Top things you need to know about retirement plan changes

Aug. 26, 2022

To reduce the costs and complexity of the retirement plans, Emory University and Emory Healthcare are making some changes effective Sept. 1, 2022. In case you missed some of the previous communications, here are the key things you need to know about this important transition.

1. Starting Sept. 1, Emory will have two providers of recordkeeping services: Fidelity Investments and TIAA. Vanguard will no longer be a provider of recordkeeping services.

2. Everyone will use the Fidelity NetBenefits® to enroll in the retirement plan and to make changes to their contribution amounts. Self-Service will no longer be used for these transactions (it was no longer available for making contribution changes as of Aug. 19). Changes to contribution amounts can resume on Sept. 1 when Fidelity’s NetBenefits website will be available to you. Employees with balances at TIAA will also use Fidelity’s NetBenefits website for making contribution changes.

3. For employees with balances in Vanguard, these balances will be transferred to Fidelity on Sept. 1. There will be a blackout period from Aug. 25 to Sept. 11 during which you will not be able to make changes to your investments. Your investments will still be in the market; you just cannot make changes. This blackout period is necessary to ensure that all information is transferred accurately from your current plan account at Vanguard to your new plan account at Fidelity. For employees who have balances at both Vanguard and Fidelity, the blackout period will apply to both accounts. The blackout will not apply to assets held at TIAA.

4. For employees with balances in Vanguard, your beneficiaries will not transfer along with your assets; you will need to log into the Fidelity NetBenefits website to designate your beneficiaries.

5. Your paycheck will also look a little different. Your paycheck deductions will combine your basic and supplemental contributions into one line item.

6. Your fees will be reduced. Currently, fees are $39 per year at Fidelity and $34 per year at Vanguard. Fees will be reduced to $22 per year for a savings of 43% and 33%, respectively. Administrative fees at TIAA will remain the same at $39 per year.

7. Emory University and Emory Clinic (not Emory Healthcare) employees who are not contributing to the retirement plan will be automatically enrolled with a contribution of 1% starting Oct. 1. We are making this change to help you save more for your retirement by taking advantage of Emory’s match. There will be an option to opt out.

8. Fidelity is offering several webinars to show you how to navigate the NetBenefits website on Sept. 1, 7 and 13. If you cannot attend, the session will also be recorded. Register at myfidelitysite.com/EmoryRetirement and click the Meet with Us tab.

9. A Transition Guide was sent to your home address last month. If you missed it, you can download it here.

For more details on the retirement plan changes, visit myfidelitysite.com/EmoryRetirement.

If you have questions, please contact your benefits department:

Emory University employees: Call the Benefits and Worklife Department at 404.727.7613 or email hrbenef@emory.edu.

Emory Healthcare employees: Call the Emory Healthcare Benefits Resource Center at 404.686.6044 or email ehc.hr.benefits@emoryhealthcare.org.

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