As Vanderbilt’s retirement plan transition to the new streamlined structure nears its final stages, we want to remind you of several upcoming key dates and actions you should take to ensure your account is set up the way you want it to be.
- Register for or log into your account and select investments for your future plan contributions by March 31. Your future contributions are those beginning with your first paycheck in April. If you already have an account with Fidelity, you can begin investing in funds from the new core lineup sooner. You will be able to make your investment elections after March 31, but until you actively make a selection, your contributions will be directed to the Tier 1 target date fund aligned closest to the year you turn 65.
- Designate your beneficiary(-ies). Beneficiaries on record with Vanguard, TIAA-CREF or VALIC will not transfer to Fidelity’s system and need to be designated in Fidelity NetBenefits.®
Step-by-step instructions are listed on the HR website. If you have already completed these steps, you do not need to do anything else .
- If you want to make changes to your contribution percentages or type (Roth vs. pre-tax) to take effect in April, you should submit a Retirement Plan Election form (Salary Reduction Agreement) to HR Express by March 31. After March 31, this form will no longer be accepted. Beginning in mid-April, you can make these changes in NetBenefits. You do not need to submit a form if you do not want to change your contribution percentages or to move your balances to your Fidelity account; this will be done automatically.
In April, your existing mutual fund balances will be moved to your Fidelity account. During the transition, your ability to make investment changes or complete transactions such as loans, distributions and hardship withdrawals will be limited.
- Changes to contribution percentages or type (Roth vs. pre-tax) cannot be made between April 1 and 13.
- Changes and transactions involving TIAA-CREF accounts cannot be made after 3 p.m. CT on April 2.
- Changes and transactions involving Vanguard accounts cannot be made after 3 p.m. CT on April 8.
- If your existing balances are solely invested with Fidelity, you will be able to make changes throughout April.
- As a reminder, annuity balances will remain at TIAA-CREF and VALIC, unchanged, unless you initiate a transfer of assets.
Eligible balances will transfer to the new lineup at Fidelity on April 13. We expect you will be able to make investment changes to your account at Fidelity by the end of April. If you have any questions, call the Fidelity Retirement Service Center at 800-343-0860 to speak with a service center representative.