Online Sessions Offered to Explain Updates to Alternative Retirement, Supplemental Plans

April 2, 2020 | UToday
By Staff

UToledo employees: Changes to the 401(a) Alternative Retirement Plan and the 403(b) Supplemental Plan may require you to take action by July.

The University is working with Cammack Retirement Group, an independent investment advisor, to modernize the Alternative Retirement Plan and Supplemental Plan for its employees.

“With Cammack, the University’s Retirement Plans Review Committee has streamlined vendors for the plans and simplified investment options that offer employees greater flexibility in fund selection,” Brian Pack, director of benefits and wellness in Human Resources, said.

These changes will take effect July 1.

“In the next three months, employees who do not have one of the University’s four vendors will need to select a new vendor and new investments for future contributions,” Pack said.

The Alternative Retirement Plan contribution rates, eligibility and vesting rates will remain the same.

UToledo is consolidating from six to four 401(a) and 403(b) vendors:

• American International Group (AIG);

• Fidelity;

• Teachers Insurance and Annuity Association of America (TIAA); and

• Voya Financial.

To help employees learn about these vendors and answer questions, Human Resources will host several online seminars.

Employees who do not have accounts with these four vendors are encouraged to virtually attend a seminar Friday, April 3. Sessions will be held at 10 a.m. and 1 and 3 p.m. Go to the Human Resources Retirement Systems website and scroll down for details.

Faculty and staff who have accounts with these vendors can learn more Thursday and Friday, April 9 and 10. Seminars will take place at 10 a.m. and 1 and 3 p.m. both days. More information is available on the Human Resources Retirement Systems website.

“We hope our employees take advantage of these sessions to plan more for their futures,” Pack said.

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