403b Information / UNIVERSAL ELIGIBILITY
Each employee is eligible to participate in a 403b plan and may choose to have elective deferrals made on his or her behalf to a participating provider from the LCSD list of approved providers. Salary reduction agreement forms are available on the OMNI website. OMNI is the third party administrator of Lockport's 403b plans.
WHAT IS AN AGGREGATOR?
A 403b aggregator is a common remitter that brings together more than one 403b fund family. Most aggregators allow you to reach one or more fund families offered by companies who may not be included in your employer's current list. Not all aggregators work with the same fund families however.
If I use an aggregator, will I be able to reach any investment vehicle I want under a specific fund platform?
In may cases. While it is often possible to access all investment vehicles that are available directly through an aggregator, there may be limitations based on your particular circumstances.
Do Aggregators play a role in OMNI's P3 Program?
Several vendors which operate as aggregators applied and were accepted in the Preferred Provider Program (P3). These vendors continue to serve as an avenue for individuals who wish to reach fund families that may not be available directly at the current employer.