The OMNI Group, a Third Party Administrator based in Rochester, has developed the Preferred Provider Program for the more than 500 school districts it serves in the state of New York. Dubbed “P3”, the Preferred Provider Program effectively reduces the number of providers available by ensuring that providers meet stringent requirements for investment choice, service and quality.
A P3 Preferred Provider, Mutual Inc. through the PlanMember Services Program delivers access to multiple mutual fund families by aggregating investments and is proud to deliver the following features and benefits to the plan sponsors we serve:
Plan participants have access to the following investment and annuity solutions:
Managed Mutual Fund Program
The PlanMember Elite Managed Mutual Fund Program uses American Funds, DFA, Federated, Fidelity, T. Rowe Price and Vanguard. The Elite Program has five professionally managed portfolios available in the “Index” Option (predominantly indexed funds), and five professionally managed portfolios available in the “Hybrid” Option (a mix of indexed and non-indexed funds). The PlanMember managed portfolios are constructed from a selection of 40 no-load and load-waived institutionally priced mutual funds. Click here for a full description of features and benefits.
Advisor Assisted Mutual Fund Program
The PlanMember Select Program utilizes over 1,350 individual funds representing 17 mutual fund families (Alliance Bernstein, American Funds, Aquila Funds, DWS, Federated, Fidelity Advisor, Franklin Templeton, Hartford, Invesco, MFS, OppenheimerFunds, Pioneer, Principal, Putnam, Russell Investments and SGI/Rydex). This program helps employees that may be disenfranchised by the large number of mutual fund direct or advisor assisted companies exiting the 403(b) marketplace or not part of the P3 program. Click here for a full description of features and benefits.
Direct Mutual Fund Program
The PlanMember Self-Directed Program is for employees who wish to select their own investments from among more than 200 no-load and load-waived mutual funds, including American Century, Delaware, Dreyfus, Fidelity, Franklin Templeton, Invesco, Janus, JP Morgan, MFS, Neuberger Berman, OppenheimerFunds, Pioneer, RS Funds, Sentinel, T. Rowe Price and Vanguard. Click here for a full description of features and benefits.
No Surrender Fixed Interest Option
This option features a group unallocated fixed annuity contract offered through VALIC, with no surrender charges for participant withdrawals and no M & E expenses. This option is designed for employees that desire to allocate a portion of their assets to a program that provides a guarantee against the loss of principal. Click here for a full description of features and benefits.
Other Investment Programs
The PlanMember Preference Program is an Investment Advisor Representative program using a “supermarket” of more than 3,000 no-load and load-waived mutual funds. Click here for a full description of features and benefits.
For more information regarding the PlanMember Platform of Products including prospectus links and other relevant information please click here.
PlanMember Services was selected as one of 24 service providers for the 403(b) Preferred Provider Program (P3) in New York State by the OMNI Group, a third party administrator. An independent advisory committee identified key criteria for service providers to respond to a request for information for all of those that choose to participate. A variety of information was evaluated as part of the selection process including the applicant's number of K-12 clients, total assets, error and ommission insurance coverage, recent or unresolved litigation, licenses, client references, investment programs and their costs/features/benefits, willingness to assume costs associated with plan administration and transaction turnaround times. For a complete listing of criteria evaluated and for more information on the OMNI P3 Program visit www.omni403b.com