contribution limits have not increased from their 2020 levels.

The elective deferral limit for 403(b)/457(b) plans will still stand at $19,500. Employees age 50 and over will be entitled to contribute an additional $6,500 to their 403(b) or 457(b) plan(s) thereby increasing the elective deferral limit to $26,000. Individuals with at least 15 years of service with their current employer may be entitled to contribute up to an additional $3,000 above their age-based limit, potentially increasing the limit to $29,000 for a participant utilizing both the age based and the full amount of the service based catch-up provisions.

If you expect to make or receive a non-elective/employer contribution in 2021, please note that the 415(c) limit has increased from $57,000 to $58,000, permitting employers to contribute up to $58,000 to an employee's 403(b) plan.

If you have any questions concerning contribution limits, or any other 403(b)/457(b) matter, please contact OMNI at 877-544-6664.

OMNI's National Webinar

OMNI’s national webinar series will focus on 403(b)/457(b) information and other related topics. The series will feature industry experts discussing: financial literacy as it relates to retirement planning, state pension information and student loan forgiveness.

STAY TUNED!

2020 ASBO International Meeting

403(b)/457(b) TPAs: The Benefits and Cost Savings to Districts will be presented at the 2020 ASBO International annual meeting.

During a time when saving on costs and productivity are more important than ever, a 403(b)/457(b) TPA can provide valuable full-service compliance and remittance administration, plan document review and maintenance, monitoring and implementing law changes, and assisting with IRS audits, all while being provided at little to no cost to the district.

Learning objectives for the presentation will be:
-How 403(b)/457(b) TPAs can alleviate the administrative burden associated with maintaining a 403(b)/457(b) plans in IRS compliance
-How 403(b)/457(b) TPAs can save districts costs and liability associated with their 403(b)/457(b) plans.

Message From Our CEO

Due to the Coronavirus, on Monday March 16, 2020, OMNI closed its New York and California offices.

We have implemented our emergency operations plan allowing all employees to work out of their homes.

You will see no change or disruption in services.

Our offices will remain closed until further notice.

We are hopeful these precautions will protect our employees, their families, and will ensure business continuity for our clients.

If you should have any questions or concerns, please be sure to let me know.

Sincerely,
Robert McLean

North Carolina ASBO

Zachary Keep, Director of Compliance and Client Relations, and Samantha Drees, Business Development Associate, represented U.S. OMNI at the 2020 North Carolina ASBO Annual Conference in Greensboro, NC.

Nicole Cleaver

Meet OMNI’s new Business Development Manager of the Midwest Territory, Nicole Cleaver. Nicole started in October of 2019, and we are proud to have her represent U.S OMNI!

NTSA Summit

Members of OMNI’s Management team attended the 2020 NTSA Summit in Denver, Colorado. The NTSA Summit is the premier 403(b) and 457(b) forum for education, compliance and sales ideas for producers, agents, broker/dealers, sales and marketing managers.

New P3 Providers

OMNI is pleased to announce the entry of Vanguard Fiduciary Trust Co. and Midland National into the Preferred Provider Program (P3), effective January 1, 2020. Employers seeking to secure the addition of Vanguard and/or Midland as a 403(b) provider should contact their designated Client Relations Manager.

OMNI has Moved!

OMNI's Rochester office has changed locations! Please send all mail to our new address at 220 Alexander Street Suite 400, Rochester, NY 14607.

2020 MAC Limits

2020 Limitations Adjusted As Provided in Section 415(d), etc.

The IRS has recently announced the 2020 Maximum Allowable Contribution (MAC) limits for 403(b) and 457 plans. Elective contribution limits have increased from their 2019 levels.

The elective deferral limit for 403(b)/457 plans will now stand at $19,500. Employees age 50 and over will be entitled to contribute an additional $6,500 to their 403(b) or 457 plan(s) thereby increasing the elective deferral limit to $26,000. Individuals with at least 15 years of service with their current employer may be entitled to contribute up to an additional $3,000 above their age-based limit, potentially increasing the limit to $29,000 for a participant utilizing both the age based and the full amount of the service based catch-up provisions.

If you expect to make or receive a non-elective/employer contribution in 2020, please note that the 415(c) limit has increased from $56,000 to $57,000, permitting employers to contribute up to $57,000 to an employee's 403(b) plan. Recipients of non-elective contributions that are age 50 and up will retain the opportunity to utilize the age based catch-up beyond the 415(c) limitation, allowing for a "combined maximum" of $63,500 in 2020. Please note that the amount of non-elective employer contributions is reduced by employee elective deferrals.

If you have any questions concerning contribution limits, or any other 403(b)/457 matter, please contact OMNI at 877-544-6664.

Ryan Phillips Moves to San Diego

Ryan Phillips, OMNI’s West Coast Business Development Manager, moves to San Diego. Ryan will be working out of our partner firm’s location, in San Diego. Ryan will continue his efforts in growing OMNI’s client base in the western region of the United States.

Texas ASBO

Zachary Keep, OMNI’s Director of Compliance, and Samantha Drees, OMNI’s Business Development Associate, attended the Texas ASBO conference in Allen, Texas.

New Jersey ASBO

Mark Buckley, Director of Business Development, attended the 2019 NJASBO Annual Conference in Atlantic City, New Jersey.

New York ASBO – 71st Annual Education Expo

U.S. OMNI served as the titanium sponsor at the 71st Annual NYASBO Conference in Saratoga Springs, NY. OMNI thanks NYASBO for many years of support!

Robert McLean, OMNI’s president and CEO, spoke at the 2019 New York State ASBO on behalf of OMNI, covering retirement participation and enrollment.

OMNI Presents the 12th annual Friends of MASBO Award

In partnership with the Massachusetts Association of School Business Officials, OMNI’s Director of Business Development, Mark Buckley, was proud to present the 13th annual Friend of MASBO award. The award recognizes individuals who have made a significant contribution to MASBO in a way that exceeds expectations.

Virginia ASBO

OMNI’s Director of Business Development, Mark Buckley, OMNI’s Business Development Associate, Samantha Drees, and Marketing Assistant, Carley Moynihan, attended the Virginia ASBO Conference in Norfolk, Virginia.

Colorado ASBO

OMNI’s Director of Marketing, Steve Thomson and Business Development Manager, Ryan Phillips attended the CASBO spring conference and exhibits in Westminster, Colorado.

Connecticut ASBO

Zachary Keep, OMNI’s Director of Compliance, and Sarah Breiner, OMNI’s General Counsel, spoke at the 2019 Connecticut ASBO conference, where they discussed Connecticut’s new disclosure laws with business officials.

Pennsylvania ASBO

Steve Thomson, OMNI’s Director of Marketing, and Sarah Breiner, OMNI’s General Counsel, represented OMNI at the 64th PASBO Annual Conference in Hershey, Pennsylvania.

North Carolina ASBO

Samantha Drees, OMNI’s Business Development Associate, and Carley Moynihan, OMNI’s Marketing Assistant, represented OMNI at the North Carolina ASBO Conference in Greensborough, North Carolina.