Educators
The OMNI Group, a Third Party Administrator based in Rochester, developed the Preferred Provider Program for the more than 500 school districts it serves in New York. 
Dubbed “P3”, the Preferred Provider Program reduces the number of providers available by ensuring they meet stringent requirements for investment choice, service and quality.
Mutual, Inc., a P3 Preferred Provider 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:
- Investment choices that include a managed mutual fund program, a participant choice program, and an advisor-assisted mutual fund select program, and a surrender-free fixed interest option program.
- Aggregation services for all investment and annuity options on one application1, including one salary reduction agreement, one quarterly statement, one service center and online account access for all Model Plan programs.
- Access to a network of more than 20 mutual fund families including Vanguard, Fidelity and American Funds.
- A 403(b) and 457(b) loan and hardship provision for all programs.
- The ability for salary reduction contribution allocations to be different, if preferred, than exchanges, plan-to-plan transfers, or direct rollover allocations.
- Updated custodial agreements, privacy notices, prospectuses, and reports via electronic delivery.
- Our own custodian and lockbox for remittance processing.
- Coordination and aggregation of data for information sharing/SPARKS files with the OMNI Group.
Managed Mutual Fund Program
The program has three options: the Index option, the Hybrid option and the Active option. Index portfolio allocations generally favor index mutual funds over actively managed funds, especially with regard to equity funds. Allocations to index funds in the Index option generally range from 50% to 100%, while index fund allocations for the Hybrid option generally range from 30% to 70%, and index fund allocations for the Active option generally range from 0% to 40%. The PlanMember managed portfolios are constructed from a selection of 40 no-load and mutual funds2. Click here for a full description of features and benefits.
Advisor-Assisted Mutual Fund Program
The PlanMember Retirement Select Program utilizes over 600 individual funds representing 19 mutual fund families (1290 Funds, AllianceBernstein, American Century, American Funds, BlackRock, Deutsche Asset Management, Federated, Fidelity Advisor Funds, Hartford, Invesco, Ivy, Janus Henderson, John Hancock, MFS, Neuberger Berman, PIMCO, Pioneer, Putnam and T. Rowe Price). 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.
Participant Choice Mutual Fund Program
The PlanMember Participant Choice program is for employees who wish to select their own investments, but who also want to have access to a local Financial Professional for assistance in understanding plan options, deciding how much to save for retirement and many other account-related questions. This option allows employees to choose from more that 70 no-load funds2 from companies such as American Funds, Dimensional Funds, Federated Investors, Fidelity, 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 principal3. 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 variety of more than 3,000 no-load and load-waived mutual funds.
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 omission 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 omni403b.com
1. Annuity options require separate insurance company application.
2. An annual asset-based fee will apply as well as other internal expenses and fees of the funds.
3. Annuity guarantees and benefits are based on the claims-paying ability of the underlying insurance company.
Enrolling online is safe, secure and a simple way to begin the process of enrolling. Click here to get started.
Have questions? Contact us at (631) 467-2211 or email us at askmutualinc@planmembersec.com.