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The Farmington School District utilizes The OMNI Group to maintain 403b/457 compliance. Your first step to bolster your retirement savings is to start contributing to the district's 403(b)/457(b) plan(s). OMNI makes it easy to begin or change your contributions to your 403(b)/457(b) account. After you open an account with an approved investment provider in your employer’s plan, simply select your employer’s state and type in your employer’s name below to take you to the Salary Reduction Agreement form(s) where you will be able to detail the amount to be deducted as well as the approved investment provider with whom you wish to participate.
You can access The OMNI Group by going to omni403b.com.
Frequently Asked SRA Questions
Frequently Asked SRA Questions
How do I contribute?
Your first step will be to contact a participating 403(b)/457(b) investment provider to establish your investment account. A list of participating investment providers for your employer is available on your organization's Plan Detail Page. After working with your investment provider to establish your account and select investment vehicles, you will then need to complete an OMNI Salary Reduction Agreement (SRA) to initiate your deductions.
Do I need to invest with OMNI?
OMNI is a third party administrator (TPA) of 403(b)/457(b) plans. We work with your employer to help ensure compliance with IRS regulations governing the operation of 403(b)/457(b) plans. OMNI also helps your employer remit 403(b)/457(b) contributions to participating investment providers. OMNI is NOT an investment company/investment provider- we do not offer and cannot recommend any specific investment vehicle.
Can I change my deduction amount and/or investment provider?
Yes. Most employers place no limits on the number of changes you can make. Simply complete an SRA form and return it to OMNI to initiate a deduction change. To change investment providers within your plan, simply complete OMNI’s Contract Exchange form, and open an account with the new investment provider.
How much can I contribute to my 403(b) plan?
Contribution limits are dependent on a number of factors. The IRS base limit in 2022 is $20,500. Employees over the age of 50 are automatically eligible to increase this amount to $27,000. Individuals with more than 15 years of consecutive service with their current employer MAY be eligible to contribute up to an additional $3,000 beyond their age based maximum. Please contact OMNI's Customer Care Team for assistance determining your eligibility for the service based catch-up.
Approved 403b-457 Vendors
Approved 403b-457 Vendors
Ameriprise Financial - 403b
Edward Jones - 403b
First State Financial Management - 403b
Horace Mann Insurance Co. - 403b/457
Vantage Credit Union - 457
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