Frequently Asked Questions
Q: What is a 403(b) Plan?
A: The 403(b) is a retirement plan available to certain employees of public schools, employees of certain tax-exempt organizations, and certain ministers. The 403(b) is named after the section of the IRS code governing it. It is very similar to a 401(k) plan. For more information visit The Omni Group's participant page.
Q: Is the money I put in a 403(b) account safe?
A: Investing in a 403(b) account does have risks. Your investments are not insured and can decrease in value. Talk with your investment provider to make sure you fully understand all of the risks associated with investing.
Q: Does the District match contributions?
Q: Why is the district using a third party administrator?
A: The new regulations put a large burden on HCS to ensure that the 403(b) accounts are maintained properly. The Omni Group, our third party administratotor is an independent administrator that has the expertise to ensure our plan complies with the IRS regulations concerning your account.
A: The Omni Group provides independent administration for the HCS 403b plan. When contributions are deducted from your pay, the Omni Group process the contributions to your selected vendor to ensure the contributions meet all IRS regulations concerning 403b contributions. The Omni Group cannot provide investment advise.
Q: Who is CPI Qualified Plan Consultants?
A: CPI is our previous independent third party administrator. Our first administrator, Gatekkeeper, merged with CPI in the third quarter of 2009. CPI does not sell investment products or offer investment advice.
Q: Where do my payroll deductions go?
A: When contributions are deducted from your pay, Payroll sends your contributions to The Omni Group. The Omni Group processes the contributions to make sure they are in compliance with current IRS regulations. Once verified, your contributions are forwarded to your elected vendor(s).
Q: Are hardship withdrawals and loans allowed under the HCS plan?
A: Hardship withdrawals are allowed under the HCS plan. Loans are not allowed under the HCS Plan.
Q: Are there any fees associated with this change?
A: CPI charges $3.00 per month for each contributing employee. Your vendor has the option to pay the fee on your behalf or they may debit the fee from your account. Please check with your vendor or invesment advisor for specific information on how the fee will affect you.