Transition Timeline

New Transition Information Available

We have updated the transition brochure to include new details on the transition to Fidelity on June 12, 2020. The transition was previously delayed in March due to the unprecedented market volatility regarding COVID-19 and other market developments.

Timeline

Beginning June 8, 2020

Blackout Periods

  • Vanguard: June 8 - Week of June 21, 2020
  • Securian: June 9 - Week of June 21, 2020
  • Deutsche/ADP: June 24 - Week of July 12, 2020

During this time you will not have access to your accounts and will not be able to:

  • Change your investments
  • Request a distribution
  • Check your transferring balances at Fidelity or with your current vendor after the liquidation date

June 11, 2020

Valuation Date for Vanguard and Securian

Existing mutual fund account balances transferring from Vanguard or Securian will be valued. Assets that cannot be transferred to Fidelity in-kind will be liquidated at the close of business (generally 3 p.m. Central time). For assets in the ORP and the 457 plans already at Fidelity, investments will exchange to the new fund lineup at the close of business (generally 3 p.m. Central time) on June 11, 2020. 

June 12, 2020

Transfer Date for Vanguard and Securian

Assets that are transitioning to Fidelity will transfer in-kind where possible. Assets that transfer in-kind will stay in those funds until they move to the new fund lineup on July 31, 2020. Investments that cannot come to Fidelity in-kind will be liquidated and invested in the new fund lineup according to the transition brochure mapping charts on pages 9–31. Please note: Funds transferring to Fidelity in-kind are for the purpose of transitioning balances only. You will be able to exchange out of these positions once the blackout period has ended, but new contributions or purchases into these funds will not be available. 

June 15 through June 17, 2020, before 3 p.m. Central time.

Opportunity to Make Investment Election for First Payroll Contribution at Fidelity

To make an investment election for future contributions, please log onto NetBenefits.com/UMN, and click “choose investments” from the “quick links” drop down menu, or call Fidelity at 800-343-0860. 

June 17, 2020

First Payroll Contribution Made to Fidelity

All new contributions will be directed to Fidelity beginning with the June 17, 2020 paycheck. Contributions will be directed to the new fund lineup following any elections provided by you in February or March during the Early Choice Window, or by choices made June 15–17 (these will supersede any previous elections made). If you do not make choices, your contributions will follow the mapping strategy outlined on pages 8–31. 

June 30, 2020

Valuation Date for Deutsche/ADP

Existing mutual fund account balances transferring from Deutsche/ADP will be valued. Assets that cannot be transferred to Fidelity in-kind will be liquidated at the close of business (generally 3 p.m. Central time). For assets in the ORP and the 457 plans already at Fidelity, investments will exchange to the new fund lineup at the close of business (generally 3 p.m. Central time) on June 30. 2020. 

July 1, 2020

Transfer Date for Deutsche/ADP

Assets that are transitioning to Fidelity will transfer in-kind where possible. Assets that transfer in-kind will stay in those funds until they move to the new fund lineup on July 31, 2020. Investments that cannot come to Fidelity in-kind will be liquidated and invested in the new fund lineup according to the transition brochure mapping charts on pages 9–31. Please note: Funds transferring to Fidelity in-kind are for the purpose of transitioning balances only. You will be able to exchange out of these positions once the blackout period has ended, but new contributions or purchases into these funds will not be available. 

June 21 to July 12, 2020

Blackout Period Ends

You will be able to access and update your funds through the Fidelity NetBenefits® website or app, including all balances that have transferred. 

Visit NetBenefits to:

  • Set up your username and password to access your account
  • Add your preferred email address and elect eDelivery or paper delivery
  • Change your investment elections
  • Enter or update your beneficiary information

July 30, 2020

Investments Transferred In-kind Will Exchange into New Fund Lineup 

Any investments that transferred in-kind will transfer to the new fund lineup as an exchange at the close of business on July 30, 2020 (generally 3 p.m. Central time). You will be able to view your new investments by logging on to NetBenefits.com/UMN on or after July 31, 2020.