Omni said its new service model features service providers that meet certain key standards that have been deemed to be highly desirable by an independent committee of 403(b) plan sponsors. The selection by The Omni Group immediately expands the Security Benefit’s presence among New York’s 500-plus school districts.
According to the announcement, P3 was the result of an Omni initiative that brought together an advisory committee of plan sponsors throughout New York State. The committee identified key criteria for service providers that were of paramount importance to both plan sponsors and participants before issuing a Request for Information to all Service Providers that chose to apply for consideration. The responses were then reviewed by the committee to determine the 403(b) service providers that met or exceeded their criteria.
At the close of the evaluation period, a total of 21 Service Providers were selected by the Committee and accepted into the Preferred Provider Program. Initially, Omni will be offering P3 to New York employers.“We’ve always been very different in that we only partner with independent advisers who live and work in their communities,” said Jim Mullery, President of Security Benefit Distributors, in the press release. “Now that Security Benefit is an approved provider on the Omni platform, these professionals can take Security Benefit’s great products directly to their communities. This is absolutely a terrific opportunity for the firm, its advisers, and our customers in New York state.”