Monday, March 16, 2015 7:08 AM
If you are:
1) a NANC employee;
2) an adjunct faculty member who had ever paid into the Valic plan instead of STRS;
3) a contract classified staff member who was formerly a NANCE, or
4) a contract faculty member who formerly paid into Valic as an adjunct;
you should pay attention to the email message below from Human Resources.
The District will be moving the current Valic plan to a new plan administered by the San Diego County Office of Education, Fringe Benefits Consortium.
The bottom line for this change is that the retirement plan will be managed much better, with lower administrative costs, and hopefully higher returns. The other huge advantage is that for employees that have become STRS or PERS members but still have money sitting in the Valic account, you may be able to buy STRS or PERS service credit with these funds.
Begin forwarded message:
From: SDCCD Human Resources <firstname.lastname@example.org>
The San Diego Community College District has completed a review of all aspects of the San Diego Community College District FICA Alternative Retirement Program and the Board of Trustees has approved a change in plan administration. These duties will be coordinated by the San Diego County Fringe Benefits Consortium (FBC), effective April 1, 2015. The FBC has contracted with National Benefit Services (NBS), LLC to provide the plan administration, and will use the investment services of Life Insurance Company of the Southwest (LSW).
Some of the changes that will be occurring over the next several weeks include:
NBS will begin providing oversight of the plan to ensure the plan complies with all IRS regulations. For you, the employee, this will be most apparent when you wish to initiate a transaction with LSW. Pre-authorization from NBS will be required to perform these transactions. Forms and instructions are available online at www.fbcretire.com
NBS will contact the plan’s current investment provider and request that the assets be liquidated and forwarded to LSW.
We would like to update beneficiary information regarding your account. You will be receiving a letter and a Beneficiary form so your information can be updated into FBCs system. Forms may be returned to: San Diego Community College District, Human Resources, 3375 Camino del Rio South, Suite 380, San Diego CA 92108
There will be follow up mailings as we continue to transition the plan and the plan assets.
Please share this information with others who may not have e-mail access. If you have any questions, please reply to email@example.com.
San Diego Coummuity College Human Resources
SDCCD | Human Resources