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Transamerica plan updates

As of Oct. 10, Lawrence has made the following changes to the Transamerica plan:

  1. Opened the Schwab Personal Choice Retirement Account (PCRA) to all sources
  2. Allow participants to allocate directly to PCRA
  3. Participants must maintain a $3,000 minimum balance in the plan’s core fund lineup
  4. Participants can only allocate 90 percent of their contributions directly to PCRA

*Schwab Personal Choice Retirement Account (PCRA) is a self-directed investment option designed to complement your Lawrence University Retirement Readiness Plan core investments. PCRA gives you access to thousands of additional mutual fund options.

Who should choose to invest through PCRA?

PCRA may be appropriate if:

  • You have a sophisticated understanding of investment principles and the stock market;
  • You have the resources to research and monitor your investments;
  • You are comfortable with the additional risk associated with making investment decisions;
  • You are willing to undertake any additional trading and maintenance costs that may apply

How can I obtain additional information about PCRA?

Visit luretirement.trsretire.com. Under the Resource Center tab and Services section, please find the Schwab Personal Choice Retirement Account (PCRA) brochure for more information.

How do I open my PCRA?

  1. Visit luretirement.trsretire.com.
  2. Sign in to your account and go to the Messages section (on the top center of the page).
  3. In the Messages section, click on Schwab Personal Choice Retirement Account, then click on the link that appears in the message box. Please make sure to note the Retirement Plan ID and Plan Password displayed on this page—you’ll need them for the next step!
  4. You’ll be directed to the Schwab site to complete the process.
  • From the Schwab site, enter the Retirement Plan ID, Plan Password that you noted from the prior page and your Social Security Number.
  • Follow the steps to complete the online PCRA application.
  • Once you click “Submit,” you will receive your account number instantly on the screen.
  • To set up your PCRA for online access, go to Schwab.com, click the “New User” tab, then the “Register” button.
  • Your PCRA is now ready to be funded, and you can begin researching investment opportunities.
  • You will receive welcome materials from Schwab in a few days.

Can I make direct payroll contributions to my PCRA?

Yes, you can allocate direct payroll contributions to PCRA. Log on to your account at luretirement.trsretire.com and select Manage/Future Allocations. The maximum allocation is 90 percent of payroll contributions to PCRA.

Can I transfer money into my PCRA?

Yes, you can transfer assets from your Lawrence University Retirement Readiness Retirement Plan through the following process:

  • Determine which of your core investments you want to transfer money from.
  • Decide on the amount to transfer. See below for transfer restrictions.
  • Log onto the plan website at luretirement.trsretire.com and follow the steps to initiate a transfer or call the Transamerica Call Center at 800-755-5801.

Are there transfer restrictions?

  • Transamerica does not impose any charges on your transfer, but certain plan options may charge redemption fees on frequent trading, which could apply if you liquidate a fund with a redemption fee in order to fund your PCRA contribution.
  • Direct transfers to your PCRA from the New York Life Insurance Company Guaranteed Interest Account cannot be transferred directly to your PCRA. You may transfer them to any other fund offered under the plan for a period of 90 days. You may then transfer those funds to your PCRA. Such restrictions are an industry standard and are intended to prevent excessive short-term or disruptive trading to protect the integrity of the fund and its shareholders.

Is there a minimum transfer required?

Yes, the initial transfer minimum is $1,000, and each subsequent transfer must be at least $250. You must maintain a minimum core product account balance of $3,000. 

What does it cost?

  • Transaction fees and trading commissions are outlined in the Charles Schwab Pricing Guide for Retirement Plan Accounts provided in the welcome materials you receive from Schwab after opening your account. Please contact Schwab at 888-393-PCRA (7272) for questions regarding commissions and transaction fees.
  • Transamerica will apply an annual PCRA fee of $50 that will be withdrawn from your Transamerica account in addition to any other Transamerica administrative fees.