A Smooth Move to Transamercia

On March 28 at 4pm the North Shore-LIJ retirement plans will be transferred from MetLife to Transamerica Retirement Solutions (March 31 for Staten Island University Hospital plan participants). The few weeks that follow is known as the blackout period. This is the time period that you will not be able to access your retirement account with MetLife or Transamerica, meaning you will not be able to initiate any transactions such as investment transfers, withdrawals or loans. The blackout period is due to end the week of April 20, although Transamerica and North Shore-LIJ aim to end it sooner.

For Staten Island University Hospital Plans
Transamerica has been a valuable partner to the employees at Staten Island University Hospital for several years. Now that they have fully integrated with the health system their retirement plan's fund line-up will convert to the same fund line-up as North Shore-LIJ's. Read more from the Transition Newsletter. 
It's all coming together now!

No Worries
The transition to Transamerica was designed to be as seamless as possible. In fact, there is very little you will need to do. Here's what you don't need to do:

• Your account will transfer automatically, you will continue to save for your retirement without interruption
• Your investment strategy will stay consistent, and your contributions will be in the same or similar funds
• There are no forms for you to fill out
• Your beneficiary will transfer with your account

What About the Frozen Plans?
Frozen plans refer to retirement plans that are inactive and closed to new entrants. Frozen plans will not be transferred from MetLife to Transamerica until later in the year. If you have a frozen plan you will be contacted towards the later part of 2014.

Once the transition is over you will be notified via email and mail. At that time you will have to register and sign in online with a new username and password (that goes for Staten Island University plan participants too!). For more information, check out the North Shore-LIJ Transition to Transamerica portal at nslij.trsretire.com.

Retirement Plans Move in March

If you have a North Shore-LIJ retirement account currently administered by MetLife, take note those plans will be moving from MetLife on March 28 at 4pm and converted  over to our new record keeper Transamercia Retirement Solutions the week of April 20. Now is a good time to start thinking about the strength (or the weakness) of you retirement planning. Answer the following questions yes or no:

1. Without looking at your 403(b)/401(k) account, do you know how much you are currently contributing?
2. Do you know how much you have to contribute to these plans to receive an employer match?
3. Do you know the difference between a Cash Balance Plan and your 403(b)/401(k) Plan?
4. Is saving for your retirement a high priority?
5. 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.

Get Financially Fit with Transamerica

After an extensive review North Shore-LIJ has chosen Transamerica Retirement Solutions as the new recordkeeper for the health system's  403(b), 401(k) and 457(b) retirement plans. Transamerica will replace MetLife on April 1, 2014, and will bring many benefits to its investors; including a flat-fee structure, user-friendly tools that encourage retirement saving, and commitment to education and financial guidance.

Be Prepared
The conversion of some 50,000 accounts, worth over 3.3 billion dollars, will begin on March 28 at 4pm with MetLife and will end the week of April 20 with Transamerica. This period of time is known as the blackout period and is common in all such transactions. Although you are still invested during this time, you will not be able to access your account. North Shore-LIJ and Transamerica will be working hard to end the blackout period as soon as possible and hope to restore access to your account earlier than the projected week of April 20.

Take the Time to Review
March is a good time to consider increasing your contribution to your retirement plan. If you do decide to boost your savings you can do so by contacting MetLife at mlr.metlife.com or 855-675-4547, prior to the conversion on March 28. Or you can wait after the blackout and contact Transamerica at 844-NSLIJHS (844-675-4547) or nslij.trsretire.com.

Did You Know?
The health system encourages all employees to be smart about saving by automatically contributing 3% of your pay into a 403(b) or 401(k) plan on the one-year anniversary of your hire. To further encourage you, North Shore-LIJ will throw in a 2% match if you increase your contribution to 6%. So start thinking now about how you can get financially fit in time for your retirement.

The timeline and notices for the conversion for North Shore-LIJ plans moving from MetLife to Transamerica and the timeline and notices for the Staten Island University Transamerica fund lineup change can be found on Employee Self Service and nslij.trsretire.com.

The Retirement Team is Here for You

The Investment Committee has got your back. Retirement planning should be a two way street, you invest your money and we help to invest it wisely. In addition to researching the best funds available for your Plans, the Retirement Team at North Shore-LIJ is here to help you plan for a secure future. In collaboration with the experts at MetLife, the health system offers the Retirewise Program, an informative retirement planning program with a classroom approach, educating employees about the options and opportunities they have through North Shore-LIJ. For more information and opportunities to save for your future, email: Retirement@nshs.edu. If you want a clear definition about the funds offered through MetLife, read more.

No Action Required

The Investment Committee at North Shore-LIJ is looking out for you. Researching, with your financial security top of mind, the Committee consistently looks for new ways to make your money work harder for you.

Beginning May 31, 2013 there are two fund changes:

First, Cohen & Steers Institutional Global Realty Fund will be replaced by Security Capital Fund. Security Capital Fund in combination with Morgan Stanley Institutional Global Real Estate I Fund, will now comprise the plan’s Global REIT option.

Second, RS International Growth Fund will be replaced by Dreyfus International Equity Fund. Dreyfus International Equity Fund in combination with Causeway International Value Institutional Fund, will now comprise the plan’s International Equity option.

Nothing for You to Do!
If you have a balance in the funds exchanged, your account and future contribution will be automatically transferred to the new investment options as on May 31. You will receive a confirmation in the mail or you can visit MetLife online after May 31. Do not hesitate to reach out to a MetLife representative - consultations are free. For a complete statement visit HealthPort.