403(b) Toolkit 2016-12-07T09:01:50+00:00

403(b) Toolkit

 

  • 403(b) Enrollment Opportunity
    • Roth 403(b) investment now available within the ECS 403(b) plan that allows after-tax contributions to your 403(b) investment and tax-free withdrawal after holding the Roth for five years and meeting IRS eligibility requirements. Ask your financial advisor if this is right for you!
    • Open Enrollment Dates Are Now Quarterly:
      1. December 1, effective with first pay in January
      2. March 1, effective with first pay in April
      3. June 1, effective with first pay in July
      4. September 1, effective with first pay in October

 

  • Process to ADD or CHANGE your 403b Contribution or Investment Vendor:
    1. Meet with the 403b vendor representative of your choice.
      • Complete ENROLLMENT documents to open an investment account.
      • Decide how much you want to contribute to your 403b account (You must enter an “Amount Per Pay.” Entering a percentage is not accepted.).
    2. Download a Salary Reduction Agreement.
    3. Complete the form.
    4. Deliver the form to Deborah Shoup at the Educational Services Center by the appropriate deadline listed above. Do not send this form directly to the OMNI Group.

 

  • Process to STOP your 403b Contribution:
    1. Download a Salary Reduction Agreement (see above).
    2. Complete Part 1,2,3 and sign at Part 5.
    3. In Part 3, list the vendor of the investment (Valic, Aspire, Metlife, etc.).
    4. Skip to “Amount” per pay and enter a ZERO.

 

  • Maximum Contribution Limits
    • Elective deferrals for 2015 are $18,000; no change in 2016.
    • Catch-up contributions for 2015 are $6,000; no change in 2016.
    • Total maximum contribution for 2015 = $24,000; no change in 2016.

 

  • ECS employees can submit the following forms online from the OMNI Group website:
    • Loans: complete an online OMNI request form and provide any current account statements that show TSA value/balance, loan history/balance.
    • Hardship Withdrawal (requires supporting documentation to accompany withdrawal request form):
      • Rules for this withdrawal is governed by the IRS safe harbor rules which specify general categories of need to be eligible as follows:
        • Prevention of foreclosure/eviction from principal residence
        • College tuition
        • Medical expenses
        • Expenses related to the purchase of a home
        • Funeral expenses for a family member
        • Uninsured repairs/expenses to the home due to theft, storm, or other casualty
    • Distributions:
      • Send the service provider’s distribution forms to The OMNI Group for approval.
    • Transfers, Exchanges and Rollovers:
      • Forms required for moving your annuity investments between providers:
        • Old Provider – you will always need a form from the old annuity provider that will allow you to “transfer out” money to a new provider.
        • New Provider – some new providers will also have forms that you will need to fill out to “transfer in” from an old provider.
        • Both of these forms will require signatures:
          • Of the Third Party Administrator (the OMNI Group) who approves the transfer and evaluates whether or not it is allowed per the 403b plan document;
          • Of the representative of your current investment provider (i.e., MetLife, ING, or 403(b)ASP),
          • Of the account holder. Your current representative should be facilitating this paperwork and advising you about the signatures required and whether the old provider will accept faxed copies OR will require ORIGINAL signatures on the paperwork. If the old providers require original signatures, you should over-night the documents to the OMNI Group with instructions that the providers require “original documents.”  The over-night address for The OMNI Group is noted below.
    • If the forms don’t require ORIGINAL signatures, you may fax them directly to The OMNI Group at 585-756-5557. The OMNI Group’s customer service number is 877-544-6664.
    • The OMNI Group will require 14 days to process these requests. ALWAYS KEEP A COPY OF SUBMITTED PAPERWORK FOR YOUR FILES. Questions? Call Deborah Shoup at 574-262-5537.