Plan Record Keeper Transition Details
We recently announced the selection of ICMA-RC as our third-party record keeper for the State of Missouri Deferred Compensation Plan (see the recent Plan Simply Put newsletter and previous Plan Update). The following describes the transition of all Plan participant account records from ING Retirement Plans (ING) to ICMA-RC, details what will remain the same with the new record keeper and introduces some new changes.
Why are the account records changing to
ICMA-RC?
- Reduced plan fees – The monthly participant fee will go from $2.75 to $1.00.
- Extended call hours – Participant service representatives will be available until 8:00 p.m. CT.
- New brokerage provider – The brokerage services will be provided by TD Ameritrade; their Call Center hours are 8:30 a.m. – 6:30 p.m. CT, which are expanded hours compared to the current brokerage provider.
- The Roth 457 will be available November 11, 2011. This option will be further addressed in future educational seminars and on this website.
- eDelivery of all quarterly statements and trade confirmations for participants with an email address on file. Participants can opt-out of eDelivery at any time following the record-keeper transition.
- Improved online account accessibility and password retrieval process.
When will the transition occur?
The transition is scheduled to begin on November 8, 2011, and will be completed on or around November 10, 2011.
What remains the same?
- The fund lineup, including the ING Stable Value Income Fund, will remain the same and participant investments will never be out of the market during the record keeping transition.
- The plan website will continue to be www.modeferredcomp.org.
- The Plan toll-free number for contacting a representative will continue to be
800-392-0925. - There will be no change in the education specialists (at the local Plan office in Jefferson City or throughout the state) that provide seminars and individual consultations.
Can you tell me a little more about ICMA-RC?
- Founded in 1972, ICMA-RC is a U.S.-based, non-profit corporation dedicated exclusively to serving the public sector.
- They are an established provider of public sector retirement plans, with more than 4,800 employers, serving over 920,000 participants with $38 billion in assets under administration as of June 30, 2011.
- They serve other state and local governments with participants similar to you.
No action is required by participants in connection with the transition of the core fund line-up to ICMA-RC.
To learn more about the transition, participants can attend an educational seminar. During late October and early November, the local education specialists will be at locations throughout the State to discuss the transition and the retirement planning services available through the Plan. Convenient meeting times and locations can be found in the seminar schedule (schedule may be updated and is subject to change). No registration is required for these seminars. If you can't make it to a live transition seminar, you can view a pre-recorded transition webinar at any time.
For other transition-related questions, please stay tuned to www.modeferredcomp.org or call 800-392-0925 and choose option 2.
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Participant Checklist
October 2011
November 10, 2011
- ICMA-RC mails enrollment and conversion of account records confirmation letter. Participants should take a few minutes to verify that their name, address, contribution allocation information and account records are correct. The total balance reflected should match the amount in the “Conversions” line in the gray box under “Your Total Account Value” on the front page of the final statement from ING.
- After this date, participants can log into their account on this website to view their account balance or complete transactions. Participants will need to register for Account Access and select a User ID and password on this website. Participants must first complete their personal information by entering social security number, date of birth, zip code and email address. Then, select a user name and password and complete the two security tests to finalize your registration.
November 18, 2011
- ING sends participants closing statements showing a zero “Closing Value as of November 8, 2011” and the amount transitioned to ICMA-RC in the “Conversions” line of the “Your Total Account Value” section.
To have transactions completed by the Participant Service Representatives, participants will need to authenticate their account through the Voice Response System through a PIN. The default PIN will be the last 4 digits of the participant's social security number. Once a participant provides the “default PIN,” he or she should be sure to select a new PIN.
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Key Dates*
November 1, 2011
Last day to process salary deferral rate and future investment allocation changes.
November 4, 2011
Final participant contributions processed with ING. Last day to process withdrawal requests from an account if a participant is separated from service.
November 7, 2011
Last day to complete a fund transfer before records transfer to ICMA-RC.
November 8, 2011
Participant records and assets are reconciled at ING. No participant transactions can be completed by the participant. The Blackout Period begins. Funds will remain in the market and priced each day during the Blackout Period.
November 9, 2011
Participant records are transferred to ICMA-RC and balances within each investment will be applied to participant accounts on the night of November 9th.
November 10, 2011
Anticipated end of the Blackout Period at ICMA-RC. ICMA-RC sends the enrollment confirmation letter account balance for participant records. Participants can perform transactions on their accounts by visiting this website and logging into Account Access.
November 18, 2011
ING sends participants closing statements showing a zero “Closing Value as of November 8, 2011” and the amount transitioned to ICMA-RC in the “Conversions” line of the “Your Total Account Value” section.
Participants with assets in the Self-Directed Brokerage Account:
November 2, 2011
Blackout Period begins for brokerage accounts; no purchases or redemptions will be allowed in the ING brokerage until the Blackout Period is lifted. Investments are priced within the market each day.
November 2–15, 2011
Transition of records is occurring between ING brokerage and TD Ameritrade brokerage.
November 16, 2011
Anticipated date Blackout Period is lifted. Brokerage transfer is complete. Participants can conduct transactions with TD Ameritrade.
Participants who are separated from service and receiving installments:
November 1, 2011
Last day to make an address change to a participant account prior to the record transfer to ICMA-RC.
November 7, 2011
ING will pay November 15th installments prior to November 7th, the start of the Blackout Period.
December 1, 2011
ICMA-RC pays installment payments to terminated/retired participants for participants who have installments paid on the 1st of each month.
* The key dates noted are the planned dates for completion. In the event that the dates are adjusted, the final dates will be announced on this website.
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