As you know, Lawrence made several changes to our retirement program, effective Jan. 1, 2016. The Office of Human Resources wanted to provide you with an update on some things that have—and have not—changed, to give you an update on some of these changes and to clarify some questions about the plan.
|
|
What Has Changed |
What Has Not Changed |
|
Number of plans and plan name |
Lawrence used to maintain two separate plans: The Lawrence University Defined Contribution Plan and The Lawrence University Tax Deferred Plan. We have merged these plans into a single plan: renamed The Lawrence University Retirement Readiness Plan. |
The retirement plan provides for Lawrence contributions on your behalf and also offers you the opportunity to save for your retirement, up to maximum amounts set by the IRS. |
|
Record-keeper |
Previously, the plan used two record-keepers: TIAA and Fidelity. |
We have selected Transamerica as the sole record-keeper for the plan. Note: Transamerica will report all assets that are still with TIAA and/or Fidelity, however have no control over TIAA and/or Fidelity funds. |
|
Investing your contributions |
Amounts you contributed before Jan. 1, 2016 remain with the investment funds you have selected. Amounts you invested with TIAA funds remain invested in the TIAA funds you selected. Amounts you invested with Fidelity funds remain invested in the Fidelity funds you selected. |
All amounts contributed after Jan. 1, 2016 will go into the new plan and be invested in funds offered through Transamerica. You may direct that amounts invested with TIAA or Fidelity be transferred to Transamerica, but this is your decision.
|