Human Resources - Benefits

Administration Division

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Managing Your Account

What happens to future contributions and existing balances with providers?

Provider Maintain existing balances Future contributions allowed
Retained providers on the plans Fidelity Yes Yes, using the new menu starting May 1, 2019.
TIAA Yes Yes, using the new menu starting May 1, 2019.
VALIC Yes Yes, using the new menu starting May 1, 2019.
Eliminated providers from the plans (offered at some USG institutions) Ameriprise, AXA, First Investors, Lincoln Financial Group, MassMutual, Primerica, USAA, Voya, and Waddell and Reed Note: All providers other than Fidelity, TIAA and VALIC will be eliminated from the plan. You may contact your HR/Benefits Office to confirm. Yes No. If a new provider is not selected by April 19, 2019, an account will be opened for you with TIAA. Your investments will be set to the default Vanguard Target Date Institutional Fund based on your age and your beneficiary will be set to Estate.
Peach State Reserves 401(k)/457(b) Yes No. If a new provider is not selected by April 19, 2019, your contributions will stop.

Learn more about how your future contributions and current balances will be directed or transferred by reviewing the Guide to New Investments.

You can also attend an information session to learn more about the plan enhancements. Choose a session at education-session.usg.edu.

Action needed if you contribute to the discontinued providers

If you currently contribute to a voluntary plan with any provider other than Fidelity, TIAA and VALIC, you must enroll with Fidelity, TIAA or VALIC for each plan and select from the investment options offered by the providers by April 19, 2019. If you don’t make a selection, you will be defaulted to TIAA as your provider. You will then be enrolled in a new TIAA account the week ending May 3, 2019, and future contributions will be directed to the default fund for the plans—the Vanguard Target Date Institutional Fund that corresponds with your projected retirement date based on your age. The beneficiary for your new TIAA account will be set to “Estate.”

Action needed if you contribute to Peach State Reserves 401(k)/457(b)

If you currently invest with the Peach State Reserves 401(k)/457(b) voluntary plan, you must enroll with Fidelity, TIAA or VALIC by April 19. If you do not, your contributions to Peach State Reserves will stop with the April 30, 2019, monthly payroll and a new account will not be opened for you at TIAA.