OMNI has extensive experience in handling IRS audits for its clients. Over the past two years, OMNI has successfully handled 13 IRS audits for school districts. OMNI assists its
clients in all aspects of the audit process, including reproduction of all requested compliance information for all years in which OMNI was the TPA and for all prior years from
which information is available. OMNI communicates with employees to obtain additional information as required by the IRS, and will often meet with the assigned IRS agent
on-site to address any and all issues.
OMNI provides on-line forms submission and plan transaction sign-offs for ALL accounts under your plan, including distributions for retirees and separated from service (loans,
hardships, withdrawals, distributions, transfers, exchanges, death or disability claims and QDROs). Our high-tech process and dedicated team of professionals minimizes
turnaround time for your participants and provides you the confidence that your plan is operating in strict compliance with IRS regulations.
OMNI is not an investment provider. We do not sell or recommend investment products nor do we offer financial advice. Thus, we are free from any conflicts of interest that
could potentially hinder the administration of your plan. Wiith OMNI as your TPA, you remove the tension between the competing forces of plan compliance and investment
The IRS mandates that Plan Sponsors provide "meaningful notice" to all eligible participants of the opportunity to utilize a 403(b) plan. The IRS has also devoted increasing
attention to ensuring that appropriate action is taken in this regard. OMNI assists clients in fulfilling their Universal Availability obligations in a number of ways, with things such
as; quarterly newsletters, presentations, posters, and educational videos available on-line at www.403bWhyMe.com.
Errors and Omissions - OMNI provides and pays the full premiums for errors and omissions insurance coverage issued by a carrier authorized to provide such coverage in the
State in which the services are to be performed, insuring against claims made, resulting or emanating from the Services that OMNI is providing the Employer pursuant to this
agreement with a limit to $5,000,000 per claim made, $5,000,000 in aggregate.
Crime - OMNI also provides and pays the full premiums on a crime policy in the amount of $10,000,000 by a carrier licensed to issue such policies in the State in which the
services are to be performed, covering OMNI's financial and distribution accounts for employee theft, forgery or alteration, and fund transfer fraud. Upon request, Employer
shall be named as a Loss Payee under said policy.