ING Customer Service: 800-584-6001, or online at www.OK2retire.com (online access begins 2/24/2014)
- ING Transition Brochure
- Investment Performance Report
- Comparison of Roth 403b and Traditional 403b
- 2014 RUSO 403b Plan SPD
February 5, 2014
To: All Employees Eligible who Participate in the 403(b) Retirement Plan
The University of Central Oklahoma is committed to providing a retirement plan with the options and resources to help you achieve your personal retirement goals. To this end, the Regional University System of Oklahoma (RUSO) has recently conducted a comprehensive evaluation of the current retirement plan available to our employees, and we are pleased to announce a change that we believe will make it easier for you to prepare for retirement.
As a result of this process, while the Plan will continue to offer all existing services—including a full range of investment options, investment portability and loan availability—your cost to participate will be significantly reduced in addition to retaining all the basic services, we will be adding a robust complement of features designed to help you customize an effective plan for your retirement future. These will be available beginning in March 2014 and include the following:
NEW: Roth 403(b)
NEW: 457(b) Plan
Expanded on-campus plan support: local representatives will consult with you one-on-one to help you devise a retirement plan that’s right for you
A UCO participant website: including interactive features that enable online enrollment and plan management, and 24/7 access to your account
Easily-accessed financial education: a comprehensive suite of online presentations featuring an array of financial topics, from budgeting and debt reduction to basic investment concepts and asset allocation
- Financial planning tools: user-friendly retirement planning and income calculators that can be found online and used at your convenience
- A favorable fixed interest rate: A fixed account with a credited interest rate guaranteed not to fall below 3.00% before March of 2016. Guarantees are based on the claims-paying ability of ING Life Insurance and Annuity Company and do not apply to the investment return or principal value of the mutual funds under a retirement plan.
Enhanced technology: Integration of smart phone and tablet technology with retirement plan access and participant education
ING will become the sole service provider for the 403(b) Retirement Plan at UCO (the Plan). ING was selected following a formal process that extensively evaluated all current and proposed providers, taking into account fees, investment options, customer service, technology and financial education. Your account with Lincoln Financial Group will automatically transfer to ING. If you currently have an account with TIAA-CREF you can keep your existing investments with this provider or, following the transition, consolidate your investments at ING. Beginning in March 2014, all new salary-deducted contributions to the Plan will be directed to ING.
What you need to know:Sometime after February 10, 2014, ING will be mailing informational booklets to home addresses of current participants in the 403(b). The booklet will explain how your funds will be allocated with ING and what options are available. You will also be instructed how to set up an ING online account. While online, you will have the option to make a one-on-one appointment with an ING representative while they are on campus March 4, 5 and 6. The Benefits Office will host campus meetings for ING representatives to share information, answer questions concerning the conversion and provide individual counseling. We encourage both participating and non-participating employees to attend one of these meetings.
Meeting dates, times and locations:
March 4, 2014:
8:15-9:15 – BUS 112
9:30-10:30 – BUS 125
2:00-3:00 – EDU 111
3:30-4:30 – Forensics Auditorium
March 5, 2014:
8:30-9:30 – Library 212
10:00-10:50 – BUS 105
1:30-2:30 – Forensics Auditorium
3:00-4:00 – EDU 111
March 6, 2014:
8:15-9:15 – BUS 112
9:30-10:30 – BUS 125
1:30-2:30 – Library 212
3:00-4:00 – Forensics Auditorium
One-on-one conferences will be held in the Human Resources conference room ADM 204, and in the Financial Services conference room ADM 124.