Improvements in store for UC savings plans
BY Anne burke
UCLA Today Staff
The University of California is in the midst of moving account
services and record-keeping for employee retirement savings plans
to an outside administrator. While the new arrangement will speed
up and simplify transactions and money management, certain transactions
will be temporarily suspended until the end of the transition period
in mid-July.
The last day to request distributions and rollovers or transfers
between UC-managed funds is May 25. The last day for loan requests
is May 31, while June 15 is the last day to enroll or change contributions
in the 403(b) plan or the defined contribution after-tax plan.
All services resume under Fidelity Investments Tax-Exempt Services
Company (FITSCO) in mid-July.
Campus Human Resources will hold informational meetings on the
transition at the NPI Auditorium June 8 at 9 a.m. and 11 a.m.; June
9 at 10 a.m. and 2:30 p.m.; June 22 at 10 a.m. and 1 p.m.; July
12 at 10 a.m.; and July 13 at 9 a.m. Meetings will be held at the
Faculty Center June 21 at 9 a.m. and 11 a.m. All meetings last 60
to 90 minutes, with time for questions. No reservations are needed.
The transition to FITSCO covers the defined-contribution plan (the
retirement deduction taken automatically from your paycheck) and
tax-deferred 403(b) plan. FITSCO has already been providing services
for the 457(b) plan. Together, the three plans are now known as
the University of California Retirement Savings Program. The UC
Retirement Plan, which provides pension benefits, is not affected.
Employees should notice a number of improvements under FITSCO.
They include daily valuation of UC-managed funds, single-account
access to all three retirement savings plans, a customer call center
open 16 hours a day on weekdays, and same-day transfers between
investment options. Also on tap in July is an expanded offering
of investment options managed by the UC Treasurer’s Office.
Employees will receive a kit from FITSCO containing detailed transition
information in their home mail in early June. Information is also
available at UC At Your Service: http://atyourservice.ucop.edu.
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