The current HISD 403(b) Plan Document allows a maximum loan of 100% of account value up to the first $10,000 of accumulations and 50% loan on accumulations over $20,000, or $50,000 whichever is less.

 

  Obtain a Loan Eligibility certificate from OMNI.

OMNI uses eligibility certificates to pre-qualify you for a loan from your retirement plan. To begin requesting a certificate log in to OMNI and select “Request a Loan” from the left menu on the home page.

A. Select a plan:

To request a loan, first select your retirement plan. Make your selection from the plans that are eligible for loans.

B. Review and/or add prior loan transactions:

OMNI will display any previous loan transactions that will be used to pre-qualify your loan. If there are any transactions missing, you should add them by following the screen prompts at the bottom of the page. Once the information on the screen is complete, click the “Next” button.

C. Complete your loan request:

Input the amount for your requested loan. If you do not see your investment provider listed, you may manually add your provider following the prompts on the screen. Once you have input your amount for your provider(s), be sure to complete any additional questions that may be specific to the loan you are requesting. Click on “Submit” to proceed to your certificate.

 

D. Confirmation/Print Certificate(s):

If you are eligible for your loan request, the confirmation page will also contain a link to print your certificate(s). If your request was not approved, a message will display, contact your employer with any questions.