Manage Risk
As a 3(16) Fiduciary, Omnia Executive offers the highest level of administrative and investment fiduciary coverage available. We embrace that we have a legal obligation to place the interests of clients ahead of our own. We also operate with a heightened level of integrity, as 3(16) Fiduciaries have specific standards to adhere to as outlined by the IRS, DOL, ERISA, FINRA and SEC.
Partnering with us for your administrative and investment needs reduces risk and liability for your company, saving you time on the management of your defined contribution plan. As a full-service shop for our community business clients across the country, Omnia also can assist with risks such as key person coverage.
Outsource Your Risk
If you’re the sponsor of your company’s defined contribution plan, you also take on the role of administrative fiduciary. And mistakes can certainly happen along the way, such as missing a deposit and forgetting to put deferrals in a 401(k) plan. Or accidentally breaking a compliance rule and incurring a fine. Or even selecting a bad investment and participants filing a lawsuit. In each of these circumstances, you’re the one holding the bag for any repercussions.
Omnia can help. By outsourcing your fiduciary due-diligence process management and investment fiduciary services to us, we ensure your plan remains compliant. Any of the consequences affiliated with plan management then fall on us, not you. If we make a mistake, we fix it and pay for it. If we choose an investment and participants don’t like it, they sue us. We manage fiduciary risks so you don’t have to, reducing your stress and freeing up your time.
Get started with us today.
Key Person Coverage
Another risk Omnia can help you hedge against is key person coverage. If you’re a business owner eyeing retirement, you may have your successor lined up. But if that individual passes away before taking over the reins, you and your business could be in major trouble.
Omnia offers key person life insurance policies to help cover the cost of replacing the deceased individual. The business owner could also take the death benefit from the policy and cease business operations. Either way, you’re better prepared and protected for a worst-case scenario.
Summary
Outsourcing fiduciary tasks to Omnia Executive pulls risk from your closely held business. With non-compliance resulting in costly fines, excise taxes, revocation of retirement plan privileges or even litigation, it’s best to place plan management in the hands of industry professionals.
Regulatory entities such as the IRS and DOL seek gaps of plan sponsors that don’t have their fiduciary governance processes documented or accurate. Avoid the cost and headaches affiliated with administrative oversights or inappropriate investments offered in the plan. And better protect your business with risk-reduction strategies such as a key person life insurance policy.
