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.

OMNI Is Moving!

US OMNI is moving! We are excited to announce we are moving locations. After years of growth in our current location our corporate offices will be relocating this November, remaining in Rochester NY. Your current contacts will continue to provide service without interruption. Find us at: 220 Alexander St, 4th Floor Rochester, NY 14607

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.