Timeline and Checklist

January – March: Meet with Fidelity 

What you need to know:

  • Fidelity is hosting retirement transition seminars, one-on-one consultations, walk-up help desks on all campuses and webinars

What you need to do:

February 3 - March 17: Early Choice Window

What you need to know:

Register for NetBenefits

You will access all of your future retirement assets at Fidelity at NetBenefits.com/UMN. If you don't previously have a NetBenefits account, you can register for a new account first. 

Early Choice Window to select investments  

During the Early Choice Window, you have the opportunity to choose your investment options from the new investment lineup at Fidelity. 

You will be able to make two elections:

  1. Any current balances that are transferring
  2. Your future payroll contributions made after April 1 (beginning with your April 8, 2020 paycheck).

If you need more information to make your elections, you can find valuables resources here including the transition brochure with a checklist of actions to take, an investment guide, and mapping information.

Please note: 

  • Early Choice Window elections will not affect the transition of the Minnesota Life General Account (GA) or Minnesota Life General Account Limited (GAL). Because these will transfer in kind, you do not need to make an election for these investments, so they will not be listed as an option in the Early Choice election for existing balances
  • BrokerageLink®is not available during the Early Choice Window. Due to several factors, it’s not possible to transfer funds directly to the brokerage window until after the blackout period. Once the plans are live on Fidelity’s platform in mid-April, you will be able to use the brokerage window option. You may receive further information regarding funds available through BrokerageLink® by calling 800-343-0860.

What you need to do:

You do not have to take action during the Early Choice Window, but if you don’t make your own elections with the new lineup, your current account balances and future investment elections will automatically transfer to the investment options that the University of Minnesota believes most closely aligns with your current investment choices through the mapping strategy.

Also, not all current retirement balances are moving automatically to Fidelity as part of the transition. You can see the retirement transition chart to see if your balances are transferring automatically.

During the Early Choice Window, you can:

    • Choose your investment options from the new investment lineup during the Early Choice Window. You will be able to make two elections: one for any balances that are transferring to Fidelity or current Fidelity account balances, and the other for payroll contributions made after April 1 or beginning with your April 8, 2020, paycheck. [Please see above information regarding the General Account and General Account Limited accounts and BrokerageLink option]

      To make your Early Choice election,

  • Or choose to have your investments default according to the Mapping Guide. If you do not make an election during the Early Choice Window, your current investments and future payroll contributions will be transferred to new investment options.
  • Review the information on the Blackout Period that starts March 20

*Descriptions of each investment option available in the Plans can be found in the Investment Options Guide which is being mailed to homes. 

Information regarding each investment option's risk, as well as its strategy and objective, including a prospectus or fact sheet, if available, can be obtained at NetBenefits.com/UMN. Please consider all investment information before choosing your investments.  

March 20 - Week of April 12: Blackout Period

What you need to know:

Blackout Period for assets currently at Securian, Vanguard, and Deutsche

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

  • Change your investments
  • Request a distribution (loans from Securian must have been previously requested)
  • Check your account balances 

At the end of the Blackout Period, you will be able to access and update your funds through Fidelity NetBenefits website or app, including all balances that have transferred. Please review the Transition Brochure for more information on the Blackout Period for each vendor

What you need to do:

No action is permitted during the Blackout Period for assets currently at Securian, Vanguard, and Deutsche.

March 31

What you need to know: 

Your existing mutual fund account balances transferring from:

  • Deutsche or Vanguard will be valued and liquidated at the close of business (generally 3:00 p.m. central time).
  • Assets already at Fidelity will be exchanged into the new fund lineup at the close of business.
  • Note: assets at Securian will transfer April 1

What you need to do: 

No action permitted during the Blackout period for assets currently at Securian, Vanguard, and Deutsche. 

April 1

What you need to know:

  • Assets that are transitioning to Fidelity from Vanguard or Deutsche will transfer to the options you selected during the Early Choice Window or will be mapped according to the transferring strategy outlined in the Mapping Guide.
  • Assets that are not transferring in-kind from Securian will be valued and liquidated at the close of business (generally 3:00 p.m. central time).

What you need to do:

No action permitted during the Blackout period for assets currently at Securian, Vanguard, and Deutsche.

April 2

What you need to know:

  • Assets that are transitioning to Fidelity from Securian will transfer to the options you selected during the Early Choice Window or will be mapped according to the transferring strategy outlined in the Mapping Guide. 

What you need to do:

No action permitted during the Blackout period for assets currently at Securian, Vanguard, and Deutsche.

Week of April 12: Blackout Period Ends

What you need to know:

Blackout period ends. You will receive a notice from Fidelity when the transition is complete and you can access your accounts on Fidelity.

**The timing of the Plan changes and transition period, including any asset allocations, described here depends on a variety of factors, which may include the timing and accuracy of the transfer of data, receipt of instructions, and receipt of assets. Changes in any of these factors may result in changes to the timing of the delivery of services, the transition period, and/or the dates on which, and thus the prices at which, assets in your account are sold and/or reinvested. For more information, please read all of the information mailed directly to participants. 

What you need to do:

Visit NetBenefits.com/UMN 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