North Carolina Supplemental Retirement Board Presentation 403(b) Program Update September 11th, 2014
Early Success with the NC 403(b) 24 districts have adopted the program to date 3 sole vendor decisions 5 added as an additional vendor, new enrollees to the NC 403(b) 16.added as an additional vendor 55,753 eligible educators 687 schools 8 districts that have adopted the state plan documents 30 additional districts expected to adopt by the end of the year!
Who are these 24? City School Systems 1 Asheville 2 Hickory City 3 Newton-Conover 4 Mooresville 5 Elkin City 6 Mount Airy 7 Kannapolis 8 Thomasville 9 Lexington 10 Asheboro 11 Chapel Hill-Carrboro 12 Whiteville 13 Clinton 14 Roanoke Rapids 15 Weldon Green NC 403(b) is the Sole Vendor Yellow Additional Provider with New Enrollees going to the State 403(b) Blue Added as Additional Provider Madison Yancey Mitchell McDowell Avery Watauga Burke Ashe Caldwell Alleghany Wilkes Alexander Catawba Iredell Surry Yadkin Davie Rowan Stokes Forsyth Davidson Rockingham Guilford Randolph Caswell Alamance Chatham Orange Person Durham Granville Wake Vance Franklin Warren Nash Wilson Halifax Edgecombe Northampton Hertford Bertie Martin Gates Washington Chowan Camden Perquimans Pasquotank Currituck Tyrrell Dare Graham Swain Jackson Haywood Transylvania Buncombe Henderson Polk Rutherford Cleveland Lincoln Gaston Mecklenburg Cabarrus Stanly Montgomery Moore Lee Harnett Johnston Wayne Greene Lenoir Pitt Craven Beaufort Hyde Cherokee Clay Macon Union Anson Richmond Hoke Cumberland Sampson Duplin Jones Pamlico Scotland Onslow Carteret Robeson Bladen Pender Columbus New Hanover Brunswick
NC 403(b) Employee Experience Mr. Craven High school history teacher His school selected NC 403(b) to be the sole recordkeeper for their 403(b) retirement plan Actively contributing to one of Craven County s existing 403(b) providers All future 403(b) contributions will be automatically re-directed to NC 403(b) Will receive communications in the mail regarding this Plan change to NC 403(b) No Surrender charges and reduced fee s on his NC 403(b) account.
Mr. Craven s SRK Employee Onboarding Experience Transition Guide Mailing Transition Guide contents: Key dates Next steps/action items Overview of updates New investment menu Mapping schedule Welcome Kit Mailing Welcome Kit includes Cover letter Enrollment confirmation Online login information Beneficiary designation Welcome brochure. www.tiaa-cref.org/nc403b Week 1-3 Week 7-9 Week 4-6 Post Implementation Announcement Mailing First official employee announcement from the school. Coming updates Why the change What to expect Schedule of events In-Person Transition Seminars Topics to Include: Overview of updates New investment menu Transitioning to the new investment menu Advantages of participating in the plan Tips for creating a retirement strategy How to learn more and receive assistance Q&A
A full spectrum of advice services for Mr. Craven Low Level of personalization desired by the employee High Online National Call Center TIAA-CREF Financial Consultant Independent Registered Investment Advisor Access to advice 24/7 on www.tiaacref.org/nc403b. Available at no additional cost. Speak to a TIAA-CREF Financial Consultant by calling 800 842-2252 Monday through Friday, 8 a.m. 10 p.m., or Saturday, 9 a.m. 6 p.m. (ET). Meet in person with a TIAA-CREF Financial Consultant. Available at no additional cost. Working with an independent RIA may be beneficial if you desire advice on more complex situations and that is more holistic in nature. Available at no additional cost. Save on RIA fees since they are paid with pretaxed dollars from your plan account.
Investment products may be subject to market and other risk factors. See the applicable product literature or visit www.tiaa-cref.org/nc403b. Distributions from 403(b) plans before age 59½, severance from employment, death, or disability may be prohibited, limited, and/or subject to substantial tax penalties. Different restrictions may apply to other types of plans. TIAA-CREF or its affiliates do not provide tax advice. Please consult your tax adviser. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. You should consider the investment objectives, risks, charges and expenses carefully before investing. Go to www.tiaa-cref.org/nc403b for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing. TIAA-CREF Individual & institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. 2014 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017. North Carolina Total Retirement Plans and the North Carolina Total Retirement Plans logo are service marks of the C16987 North Carolina Department of State Treasurer.