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.

Be Money Smart

Did you know the health system automatically contributes 3% of your eligible compensation for your 403(b) plan account beginning on the the one year anniversary of your date of hire? Be smart and contribute at least 6% of your annual salary, and you will receive an additional 2% from the health system.
Here's how it works. After one year of service with the health system eligible employees may receive:

• 3% of  pay-based credits to your Cash Balance account
• 3% contribution of your eligible earnings to your 403(b) account (Benefit Group 1A receives 6% contribution)
• 2% employer matching contribution to your 403(b) account (that's if you contribute at least 6%)

That comes to 8% in employer contributions for Benefit Groups 1, 2 and 3 - and 11% for Group 1A! So what are you waiting for? Contact MetLife now and get money smart.