- Without looking at your 403(b)/401(k) account, do you know how much you are currently contributing?
- Do you know how much you have to contribute to these plans to receive an employer match?
- Do you know the difference between a Cash Balance Plan and your 403(b)/401(k) Plan?
- Is saving for your retirement a high priority?
- Do you have any kind of plan for the future?
If you answered no to 3 or more of the above questions you should start paying more attention to your financial health. Step one to a healthier retirement: Start off by checking exactly what you are contributing to your 403(b) or 401(k) saving plan before the March 28 blackout begins. If you are still contributing under 6% you are not taking advantage of North Shore-LIJ's generous employer match. Once you hit 6% the health system kicks in 2%. Visit mlr.metlife.com or call 855-675-4547 to adjust your contributions today for a healthier tomorrow.
Transamerica Can Help
Retirement planning can be an overwhelming experience if you have no advice or direction. Over the next several months, take advantage of the educational tools and services that our new administrator, Transamerica, will offer. Onsite representative will be present beginning mid April to talk you through your concerns. Online investment tools will assist you once your account is active the week of April 20.
Keep checking your email for more information about the conversion to Transamerica.
6 comments:
I'm wondering if the new agreements between NSLIJ & TransAmerican 403b plans will offer ETFs? In particular, ETFs from Vanguard (or any other firms for that matter). If not, this should be a option for NSLIJ employees who participates in contributing to their 403b.
Hello. The North Shore-LIJ retirement plans will not offer ETFs (also known as exchange-traded funds) through Transamerica, but the fund lineup does offer a diversified mix of investments, representing the major asset classes, which allows you to customize your own unique investing strategy. You can also choose a fund that will manage your investment mix for you, based on your expected retirement age.
For more information, look for your upcoming transition newsletter (hitting your email inbox the week of March 17), attend a group meeting in late April/early May, or schedule a one-on-one appointment starting in June.
Will there be an opportunity to have a ROTH IRA option in the 403bplan?
Thanks very much for your comment on the Total Rewards Blog regarding a ROTH option on the 403(b) retirement plan. Although the health system is not currently offering the option to contribute int a ROTH, it is something we realize is of great value to our employees. The Retirement Team, in conjunction with our Investment and Retirement Committees, will be researching this opportunity in the future. Thanks for you feedback. Keep checking in!
how come vanguard international is not offered just the vanguard ftse ex usa?
Hi Blogger. Thanks for your comment regarding the choice of Vanguard Funds as the international index fund choice. The Vanguard Total International Stock Index fund and the Vanguard FTSE All-World Ex US Index (now the available option) are very similar funds, both with low expense ratio (0.12%). The main difference between the two is in the broad benchmark being used that differ slightly in country allocations and in criteria for selection of stocks for each index, but overall they are very similar and serve to give the investor a broad exposure to both developing and emerging markets. In addition, the Vanguard FTSE has a longer track record with the inception date of 4/2007. We hope we addressed your concerns.
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