Retirement Transition Changes for Fidelity Participants
Fidelity is one of the University’s current retirement plan service providers, but it will become the sole retirement plan service provider for new contributions after April 1, 2020. Because some of the plans are already set up at Fidelity, please see the information below to understand the impact to each plan as some plans will be new and some will be frozen to new contributions after April 1, 2020.
Faculty Retirement Plan
All Faculty Retirement Plan balances currently at Fidelity are made from contributions before July 1, 1989. Those accounts will stay in the same plan (plan number 65981) at Fidelity during and after the transition. All current balances will transfer according to the general fund mapping plan unless you take action during the Early Choice Window.
Beneficiary elections that are currently on file with Fidelity will stay in place.
Optional Retirement Plan
Will My Account Balance Automatically Transfer?
No. Any assets in your current Fidelity ORP account (plan number 51274) on March 31, 2020, will not transfer to the new Fidelity ORP account. You are welcome to transfer your existing ORP balance to the new plan number (75995) after the transition by contacting Fidelity. Plan 51274 will be frozen to new contributions as of April 1, 2020.
You can contact Fidelity to request the transfer of your existing ORP account to the new active account after the transition.
457 Deferred Compensation Plan (457 Plan)
What Will Happen to My Account Balance?
All Fidelity account balances in the 457 Plan will stay in Fidelity’s existing 457 Plan (plan number 72869) during and after the transition. Any future contributions made to the 457 Plan after the transition will also be contributed to Fidelity. Your funds will be transferred to the new investment lineup using the general mapping plan unless you take action during the Early Choice Window.
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 firstname.lastname@example.org.
For questions about your current or new plan with Fidelity, call 1-800-343-0860.