Retirement plans are not a one-size-fits-all proposition. Beyond the different types of plans — 401(k), 403(b) and 457(b) for various organizations — each business may have a unique process and end goal with its retirement plan offering. As such, designing and implementing the most effective defined contribution plan for your specific business may seem like an intimidating task.

Omnia Executive can help. We have a niche focus on learning business owner’s needs and what you value. Our advanced team of professionals works with businesses across the country to devise solutions that make good sense for employers and their workforce. We’ll take the time to ensure you don’t feel like a number. Our customized support has helped us become a trusted service center for all things small business.

Pension Plans

If you’re beginning the process of starting a defined contribution plan for your closely held business, you probably have some questions. How much should my plan provide to each employee? Should I install automatic enrollment? Should I offer a Safe Harbor 401(k) match or nonelective contributions? And if you’ve been sponsoring a plan but are ready to better optimize your offerings, you probably have questions, too.

As a one-stop shop that fulfills all services in-house, Omnia would love to help you in the design, implementation and upkeep of your retirement program. We provide plan design consulting, assisting you in narrowing down the plethora of choices to determine the best path forward for your business.

Once we’ve drafted the plan’s governing legal documents and you’re all set up, we absorb the plan’s minutiae and administrative aspects to free up your time. By doing so, we ensure your plan provisions stays compliant with the latest DOL, IRS and ERISA regulations. Omnia performs annual plan testing to verify the sponsor has managed the plan in accordance with the law. Learn more about how we manage risk for you.

3(16) Fiduciary

Omnia acts as a Third-Party Administrator (TPA) 3(16) Fiduciary, which is the highest level of administrative support and fiduciary protection available. If your current TPA is not functioning as a 3(16) Fiduciary, the business and any employee associated with managing the plan are the only ones on the hook for accidental oversights of breaking the governing bodies’ rules.

With a TPA 3(16) Fiduciary like Omnia working on your behalf, you can outsource risk and reduce liability for your organization. Any consequence affiliated with plan management fall on us, not you. If we make a mistake, we fix it and pay for it.

And while standard plan administrative services include elements such as design consulting, document maintenance and annual compliance review, Omnia Executive goes beyond. As a 3(16) Fiduciary, we embrace the obligation to put your business’s best interests at the top of the list. We provide standard plan services as well as the following:

• Sign and file Form 5500
• Review and approve participant loans and distributions
• Monitor loan defaults
• Tracking eligibility and distributing eligibility notices
• Review fidelity bond coverage
• Distribute termination packets
• Manage small balance force-out process
• Distribute annual notices to employees