Home < Human
Resources and Benefits Briefing < January
2006
A revised 403(b) Plan Summary Plan Description is now available. The revised publication reflects service enhancements that were implemented as part of the transition to a new recordkeeping arrangement with Fidelity Investments Tax-Exempt Services Company (FITSCO).
Following are highlights of plan changes:
Investment Options
The revised plans reflect the new investment options (link to investment
options brochure) now available to participants, as well as daily valuation of
the UC Funds. Participant transactions are no longer limited by monthly valuation
processing cycles.
Rollovers into the Plans
Rollover provisions have been expanded to allow participants to roll over
eligible monies into the UC Retirement Savings Program from traditional individual
retirement accounts (IRAs) and after-tax employer plans. After-tax rollovers
are only allowed from like plans—for example, after-tax rollovers from another
employer 403(b) Plan may only be directed to the UC 403(b) Plan. The new rollover
provisions also allow participants who are no longer employed at UC to roll over
eligible monies into the plans.
403(b) Plan Loans
For loans initiated after July 1, 2005, new processing deadlines, fees, interest
rates and restrictions on re-financing apply. Participant balances in the DC
and 457(b) Plans may be used to determine the amount available for a 403(b) Plan
loan. Participants may now continue to repay loans after employment through electronic
funds transfer.
Hardship Distributions and Unforeseeable Emergency Withdrawals
Participants are not allowed to make voluntary contributions to the 403(b),
457(b) and DC Plans for six months following a 403(b) Plan Hardship Distribution
and/or a 457(b) Plan Unforeseeable Emergency Withdrawal.
More information about the transition to FITSCO is available online.
