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Benefits

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401(a) Plan FAQs

  1. How much does TSRI contribute on my behalf to this account?
  2. Can I rollover funds from another employer retirement program to this program?
  3. Can I contribute my own money to this plan?
  4. When do I own the money in the 401(a) Plan?
  5. How is my account invested?
  6. If I leave TSRI and am not vested, what happens to my account?
  7. When do I receive my plan statement?
  8. Who should I notify if I have a change of address?

 

1. How much does TSRI contribute on my behalf to this account?

Every pay period in which you are a participant and earn compensation, TSRI will make a contribution on your behalf. Contributions range from 10 – 20% depending on your employee classification. Please note that as of January 1, 2009 all new hires must fulfill a one year waiting period before contributions will be started on your behalf.

2. Can I rollover funds from another employer retirement program to this program?

Yes. Generally, you can rollover funds that are in a 403(b), 401(k) or 457(b) plan into TSRI’s 401(a) plan. Contact the Benefits Administration 858-784-8487 to obtain the necessary forms.

3. Can I contribute my own money to this plan?

No, the TSRI Faculty and Management Plan is solely an employer-contributed plan. Your pre-tax dollars can be saved through the Tax-Sheltered Annuity (403(b)) Plan.

4. When do I own the money in the 401(a) Plan?

You become vested (ownership of the account) after completing three years of eligible service, if you reach age 65 while employed by TSRI, if you become disabled while employed by TSRI or if you die while employed by TSRI. Please note that the one year waiting period for new hires as of January 1, 2009 will count towards vesting service.

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5. How is my account invested?

TSRI currently offers a core lineup of Fidelity & non-Fidelity mutual funds, a guaranteed annuity account through The Principal Group as well as access to other mutual fund families through Fidelity’s Brokerage Link account. New enrollees into the TSRI Faculty and Management Plan are defaulted initially into the Fidelity Freedome Funds based upon your date of birth. Once enrolled, your investments can be changed at any time by calling Fidelity Investments or via the Fidelity website www.mysavingsatwork.com.

6. If I leave TSRI and am not vested, what happens to my account?

Your account will be forfeited if you terminate employment and have not met the vesting provisions. However, if you are re-employed and have not incurred 5 one-year breaks in service, your account will be restored.

7. When do I receive my plan statement?

You will receive a quarterly statement directly from Fidelity Investments approximately 2 weeks after the end of each calendar quarter.

8. Who should I notify if I have a change of address?

You can update your address with Fidelity by phone at 800-343-0860. Alternatively, you can set up secure access to your account online at www.mysavingsatwork.com and then update your address online at any time.

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