Great news for all North Shore-LIJ retirement plan participants: the blackout period is over and your account is now accessible through our new administrator, Transamerica Retirement Solutions. In collaboration with North Shore-LIJ, Transamerica was able to successfully transfer most North Shore-LIJ retirement funds (with the exception of frozen plans) and align the Staten Island University Hospital funds in just a few weeks. Working hard to efficiently and effectively move your retirement funds is the first step towards building a valuable partnership with Transamerica, and the health system hopes you recognize this accomplishment with serious consideration for your future retirement.
Get Moving!
It's time to take a closer look at exactly what your retirement funds look like. To get started, visit nslij.trsretire.com or call 844-NSLIJ (844-675-4547) and set up your user ID and password. Once logged in you will be able to view and access your account.
Don't Know What to Do?
Transamerica representatives will be at many locations, running group meetings through May. Take advantage of this valuable resource and learn more about how you can actively participate in your financial future. Get closer to your retirement goals by learning how to manage your account with interactive tools that are not only easy to navigate through but actually fun to use. Reserve your spot today! Can't make a meeting? Webinars are also available at nslij.trsretire.com.
Keep it Going!
Now is a great time to consider increasing your contribution to your 403(b) or 401(k) plan. Make an additional commitment to your future and aim for contributing at least 10% of your eligible pay. Can't quite afford that yet? Try the Auto-Increase service, this will automatically increase your contributions at set times. Start off slowly, maybe 1% every 18 months. Little by little your clouds will give way to sun!
Showing posts with label blackout period. Show all posts
Showing posts with label blackout period. Show all posts
Wednesday, April 16, 2014
Wednesday, March 26, 2014
New Fee Structure with Transamerica
We've received several comments regarding the health system's new retirement plan fee structure at Transamerica. This new fee structure was carefully considered by North Shore-LIJ for the benefit of all employees.
To Clarify
With Transamerica, you will pay one flat record-keeping fee. At MetLife, you paid a flat record-keeping fee and an additional fee that was a percentage of your total account balance. In other words, with MetLife, the more you saved, the more fees you had to pay. We hope that by removing this percentage-of-savings fee you will save more and not feel penalized by the higher fee.
Building your retirement savings is a healthy goal that should be supported by fees that do not increase along with your savings.
With MetLife, the annual and percentage fees resulted in an average total fee of $77 per year. At Transamerica, the annual record-keeping fee will be $60 for the 403(b) and 401(k) plans, and $90 for the 457(b). You'll see this fee billed in quarterly installments on your account statements (in addition to any fees charged by the companies that manage your investments).
One flat fee also means employees pay an equal and fair share of costs for administering the plan. Since a person with a low balance receives the same plan administrative benefits and resources as a person with a high balance, the health system and the Investment Committee believe this fee should be shared equally as well.
We hope this helps you better understand the changes to the retirement plans' fee structure. For more information, visit the Transition Portal on nslijtrs.retire.com.
Thanks very much for your feedback and support.
To Clarify
With Transamerica, you will pay one flat record-keeping fee. At MetLife, you paid a flat record-keeping fee and an additional fee that was a percentage of your total account balance. In other words, with MetLife, the more you saved, the more fees you had to pay. We hope that by removing this percentage-of-savings fee you will save more and not feel penalized by the higher fee.
Building your retirement savings is a healthy goal that should be supported by fees that do not increase along with your savings.
With MetLife, the annual and percentage fees resulted in an average total fee of $77 per year. At Transamerica, the annual record-keeping fee will be $60 for the 403(b) and 401(k) plans, and $90 for the 457(b). You'll see this fee billed in quarterly installments on your account statements (in addition to any fees charged by the companies that manage your investments).
One flat fee also means employees pay an equal and fair share of costs for administering the plan. Since a person with a low balance receives the same plan administrative benefits and resources as a person with a high balance, the health system and the Investment Committee believe this fee should be shared equally as well.
We hope this helps you better understand the changes to the retirement plans' fee structure. For more information, visit the Transition Portal on nslijtrs.retire.com.
Thanks very much for your feedback and support.
Wednesday, March 19, 2014
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:
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.
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
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.
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