We are pleased to inform you that we will open a new full service retirement planning site, called Retirement Manager on January 3, 2012.
As you may be aware, the IRS issued new regulations for all 403(b) plans effective with plan years beginning on or after January 1, 2009. The new final regulations require the plan sponsor to ensure that all loans, hardship withdrawals, in-service withdrawals, and normal distributions are properly made, with all of the pertinent rules followed closely. Retirement Manager will ensure compliance with the IRS new regulations by collecting data from all Wright State approved vendors in order to properly perform the non-discrimination (and contribution limits) tests as well as to ensure that all loans and distributions follow the regulations.
Below you will find a partial listing of the features that will be included within Wright State University's new Retirement Manager Website:
- On-line enrollment and changes in contributions for both 403(b) and 457(b) plans. For questions and enrollment into the Ohio Deferred Compensation 457(b) program, you will need to continue to contact Ohio Deferred Compensation directly.
Distribution certificates that can be used with your provider for release of funds for IRS approved distributions-no longer necessary to request Wright State University's approval and signature.
- Electronic remittance of employee deferrals and ARP contributions to facilitate more timely deposits to employee retirement accounts and their selected provider.
Retirement and Financial Planning Tools.
- One-site data feeds from all Wright State University approved 403(b), 457(b) and ARP providers that permit one-site planning account information. May change contribution allocations to vendors without having to request forms. Only for 403(b) and 457(b) plans.
Wright State University is pleased to make Retirement Manager available in an effort to create a more efficient and user friendly environment that permits access 24/7 to the site and tools. Look for more information to be sent in the coming weeks on the Human Resources website.
Please refer to the quick reference guide for a step by step on how to set up your account for the first time. Should you need assistance with this process, please contact Retirement Manager Customer Service at 1-866-294-7950 available Monday through Friday 7 a.m.–6 p.m. Central Time.
Wright State’s Retirement Manager site will not be live for employees until January 3, 2012. Wright State employees will need to go into the Wright State site and register for the first time. This process can be accomplished in a short period of time. If an employee needs their account reset or has difficulty, please refer to the Retirement Manager customer service number and/or the Wright State benefits office for assistance. Additional information will be available on the Human Resources website.
No, all paper forms received on or prior to January 3, 2012 will be processed. Any new change requests after January 3, 2012 will need to go through Wright State’s Retirement Manager website.
Yes, the amount could be entered into retirement manager so long as it does not exceed the employee’s per-pay salary. Employee would then need to create another contribution change for the next payroll reducing the amount back to their regular deferral. If the amount is larger than their per-pay salary, they should contact Wright State Human Resources Benefits for assistance.
Currently, employee can only select a specific dollar amount. Changes can be elected once per calendar month.
A link will be added to the Wright State University Retirement Manager website. Also this information is available directly through the Wright State University Payroll Office website.
Wright State’s 403(b) plan currently permits in-service age 59&1/2 distributions. In-service age 59&1/2 distributions do not require a Retirement Manager distribution certificate as the vendor is permitted to authenticate date of birth information and can therefore validate the distribution directly.
In-service exchanges are to be initiated through RM and are permitted. Only “active” vendors currently approved within the 403(b) plan document specifications are permitted to receive in-service exchanges.
Currently, Retirement Manager will be used for common remittances and an informational access view only. Employees will be able to see account balances on ARP plans. Distributions, Intra-Plan Transfers and rollovers will be processed through the Benefit office. No loans or hardships are available under Wright State University’s ARP plan. The current ARP election process is not changing. Employees who elect ARP option versus STRS or OPERS complete the manual election form available on the Wright State website. This initial election or change during annual ARP open enrollment process will not be completed through Wright State Retirement Manager.
ARP open enrollment is Wednesday, December 14 through January 13. Changes made will be effective the last pay in January 2012. Change forms are available on the Wright State Human Resources website.
If a participant makes an election to change to a new Provider, a Participant may specify that a part or all of the Participant’s account be transferred to the new Provider. Provided however, a Provider is not required to immediately transfer any part of the Participant’s account invested at the Participant’s election in a fixed annuity account if 1.6.2012 the contract under which the investment was made permits the Provider to make such a transfer over a period of time not exceeding ten years and the contract was filed with and approved by the Ohio Department of Insurance.