OMNI Expedited Online Transaction Process Breaks New Ground
Iselin, NJ, November 10, 2014—U.S. Retirement Partners (USRP) announced that The OMNI Group, a member of its U.S. Employee Benefits Services Group (USEBSG) division, now offers two enhanced online tools to expedite the processing and approval of participant requests.
Participants and their service provider representatives can apply online for all plan transactions, including distributions, contract exchanges, loans, and hardship withdrawals. With this tool, launched in September 2014, all required service provider paperwork can be uploaded directly to OMNI for processing.
To further complement this enhanced service, OMNI implemented a “certificate” approval system that enables participants or their representatives to submit requests online for approval of certain distributions. This process eliminates the need to fax or mail any service provider paperwork to OMNI, thereby significantly expediting the authorization time. Participants who submit their approval requests online receive a certificate of approval via return email. This feature, launched October 1, 2014, proved so successful and popular that it was implemented for all transaction requests effective November 3, 2014.
The average online transaction request is approved within one business day, and more than half of all transaction requests are received via OMNI’s website, www.omni403b.com.
Robert McLean, Vice President, General Counsel and Chief Compliance Office of OMNI said, “We have received tremendously positive feedback since the launch of these two services. We continue to invest in our technology to provide a constantly enhanced service platform.”