As a reminder, Heartland joined the State of Iowa’s 403(b) program effective January 1, 2009. By law, the 403(b) program, commonly known as the Retirement Investors’ Club (RIC), was required to go out for bids on investment providers for the plan year beginning January 2010. The competitive bid process was completed and the winning providers and the proposed investment options are summarized on the RIC 403(b) provider summary. The investment options listed are not available until January 2010. Click here for the provider summary.
If you currently invest with Hartford, ING, TIAA-CREF or VALIC (formerly AIG Retirement), you will receive information from your provider about your new investment options. If your current fund options will not be offered in 2010, your provider will invest your new contributions in similar funds as of January 2010. If you currently invest with Security Benefit, you may need to make a change. If you contribute to the NEA Valuebuilder mutual fund product, you will need to open a new account with Security Benefit. Your advisor will contact you to open the account. If you contribute to the SFR mutual fund, you will not need to make any changes.
If you currently invest with Horace Mann, you must select a new provider and submit a Salary Reduction Form to your employer by December 31, 2009. Please contact one of the providers on the provider summary to open a new account to receive contributions in January. You may leave your existing funds at Horace Mann if you wish.
Check the RIC website at http://ric.iowa.gov/403b/providers/index.html for a list of providers that can help you set up a 403(b). Click on Active Providers and check out each company’s website and list of advisors. Scroll down the page to check the provider’s financial rating. More product information will be added to the RIC website over the next few months. Please check the Program Updates webpage periodically to review the most recent addition/changes.
If you have questions about the RIC program, please call your financial advisor or call RIC at (866) 460-4692, option 1.
Questions for your employer may be directed to Steve Jordan, payroll specialist, at sjordan@aea11.k12.ia.us or ext. 14908 or Kathy Martin, benefits specialist at kmartin@aea11.k12.ia.us or ext 14385.
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