Retirement accounts can be consolidated beginning in January

January 6, 2011

Faculty and staff who have retirement plan balances with more than one financial provider may be interested in consolidating their accounts through Purdue's new retirement plan recordkeeper, Fidelity.

"Regulations within the financial industry require that accounts through Fidelity must be active before Fidelity can accept a transfer of funds from another retirement account," says Teresa Wesner, benefits manager. "That means that transfers can begin now that Purdue's enhanced retirement plan is in effect." 

Wesner says that having balances with more than one financial provider can mean that employees are paying more in fees than necessary. In addition, consolidating can give employees a better overall picture of their investments, fewer retirement account statements to review and less overall information to consider.

For employees who are thinking about consolidating their retirement accounts, Staff Benefits and Fidelity are offering the following ways to get information and help.

Transfer workshops to review options and preview the process

At these events, employees will learn more about:
* The new Purdue Investor Center sponsored by Fidelity Investments, opening Jan. 18 in Purdue Memorial Union.
* Purdue's retirement program investment options.
* Retirement account fees.
* How to consolidate retirement plan accounts.
* How to schedule a confidential consultation.

West Lafayette campus workshops will be offered Jan. 18-21 and again in February. Check the Staff Benefits website at www.purdue.edu/hr/Benefits/retirementTransferWorkshops.html
for a schedule. Regional campuses will communicate their own schedules. No reservations are required.

Fidelity's help to manage the transfer and consolidation process

Employees who think that consolidating their accounts is the best choice for them can come to a walk-in help session or visit the Purdue Investor Center in Purdue Memorial Union. The Investor Center opens Jan. 18 in Rooms 84 and 88. Through either option, employees can obtain the appropriate paperwork and complete the transfer process with the help of a Fidelity representative.

Faculty and staff should bring the account numbers and official statements of all accounts they would like to transfer. Online statements do not automatically reflect account numbers, so employees who obtain their statements online also will need to look up and bring their account numbers.

A schedule of walk-in help sessions at the West Lafayette campus is available on the Staff Benefits website at www.purdue.edu/hr/Benefits/retirementTransferWorkshops.html; regional campuses will communicate their own schedules.

No appointment is needed to consolidate retirement plan accounts. Before, in between, and after the transfer workshop times, Fidelity representatives will be available to help employees with their transfer paperwork. The required transfer paperwork for American Century, TIAA-CREF, VALIC and Lincoln will be available during the transfer workshops and at the walk-in help sessions.

Confidential consultations for those who prefer them

Faculty and staff preferring to sit down face-to-face with a Fidelity Representative can schedule a confidential consultation at any time. Call Fidelity's reservation line at 800-642-7131 or go online to http://plan.fidelity.com/purdue to schedule a confidential consultation. If appointment slots are full, employees may add their names to the waiting list. Confidential consultations will be an ongoing service from Fidelity.  

For questions concerning retirement accounts consolidation or the upcoming transfer workshops, contact Fidelity at 800-343-0860.