Retirees, Beneficiaries, or Former Employees

As a retiree, beneficiary of a former employee, or former employee with a balance in the Faculty Retirement Plan or the voluntary plans, you will want to be aware of the changes to the investments in the plans due to the transition. You can also find information below about installment payments you may be currently receiving and how the transition will affect those payments.

Faculty Retirement Plan

Installments and Required Minimum Distributions

If you are currently receiving required minimum distributions (RMDs), installments, or any systematic withdrawals from the Faculty Retirement Plan, there may be some slight timing changes when Fidelity starts processing those payments.

Current RMD and installment payments set up at Securian will transfer to Fidelity. You don’t have to take any action, however, you may want to set up direct deposit if you have not previously set this up.

Payments scheduled during the blackout will be processed earlier than normally scheduled due to the inability to make transactions during the blackout period. These payments will be processed before March 30, 2020, by the current service provider.

If you have an RMD automatic payment scheduled at Fidelity, the additional balance converted to Fidelity will be taken into account for future payments after the transition.

Optional Retirement Plan

Installments and Required Minimum Distributions

If you have set up any installment payments, including required minimum distributions (RMDs), those will continue to be processed from your current plan vendor(s). 

457 Deferred Compensation Plan

Installments and Required Minimum Distributions

Current RMD and installment payments set up at Securian or Vanguard will transfer automatically to Fidelity. You don’t have to take any action, however, you may want to set up direct deposit if you have not previously set this up.

Any payments scheduled during the blackout will be processed earlier than normally scheduled due to the inability to make transactions during the blackout period. These payments will be processed before March 30, 2020, by Securian and Vanguard.

Any payments scheduled for payment for April 20 or April 30, will be processed on those dates at Fidelity.

Beneficiaries

If your current beneficiary election on file includes a Social Security number (and your balance transfers to Fidelity) that election will transfer to Fidelity. If your beneficiary does not transfer or you wish to change your beneficiary, you can do so with Fidelity online during the Early Choice Window from February 1 through March 20, 2020, or at any time after the transition.

Beneficiary elections made during the Early Choice Window will become effective April 1, 2020, and will only apply to balances at Fidelity. If you have balances in other vendors and would like to update your beneficiaries for all plan accounts, please make sure to do so through your current plan service provider. 

Find Help

You can contact University Benefits by calling 4-UOHR (612-624-8647 or 800-756-2363) and select option 1 or you can send an email to benefits@umn.edu.

For questions about your current account, contact your current plan’s vendor.