MEDICAL EXAMINING BOARD
For DISABILITY RETIREMENT
|55 ELM STREET
Telephone (860) 702-3480
Facsimile (860) 702-3489
|STATE OF CONNECTICUT|
RETIREMENT SERVICES DIVISION
OFFICE OF THE STATE COMPTROLLER
|ATTENTION:||All Human Resource, Payroll and Benefit
Participants in the Alternate Retirement Program (ARP)
|SUBJECT:||Third Party Administration Transition - Alternate Retirement Program (ARP)|
The purpose of this memorandum is to announce an upcoming change in the third party administrator for the State's Alternate Retirement Program (ARP). Every five years the Office of the State Comptroller issues a Request for Proposal for administration of our defined contribution plans. After conducting a thorough evaluation, the review committee selected Prudential Retirement to take over administration of the ARP Plan beginning July 1, 2015. Prudential offers a comprehensive financial education initiative with enhanced tools and lower administration costs.
Voya Financial, the current administrator, will begin the process of transferring account data and assets to Prudential's recordkeeping system at the end of June 2015. Employees who are currently participating in the ARP Plan do not need to take any action in connection with the transition. Prudential will offer all of the same investment options, and there is no need for participants to re-enroll.
During the transfer process from Voya to Prudential there will be a brief
interval, known as a "black-out period", during which certain transactions
cannot be made. For this reason, we want participants and their agencies to be
aware of the schedule so that those planning to retire in June and July have
sufficient time to make arrangements.
II. Transition Schedule
A black-out period will begin at 4:00 p.m. on Monday, June 29, 2015 and is
scheduled to end at 8:00 a.m. on July 9, 2015. Participant accounts will
continue to be invested according to existing asset allocations but no
investment fund changes or withdrawals can be made until the black-out period
Voya can process investment fund changes and withdrawal forms that are received by 4:00 p.m. on June 29, 2015. Because annuity purchases require additional paperwork, participants who want to set up an annuity through Voya should initiate that process no later than June 15, 2015. Any investment fund changes or withdrawal requests that are late or are missing required information will be forwarded to Prudential for resolution and processing after the black-out period has ended. After the transition is completed, participants will be able to view their accounts and execute transactions with Prudential beginning Thursday, July 9, 2015.
A.Employees Not Currently Enrolled in ARP Plan
Voya will process enrollment materials for employees who wish to enroll into the ARP Plan for the first time up until 4:00 p.m. on June 24, 2015. Because additional information may be needed in connection with first-time enrollment, participants are encouraged to get all materials to Voya no later than June 17, 2015 or to defer their enrollment until after July 9, 2015. Any unprocessed enrollments received by Voya will be forwarded to Prudential for resolution and processing.
B. Agency Paycheck Reversals
Employees will continue to have access to customer service
representatives and retirement counselors with Voya through June 29, 2015.
Prudential's representatives will be attending the May 2015 Open Enrollment
Health Fairs to introduce themselves to employees and answer transition
questions. The Comptroller's web site;
www.osc.ct.gov, has posted the May 2015 Open Enrollment Health Fair schedule
and will provide regular updates on the Voya to Prudential transition process.
We are excited about the prospect of working with Prudential Retirement and the enhancements that will be available to ARP Plan participants. Beginning mid to late May 2015, Prudential will launch a transition website, www.ctdcp.retirepru.com , which will provide ongoing communications.
Payroll and Human Resources Personnel are strongly encouraged to assist June and July retirees. You may contact the OSC Retirement Services Division, Miscellaneous Unit at 860-702-3508 for assistance or through our central email at OSC.RSD@ct.gov.
Very truly yours,
Brenda K. Halpin, Director
Retirement Services Division
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