Dear Colleagues,
I am writing to inform you about some important changes and enhancements to our retirement savings plan with TIAA-CREF.

As you may be aware, the Department of Labor (DOL) and the IRS over the past two years have placed greater emphasis/requirements on non-profit employers, like Le Moyne College, that sponsor employee retirement savings plans (TIAA-CREF).  This has created new responsibilities regarding compliance and fiduciary responsibilities as outlined by ERISA and other regulations.

These regulations not only require new audit and filing requirements, but also clearly outline the investment and fiduciary responsibilities of the employer to operate their retirement savings plan in the "best interest" of the plan participants.

Part of our fiduciary responsibility is the ongoing monitoring and evaluation of the selected investment options within the TIAA-CREF retirement plan and to take prudent action when required. This means that, after careful review and study, our investment options may change over time. These changes will include the elimination or replacement of certain fund options held within the TIAA-CREF program.

The College has established an investment committee led by Roger Stackpoole and has hired an investment consulting firm, CAPTRUST, to assist in the review and evaluation of the College's current investment options and design. This review has been completed and, as a result, Le Moyne College will be making important enhancements to the investment options in its retirement savings plan, effective January 1, 2013. The process and proposed changes have been, and will continue to be vetted with the Benefits Committee.

You will be hearing more regarding these enhancements and changes during the next few weeks and months ahead.

Sincerely,

Fred P. Pestello, Ph.D.
President 

No action is required by you but please review this information carefully as outlined by the two attached documents:

• Summary of Plan Services and Costs – This document provides you with information about administrative fees, individual transaction expenses and your right to direct investments.
  
• Investment Options Comparative Chart – This document provides information about the investment options available to you with appropriate performance and expense information included.

If you have any questions regarding this information please contact TIAA CREF at 800 842–2776.

Dear Le Moyne College Employee,

As a follow-up to the recent announcement regarding the enhancements to the Le Moyne College Retirement Savings Plan, we have developed the attached seminar schedule for your convenience.  Representatives from TIAA-CREF will be conducting these campus seminars at various locations and times to provide you with detailed information regarding the following changes: 

-New Investment Options including a diverse array of investment options from leading mutual fund companies. This includes actively management funds as well as low cost market index funds.
-Certain investment options will be removed from the plans. Participants’ future contributions will be automatically redirected to a similar investment option(s) on the new investment menu. Please note your current balances will remain in the prior funds (removed funds) until you elect to transfer them out.
-Introduction of the Roth option. This option allows participants to contribute after-tax dollars and receive tax-free distributions after age 59-1/2.   In addition, you may roll over assets into a Roth IRA, or into another plan that accepts such assets (subject to the provisions of your retirement plan.)

This is an outstanding opportunity for you to learn about the plan enhancements and how they can impact your investment strategy.  If you have questions or would like to schedule an individual session with a TIAA-CREF Financial Consultant, please call TIAA-CREF at 800 842-2252, Monday through Friday, 8 a.m. to 8 p.m. (ET).

We look forward to your attendance.

Sincerely,

Jack Matson
Associate Vice President for Human Resources

Dear Colleague,

In advance of the TIAA CREF seminars in October, we’re providing some additional information regarding the new plan enhancements.  These investment options are intended to make it easier for LeMoyne faculty and staff to pursue their retirement goals.

Although Le Moyne College is updating the investment options, the basic benefit provisions of the plan will remain the same. Contribution rates, matching, eligibility and vesting requirements are not changing.

The College has redesigned the retirement plan to a 3 –tier investment approach to provide participants the necessary flexibility for investing for their retirement.

3 – Tier Investing Approach

The 3-tier investing approach will allow greater flexibility in investment choice. Below is brief outline of this 3-tier structure. More information regarding this three tier approach will be provided at the upcoming TIAA-CREF October seminars.

Here are the new investment menu line-up, grouped by the tier investing approach:

New Investment Menu Effective January 3, 2013

Based on the investment performance review conducted by our investment consulting firm, CAPTRUST, TIAA-CREF funds that are not part of this new investment menu will no longer viewed as an acceptable investment option effective January 3, 2013. Future contributions to these unacceptable funds will be “mapped” to the applicable new investment option.

The seminar schedule is attached for your review and planning.  Please be sure to attend one of the educational seminars to hear more about the new investment options; the new Roth option; which funds are being terminated and how contributions will be mapped to new options.

We look forward to seeing you at one of the seminars.

Sincerely, 

Jack Matson
Associate Vice President of Human Resources