Omega offers a tax-deferred retirement savings plan managed by The Principal Financial Group. Employees are eligible to enroll the first of the month following 90 days of employment. You must work an average of 20 hours a week to qualify.

A 6% payroll deduction will automatically be deducted from your gross pay before Federal and State taxes are computed. You may elect to contribute an additional percentage amount of your total income, up to the maximum IRS guidelines.

If you wish to opt out or have another deduction, you must create an account with Principal to make that selection. To create an account with Principal, please go to Principal; in the upper right corner please select Log In. On the log in page, scroll down to select Create Account. You will be asked to confirm your confidential information as well as a contract number. Our contract number is 808345. There you can make changes to your 401k deductions and account as often as you wish.

After one year of employment Omega will match your contributions at $0.50 per dollar up to 6% of your gross income. Savings are invested in your choice of numerous professionally managed funds. Contributions to the plan are not mandatory.

The company’s contribution is set on a vesting schedule as follows:

Years of Employment Completed	Percentage (%) Vested
Less than 2	0
2	20
3	40
4	60
5	80
6	100

The vested portion of the company’s contribution is paid to the employee upon termination of his or her employment. Once you are a participant in the 401(K) plan, you may make investment and/or payroll deduction changes on a biweekly basis. You will receive a statement of your 401(K) account quarterly or you may access your information online.

You may rollover any monies from a former employer’s 401(K) plan into Omega’s 401(K) plan. Further details on the plan, access to your personal 401(K) information and all 401(K) forms can be found on Principal

Once you are a participant in the 401(K) plan, you may make payroll and investment changes at any time on Principal. You will receive a statement of your 401(K) account quarterly.

If you would like to enroll, please log on to Principal.

401k Summary Annual Report.

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If you have any questions, please contact:
Shannon at x1307
Betsy at x1306


Updated 11/6/24