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2017 Retirement Fund Changes

 

 IMPORTANT DOCUMENTS document

Fund Change Transition Guide

Investment Option Descriptions

  

LINKS   Important Links

 

FlexOnline flex online

TIAA Website   

Fidelity Website

Calvert/USI Website

 

FORMS

   TIAA-For questions on how or which form to complete, call 800-842-2252

   Calvert-For questions on how to complete the form, call 866-305-8846 Plan Code 272 

   Fidelity-For questions on how or which form to complete, call 800-642-7131

 

Your Dartmouth College retirement plans are an important part of your overall benefits package.  To support the well-being of faculty and staff, we are pleased to provide a streamlined and simplified investment lineup to help you save and invest for your future. The Fund Change Transition Guide provides details you need to better understand what is changing and when, what actions you may need to take based on your investment preferences, and where you can get additional help understanding your new investment choices.

Communication from Carolyn Dever, Provost and Professor of English, and Rick Mills, Executive Vice President

Letter from Scot Bemis, Chief Human Resources Officer

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Want to learn more? 

 

 

**Come to an upcoming Educational Session**

Fund Transition Educational Sessions

Visit HERE  to view and register for sessions. 

         April 11, 2017—9-10:30 and 12-1:30 at Haldeman 031, 3-4:30 at HR Training Room (7 Lebanon Street)

         April 18, 2017—9-10:30,  12-1:30, and 3-4:30 at Hop Faculty Lounge 205

         April 20, 2017—2-3:30 DHMC Auditorium G

         May 11, 2017—9-10:30 and 12-1:30 at Haldeman 041, 3-4:30 at HR Training Room (7 Lebanon Street)

         May 15, 2017—9-10:30 and 12-1:30 at Haldeman 031, 3-4:30 at DHMC Auditorium G

         May 23, 2017—9-10:30 and 12-1:30 at Haldeman 041, 3-4:30 at HR Training Room (7 Lebanon Street)

 

If you are unable to attend an educational session, recordings discussing the investment option changes are available from both TIAA and Fidelity by visiting the links below:

TIAA:        https://www.brainshark.com/tiaa-cref_direct/DarmouthCollege

Fidelity:     https://www.brainshark.com/fidelityemg/Dartmouth

 

Investing for your Retirement 101 Educational Sessions

Visit HERE to view and register for sessions        

         April 17, 2017-9-10:00 and 12-1:00 at Haldeman 041, 3-4:00 at DHMC Auditorium G

         April 19, 2017-9-10:00, 11-12:00, and 1:30-2:30 at Haldeman 041

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Want to schedule an individual consultation?

Contact either TIAA or Fidelity using the contact information below. To view a complete list of available sessions, click HERE

TIAA Financial Consultants

Call 800-732-8353 weekdays, 8 a.m. to 8 p.m. Eastern time, or go to www.tiaa.org/schedulenow

Chuck Doolittle, Financial Consultant

You may also call Melissa Prunier, Senior Administrative Assistant, at 603-653-5140 or 866-904-7801 to schedule a meeting at the local TIAA office located at 2 Buck Road, Suite D, Hanover, NH 03755

Fidelity Retirement Planners

Call 800-642-7131, weekdays, from 8 a.m. to midnight Eastern time or go to http://getguidance.fidelity.com

Paul Bolles, Director, Retirement

Nick Liguori, Retirement Planner

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Need General Information?

Contact either TIAA or Fidelity using the contact information below.

TIAA

To speak with a TIAA consultant by phone, call TIAA at 800-842-2252, weekdays, 8 a.m. to 10 p.m. or Saturday, 9 a.m. to 6 p.m. Eastern time

or visit www.tiaa.org/dartmouth

Fidelity

To speak with a Fidelity representative by phone, call 800-343-0860 weekdays, 8 a.m. to midnight Eastern time

or visit www.netbenefits.com/dartmouth

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Retirement Plan FAQ's

 

  

 

   

 

• Retirement Plan FAQ's

What changes are taking place within the Dartmouth retirement plans?  Effective April 17, 2017, there will be significant changes to the fund offerings within the Dartmouth retirement plans.  The new investment lineup will offer a choice of four tiers of investments: Tier 1 - Target Date Retirement Funds, Tier 2 - Index Funds, Tier 3 - Actively Managed Funds, and Tier 4 – Annuities.  Fund offerings will be reduced from over 200 to 22.  In addition, Calvert will no longer be offered as an investment provider option (see the Fund Change Transition Guide for important dates).

Why is Dartmouth reducing the number of investment options available?  The new structure is designed to streamline the fund selection process and reduce investment expenses.  The new fund lineup will be monitored on a periodic basis to ensure the investment options continue to help meet retirement savings goals and meet the College's fiduciary responsibilities.

How were the final fund offerings determined?  The final fund offerings were determined through a diagnostic review led by Fiduciary Investment Advisors, an independent investment consultant.  As a result, the Retirement Plan Governance Committee and the Board of Trustees agreed to streamline investment menus going forward, focusing on a combination of target date funds, low-cost index funds, a reasonable number of other core investment options, and a selection of annuity investments.  While options on Calvert's platform are being eliminated, the new investment menu is simpler and provides lower cost options throughout the TIAA and Fidelity platforms.  Socially responsible options will be available through both TIAA and Fidelity.

What are Target Date Retirement Funds?  Target date funds are mutual funds that automatically reset the asset mix of stocks, bonds, and cash equivalents in portfolios based on an anticipated retirement date.  Funds are managed to gradually become more conservative as the target date approaches.  Target date funds require less participant involvement.

What are Index Funds?  Index funds seek to match their benchmark performance, rather than beat their benchmark.  Because the objective is to mirror the holdings and return of a particular index, less research is needed, transactions occur less frequently, and expenses tend to be lower than those of actively managed funds.

What are Actively Managed Funds?  Actively managed funds seek to exceed their benchmarks.  Unlike index funds, managers of actively managed funds do not attempt to mirror the holdings and performance of an index.  Fund managers have flexibility to actively seek investments that they believe will exceed the performance of a particular index.  Since actively managed strategies often involve a great deal of research, transactions within these funds tend to occur more frequently and expenses tend to be higher than index funds.

What are Annuities?  Annuities are designed to accept and grow funds, then pay out a stream of payments to the individual at a later point in time.  Annuities are designed to create a steady cash flow during retirement and to alleviate fears of outliving one's assets.

How do I find out which funds are available under the new lineup?  Refer to the Fund Change Transition Guide for information on the new lineup and to see how current funds will be mapped if you take no action prior to May 18, 2017 for Calvert participants or May 25, 2017 for TIAA and Fidelity participants.  Please refer to the Investment Option Descriptions for detailed descriptions of each of the funds.

Are there fees and expenses associated with the new fund lineup?  Fees and expenses are assessed on most retirement plans.  Today, fees and expenses are determined by the funds within your portfolio.  Different funds have different fees.  To be more transparent and to charge participants similarly across investment providers, on April 1, 2017, there will be a change in how fees and expenses are assessed.   A fixed fee will be used for assets on the TIAA and Fidelity platforms.  At TIAA, the fee will be $70 per participant on average, with a .042% fee assessed per annum on the mutual funds.  Any fee's generated in excess of $70 per participant will be credited back to the participant.  At Fidelity, the fee will be $68 per annum ($17 per quarter).  In addition to recordkeeping fees, investment fees including expense ratios and other fund-specific fees, such as redemption fees, can be found at each of the provider websites.

When are the plan changes effective?  The new investment lineup will become available April 17, 2017.  Contributions may be directed to the new fund lineup at that time.  At market close (generally 4:00 p.m. eastern time) on May 23, 2017 for Calvert participants or May 25, 2017 for TIAA and Fidelity participants, all future contributions and remaining balances in investment options being removed from the Plans will be transferred from the old investment options, as indicated in the Fund Change Transition Guide.

What Dartmouth retirement plans are affected by the fund changes?  Retirement plans affected by the fund changes are the 401(a) Defined Contribution Retirement Plan, the 403(b) Defined Contribution Retirement Plan, the 403(b) Supplemental Retirement Account (SRA), and the 457(b) Deferred Compensation Plan.

Do the fund changes affect the Defined Benefit Retirement Plan?  No.  The fund change transition does not affect the Defined Benefit Retirement Plan.

How do I make an investment selection in the new fund lineup?  If you have existing accounts at TIAA or Fidelity, you may change funds by logging on to the company website to make the change, or you may call a customer service representative.

If you do not have an account set up at TIAA or Fidelity, log on to the FlexOnline benefit system at http://benefits.dartmouth.edu to elect your investment provider.  You will need to complete an account application with the new company.  The application link is on the election page of FlexOnline.

What if I do not make a change to my current investment elections at Calvert?  If you do not make a change to your current investments at Calvert by close of market (generally 4:00 p.m.) on May 18, 2017, your existing balances and future contributions will be directed to an age-appropriate Vanguard Target Date Fund at Fidelity on May 26, 2017, as shown in the Calvert Fund Transfer Grid on page 22 of the Fund Change Transition Guide.

What is the Blackout Period for Calvert participants?  Since the Calvert investment platform will no longer be available after May 18, 2017, funds remaining at Calvert on that date will be transferred to a Vanguard Target Date Fund at Fidelity.  To accommodate these transfers, a blackout period will begin May 18, 2017 and end during the week of June 12, 2017.  During the blackout period, you will not be able to view, direct, or diversify the assets held in your Calvert accounts.  Any payroll contributions made to your Dartmouth retirement plans during the blackout period will be directed to either TIAA or Fidelity if you made an election prior to the blackout period.  If you made no election prior to the blackout period, contributions during the blackout period will be made to a Vanguard Target Date Fund at Fidelity.

There will be no blackout period for TIAA and Fidelity participants.

What are the important dates I need to know?

key dates for carriers

payroll dates

                         

What steps do I need to take if my current funds are no longer being offered?  Find your current investments in either the TIAA, Calvert, or Fidelity transfer grid to determine where your funds will be transferred.  Beginning April 17, 2017, the new consolidated fund lineup will be available, and you may choose to move your funds to any of the available options.  If your current funds are no longer being offered, and you do not select funds from the new investment lineup by May 18, 2017 for Calvert participants or May 25, 2017 for TIAA and Fidelity participants, your existing balances and new contributions will be transferred to the new fund lineup outlined in the Fund Transfer Grids in the Fund Change Transition Guide.  For participants seeking socially responsible funds, options are available on both TIAA and Fidelity platforms.

How does this transition affect assets with TIAA?  Beginning April 17, 2017, the new fund lineup will be available and you will have the opportunity to move your Plan assets held at TIAA into the new funds.  If you do not take action by market close (generally 4:00 p.m. Eastern time) on May 25, 2017, balances and new contributions in TIAA mutual funds will be transferred to the new investment lineup, according to the TIAA Fund Transfer Grid on page 17 of the Fund Change Transition Guide.  For Tier 4 annuity options, existing balances and future contributions will continue as in place today.  For the remaining annuity products that will no longer be offered, these investment options will be closed to future contributions and transfers-in.  Existing balances in these options will not transfer automatically.  Balances will remain in these accounts until you choose to move them, which you may do at any time.  It is important to note that some investments in the TIAA Traditional account may have withdrawal restrictions.

How does this transition affect assets with Fidelity?  Beginning April 17, 2017, the new fund lineup will be available, and you will have the opportunity to move your Plan assets held at Fidelity into the new funds.  If you do not take action prior to market close (generally 4:00 p.m. Eastern time) on May 25, 2017, existing balances and new contributions will be directed to the new investment lineup, according to the Fidelity Fund Transfer Grid on page 27 of the Fund Change Transition Guide.

How does this transition affect assets at Calvert?  Beginning April 17, 2017, the new fund lineup will be available, and you will have the opportunity to move your Plan assets held at Calvert into the new funds, either at TIAA or Fidelity.  If you do not take action prior to market close (generally 4:00 p.m. Eastern time) on May 18, 2017, existing balances (and future contributions for active employees) will be directed to a Vanguard Target Date Fund at Fidelity on May 26, 2017.  Future contributions into Calvert funds will no longer be available in the Dartmouth retirement plans.

If you are currently an active employee at Dartmouth and would like to direct your future contributions to TIAA or Fidelity, log on to the FlexOnline benefit system at http://benefits.dartmouth.edu.   Change your current elections from Calvert to either TIAA or Fidelity.  If you do not have an account already set up with TIAA or Fidelity, you will need to complete the new account application for that company.  The Application link is on the election page of FlexOnline.

If you have Calvert funds and would like to transfer the balance in those accounts to TIAA or Fidelity, you may initiate the transfer prior to May 15, 2017 by completing the appropriate forms for TIAA or Fidelity.  Completed forms must be received in the Benefits Office no later than May 15, 2017 to allow for processing.  Forms may be faxed to the Benefits Office at (603) 646-1108.

 

Will my existing TIAA Life Cycle Funds or Fidelity Freedom Funds transfer to the same year Vanguard Target Date Fund (i.e. 2040 to 2040) or will they transfer to the Vanguard Target Date Fund most appropriate for my age?   

If you currently have a TIAA Life Cycle Fund or Fidelity Freedom Fund that is more conservative or aggressive for your age, balances in those options will be transferred to the Vanguard Target Date Fund most appropriate for your age.  For example, if the Vanguard Target Date 2030 Fund is most appropriate for your age and you are currently in a TIAA Life Cycle 2040 or Fidelity Freedom 2040, on May 25, 2017, the balance in the 2040 Fund will be transferred to the Vanguard Target Date 2030 Fund.   You may contact TIAA or Fidelity to change your fund allocation at any time.

What if I do not want my existing funds to change?  Can I take my money out of the Plan?  Active benefits-eligible employees do not have access to the Dartmouth College retirement plans while still employed (withdrawals from the SRA when over age 59 ½ is the exception to this rule).  Any balances remaining in investment options not offered in the new investment lineup will be moved as outlined in the Fund Change Transition Guide.  Former employees do have access to their Dartmouth College retirement plans and may withdraw or roll their balances to another retirement investment prior to the date funds are transferred to the new investment lineup.  Any balances remaining in investment options not offered in the new investment lineup will be moved as outlined in the Fund Change Transition Guide.  Please note: Balances that are withdrawn with a check made payable to the participant are taxable.  Rollover distributions that are made payable to another retirement investment company for your benefit are not subject to taxes at the time of the rollover.  Consult a tax professional for details.

How do I register to attend a group educational session?  Log on to ABC Signup at www.dartgo.org/fund_transition .  Register for the session you would like to attend.

How do I schedule a one-on-one meeting with the TIAA or Fidelity representative?  For TIAA, log on to www.tiaa.org/schedulenow or call (800) 732-8353.  If you would like to schedule a meeting with a consultant at the local TIAA office located at 2 Buck Road, Suite D, Hanover, NH  03755, please call Melissa Prunier at (603) 653-5140 or (866) 904-7801.  For an individual meeting with a Fidelity representative, please log on to http://getguidance.fidelity.com or call (800) 642-7131.

How do I designate or change my beneficiary elections on my Dartmouth retirement plans?  For TIAA, log on to www.tiaa.org/dartmouth.  From the My Account tab, click on Change beneficiaries.  For Fidelity, log on to www.netbenefits.com/dartmouth. Click on Profile, then Beneficiaries. This is a good time for all employees to review, update, or designate your beneficiaries.

How do I change where my future retirement plan contributions will go?   Log on to the FlexOnline benefit system at http://benefits.dartmouth.edu

  • Enter your Net ID and Password. 
  • At the Welcome page, click on the light blue box on the right that reads "Click Here to Update or Review Your Retirement Plan Elections for 2017". 
  • Click on the Plan you would like to change.  Update your election.  
  • Click on "Submit" to save. 
  • At the main menu, click on additional Plans you would like to update. 
  • If you do not already have an account with the new provider you are electing, be sure to click on the Application link for the provider after you have saved each election.  You will need the Plan ID/Access Code for each new account.  This is found beside the Application link on the election page on FlexOnline.

How do I transfer monies from Fidelity to TIAA or vice versa?  You will want to contact both the company receiving the funds, as well as the company relinquishing the funds to determine the appropriate forms to be completed.  To ensure enough time for processing, please return all forms to the Benefits Office by May 15, 2017.  Forms may be faxed to the Benefits Office at (603) 646-1108.

What resources are available to help me decide which funds to elect?   One-on-one financial counseling sessions are available with the TIAA and Fidelity representatives.  To schedule a meeting with the TIAA representative, log on to www.tiaa.org/schedulenow or call (800) 732-8353.  To schedule a meeting with the Fidelity representative, log on to http://getguidance.fidelity.com or call (800) 642-7131.  You may also call the main customer service numbers at the investment provider.  For TIAA, please call (800) 842-2252.  For Fidelity, please call (800) 343-0860.

Does this Fund Change affect me if I am no longer working at Dartmouth?  Yes, almost every Dartmouth retirement plan participant will be affected by the fund changes.  Participants with individual annuity contracts at TIAA may leave their balances in those accounts if they prefer not to use the new fund selections available, but everyone else will be affected.  If a fund will no longer be offered after May 25, 2017, action must be taken prior to that date (May 18, 2017 for Calvert participants) to move the balances in those funds, or they will be transferred to the new fund outlined in the Fund Transfer Grid in the Fund Change Transition Guide.

How does this fund change affect my vesting status?  The fund changes do not affect your vesting status.  If you are vested, you will remain vested.  If you are not yet vested, the three year vesting schedule still applies.

How do I find out what I have for Dartmouth retirement plans and in which company I have investments?  Retirement plan information can be found on your paystub or on the FlexOnline benefit system at http://benefits.dartmouth.edu.

Will I receive a 1099-R tax form as a result of this transition?  A 1099-R is issued when monies are transferred or withdrawn from a retirement plan.  Depending on the transactions you complete during this transition, you may receive a 1099-R.  Monies classified as a Transfer or Rollover are not subject to taxation.  Monies classified as a Withdrawal, where a check is made out to the participant rather than an investment company for benefit of the participant, are usually subject to taxation.  Please contact a tax advisor for details.

 

 

 

 

 

 

 

 

 

 

 

Last Updated: 5/11/17