Official Communication from the UFA
Posted by Jim on September 20, 2019
| Deferred Compensation Plan Recordkeeping Transition and Timetable |
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All 457 Plan Participants will be receiving notifications from OLR/DCP concerning upcoming improvements and changes regarding the new recordkeeper, please be sure to keep this information. The Plan will be transitioning from FASCore to Voya Financial. Members will be receiving new PIN numbers in November and instructions on how to set up a username and password. Be aware that from November 5 through November 11, while the transition takes place, members’ accounts will be inquiry only. Note that beginning November 8, the previous recordkeeping system will reflect a $0 balance. This is only to indicate that FASCore is no longer the recordkeeper. By November 12, you will be able to confirm your balance with Voya once you have established access to your accounts. Additional information will be available at www.nyc.gov/deferredcomp. A detailed description of changes and dates to be aware of is below. The Plan’s recordkeeper maintains the individual participant balances and issues quarterly statements. Through the telephone or the Plan’s website, participants can access their accounts to obtain information and make changes. As Account Access goes directly to the recordkeeper’s website, the change will mean a new look and feel for Plan participants when they access their accounts online. Participants will also be issued new Personal Identification Numbers (PINS) in order to access their accounts through the new recordkeeper. An exciting new recordkeeping feature that is expected to be available at the end of the year is a mobile app. The mobile app, which participants will be able to download from their preferred app store, will allow participants to access their accounts and make changes through their smartphones and tablets. Communications Campaign Beginning in September 2019, the Plan is conducting an extensive communications campaign detailing the transition timeline to ensure that participants have all the information they need. There will be notices on the Plan’s website, http://nyc.gov/deferredcomp, home mailings, an introductory video available on the Plan’s website, and finally a reminder email blast. The October and November 2019 Calendar October 18th – Any form received by the Plan’s office after that date will be held and processed after the transition is completed in November. November 5th – After 4:00 p.m. on that day, participant account access will be restricted to inquiry only and participants will not be able to make any changes to their accounts through November 11th. During this transition period, November 5th through the 11th, the Client Service Center at 22 Cortlandt Street, 18th floor, will be closed and no forms will be accepted, including distribution forms and hardship applications. Participants will be reminded that it is important for them to review and consider their current investments BEFORE the transition period begins on November 5th, because although fund balances will remain invested at all times during the transition, participants will not be able to make changes. The first week of November – Participants will be receiving a new PIN in the mail along with instructions on how to set up a username and password to access their accounts online with Voya beginning November 12th. Of special note is that beginning November 8th, if participants view their accounts on the previous recordkeeping system, they will see a $0 balance. The $0 balance only indicates that FASCore is no longer the recordkeeper for their accounts. Beginning on November 12th, they will be able to confirm their balance with Voya once they have established access to their accounts. November 12th – The Client Service Center will reopen and the new recordkeeping system will be operational. Quarterly Statements The date that participants receive their 3rd quarter statements will be slightly different. The statement period will cover July 1st through November 8th and will be mailed to participants at the end of November. The 4th quarter statements will be issued by Voya and will cover the period November 9th through the end of the year. History of balances and transactions that occurred prior to the transition will be available to participants and they will be able to access their previous account with FASCore for a period of 3 months after the transition is completed. Participants scheduled to receive a periodic payment in the first or second week of November 2019 will see that monthly installment expedited, so that they will receive them two weeks early – between October 15th and the 31st. They will be sent a Form 1099-R from FASCore for this distribution and all distributions made before November 5, 2019. For all distributions after November 11, 2019, they will receive a Form 1099-R from Voya. For more information, participants will be able to visit the Plan’s website at http://nyc.gov/deferredcomp and click on “Transition Timeline” to view key dates, newsletters and FAQs. |