Here are some important plan features that take place effective January 1, 2009.
• All Heartland employees will be eligible to participate in the 403(b) program. Currently, only full-time and part-time contracted employees are eligible to participate.
• You can change the amount of your contribution 12 times per year (at the beginning of each month) compared to one time per year under our current plan. All changes received by the end of a month will be effective at the beginning of the following month. For example, a change submitted between October 1-31 will be effective November 1.
• You will be permitted to direct money to more than one of the providers for investing if you choose to do so. Today you are limited to investing with only one provider. We encourage you to work with your financial advisor to determine what investment options are best for you. While you have the ability to invest in more than one of the providers if you choose, each individual provider has a broad range of investment options that will likely meet your needs. Using multiple providers may mean using multiple financial advisors, making it more difficult to manage your overall investment strategy.
• You have the option of traditional pre-tax contributions or post-tax Roth contributions. You should work with your financial advisor to determine what is best for your retirement planning.
• The minimum contribution per pay period, as dictated by our providers, is $10 per pay period.
Investing 101
As a reminder, Robbie Stoecker from the Iowa Department of Administrative Services' Retirement Investors Club will be presenting an Investing 101 seminar beginning at 2:00 p.m. on Friday, October 24. This will be an ICN session originating from the Johnston office. Other participating sites are:
- Ames High School
- Carroll High School
- Guthrie Center High School
- Knoxville High School
- Newton High School
- Norwalk High School
- Waukee High School
We are in the process of scheduling four provider fairs during the weeks of November 10th and 17th. A provider is an organization that has been approved by the State and offers investment options to you. We are securing commitments from each of the six providers to be available for you (and your spouse) to meet with in a one-on-one setting to answer your specific retirement planning questions. We encourage you to meet with a provider and sign up to start your 403(b) contributions January 1, 2009. Details of these fairs will be announced in next week’s Connection.
Enrollment Deadline
Each of the six providers has its own set of applications and forms that must be completed in order to begin your 403(b) contributions effective January 1, 2009. Their enrollment kits will contain everything you need to set up your account and begin your payroll deduction. You may turn in your completed payroll salary reduction form (which is provided by a 403(b) provider) at any time to Kathy Martin in the Johnston office but by the end of the day on Wednesday, November 26, 2008, in order to be effective January 1, 2009.
403(b) Web site
The Iowa Department of Administrative Services has created a new link to enter their 403(b) Web site. From this Web site, http://das.hre.iowa.gov/ric.html, simply click on the 403(b) piggy bank to navigate your way.
General Program Summary
Looking for a high level, condensed summary of the 403(b) program? After clicking on the 403(b) piggy bank noted above, click on the 403(b) Program Summary link. It’s that easy!
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