Workshops to explain how to consolidate retirement accounts; walk-in sessions and appointments available, too

January 13, 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.

"Employees who have balances with more than one financial provider may be paying more in fees than necessary," says Teresa Wesner, benefits manager. 

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, Purdue 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 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. Through either option, employees can obtain the appropriate paperwork and complete the transfer process with the help of a Fidelity representative. The Investor Center opens Jan. 18 in rooms 84 and 88.

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 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 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, Lincoln, TIAA-CREF and VALIC will be available during the transfer workshops and at the walk-in help sessions.

Funds in the defined contribution retirement plan and the voluntary retirement savings plan are eligible for consolidation.

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.