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SAINT MARYS COLLEGE OF CALIFORNA RETIREMENT PLAN ENHANCEMENTS - - PowerPoint PPT Presentation

Mar 22, 2024 141 likes •376 views

SAINT MARYS COLLEGE OF CALIFORNA RETIREMENT PLAN ENHANCEMENTS Presented By: Heffernan Retirement Services Blake Thibault, Managing Director Rebecca Tapia, Financial Consultant 1350 Carlback Ave., Floor 1 Walnut Creek, CA 94596 (800)

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Security and advisory services offered through LPL Financial Inc., a Registered Investment Advisor Member FINRA/SIPC

Presented By: Heffernan Retirement Services Blake Thibault, Managing Director Rebecca Tapia, Financial Consultant 1350 Carlback Ave., Floor 1 Walnut Creek, CA 94596 (800) 437-0045 www.heffgroupfs.com

SAINT MARY’S COLLEGE OF CALIFORNA RETIREMENT PLAN ENHANCEMENTS

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

Conversation Outline

  • Saint Mary’s College Retirement Benefits Committee
  • About Our Independent Advisor
  • Why we are making enhancements?
  • What are the enhancements?
  • Where can I get more information?
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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

  • Saint Mary’s College has a Retirement Benefits Committee (RBC) that was established

to assist and advise the Vice President for Finance and Administration (VPFA) in fulfilling oversight responsibilities with respect to the retirement benefit plans of Saint Mary’s College of California and to help assure that the plans are being managed in the best interest of the plan participants and of the College

  • Your Saint Mary’s College Retirement Benefit Committee includes:

‒ Jeanne DeMatteo (Chair) ‒ Jean-Ann Balassi ‒ Susan Collins ‒ Michael Hadani ‒ Laurie Panian ‒ Patrice Young

  • Saint Mary’s College RBC also evaluates the plan demographics to help you prepare for

a successful retirement

Saint Mary’s College Retirement Benefits Committee

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

  • Heffernan Retirement Services (HRS) has been working with Saint Mary’s College since

2013

  • HRS is an outside independent advisory firm hired directly by Saint Mary’s College to

help fulfill Saint Mary’s College fiduciary responsibility pertaining to oversight of the retirement plans

  • About Heffernan Retirement Services:

‒ Founded in 1988 ‒ Has over 100+ years of combined retirement plan experience ‒ Manage more than $3.0 billion in retirement plan assets ‒ Advise on over 150 retirement plans ‒ Helps more than 35,000 participants nationwide

make informed retirement decisions

  • Who We Serve:

About Our Independent Advisor

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

  • Saint Mary’s College Retirement Benefits Committee and Heffernan Retirement

Services meets quarterly to review the following:

‒ Plan fees to ensure they are fair and reasonable and below peer averages ‒ Retirement plan investments ‒ Plan savings levels ‒ Potential plan outcomes ‒ Services offered to participants ‒ Tools offered to participants ‒ Service providers ‒ Legislative developments ‒ Industry trends ‒ Ensure that the investment options continue to meet the goals and objectives outlined in the Investment

Policy Statement for retirement assets

  • Based on our ongoing analysis of the retirement savings plan Saint Mary’s College is

making the following enhancements to the plan effective July 1st 2019 (pending Board

  • f Trustee approval)

Why we are making the enhancements?

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

TIAA TDA PLAN (EMPLOYEE CONTRIBUTIONS)

  • Implementation of Institutional

Contracts with TIAA

  • Investment Option Changes
  • Auto Enrollment at 3%*
  • Auto Bump-Up Increase to 3%*
  • Auto Escalation of 1% per Year Up to

7%*

  • Retirement Plan Year Change from

7/1 to 1/1

Summary of New Enhancements

TIAA DC PLAN (EMPLOYER CONTRIBUTIONS)

  • Implementation of Institutional

Contracts with TIAA

  • Investment Option Changes
  • Removal of 1-Year Waiting Period to

be Eligible to Receive Employer Contributions and Implementation

  • f an 18-Month Vesting Period
  • Retirement Plan Year Change from

7/1 to 1/1

* The following employees will be eligible for the “Auto” feature enhancements: Faculty with academic rank of: Professor, Associate Professor or Assistant Professor, Visiting Faculty, or Salaried Adjunct

  • Faculty. Staff: who are employed a minimum of 20 hours per week on an annual basis.
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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

IMPLEMENTATION OF INSTITUTIONAL CONTRACTS WITH TIAA – EFFECTIVE 7/1/2019

  • Saint Mary’s College implemented “Institutional Group Contracts” effective July 1st
  • Saint Mary’s College strives to ensure that the plans are compliant with regulatory changes

and to provide you with prudent investment choices available at reasonable cost

  • Previously both the DC and TDA plans were set up as Individual Contracts
  • Individual Contracts had previously limited the College’s ability to change investment
  • ptions that had been underperforming
  • There are several investment options in the plan which have restrictions/limitations and

cannot be closed if they underperform.

What are the enhancements?

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

IMPLEMENTATION OF INSTITUTIONAL CONTRACTS WITH TIAA – EFFECTIVE 7/1/2019

  • With this change in contract type, several of the current investment options in the Saint

Mary’s College Retirement Plans are no longer available for future contributions

  • This change will only affect your investment fund choices for contributions after July 1,

2019

  • For TIAA annuity products such as TIAA Traditional and CREF investments, your existing

balance will remain in the current contract

  • You can choose to leave the balance(s)in the existing investment option or move them to

the new Institutional contracts

  • For investment options other than the annuity products described above, your existing

balance were automatically redirected to the investment option in the institutional line-up

  • r to a new investment option of your choice the first week of July

What are the enhancements?

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

CONTRACT CLARIFICATION

  • Previously SMC has multiple individual contracts which have been historical core

retirement contracts for employer retirement plans

  • Legacy individual contracts in the DC & TDA Retirement Plans include:

1.

Retirement Annuity (RA) Contracts

2.

Supplemental Retirement Annuity (SRA) Contracts

  • New Group Institutional Contracts in the DC & TDA Retirement Plans will be:

1.

Retirement Choice Annuity (RC) Contracts

2.

Retirement Choice Plus Annuity (RCP) Contracts

What are the enhancements?

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

INVESTMENT OPTION CHANGES – EFFECTIVE 7/1/2019

  • The majority of the investment options were automatically mapped from the old individual

contracts to the new institution contracts and there is NO ACTION required of you. It is important to note that certain funds were closed and no longer receive contributions.

‒ There are four investment option changes where the fund were closed in the old individual contracts and the

assets will be mapped to a like investment option in the new institution contracts and there is NO ACTION required

  • f the employee.

‒ If an employee is in the TIAA Traditional Annuity in the Supplemental Retirement Annuity (SRA) Contract, there

will be NO ACTION needed. This specific TIAA Traditional Annuity will be automatically mapped to the new institutional group contracts.

What are the enhancements?

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

INVESTMENT OPTION CHANGES – EFFECTIVE 7/1/2019

  • NO ACTION needed if in the below investment options
  • Find out what investments you have call HRS at (800) 437-0045, TIAA at (800) 842-2252 or

log-in at www.TIAA.org/stmarysca

What are the enhancements?

EXISTING LINE-UP NEW INSITUTIONAL LINE-UP

TICKER FUND NAME TICKER FUND NAME RWMFX American Funds Washington Mutual R5 RWMFX American Funds Washington Mutual R5 TRCVX TIAA-CREF Large-Cap Value Idx Retire TRCVX TIAA-CREF Large-Cap Value Idx Retire CORRX Columbia Contrarian Core Adv CORRX Columbia Contrarian Core Adv TRSPX TIAA-CREF S&P 500 Index Retire TRSPX TIAA-CREF S&P 500 Index Retire TRSCX TIAA-CREF Social Choice Eq Retire TRSCX TIAA-CREF Social Choice Eq Retire TRIRX TIAA-CREF Large-Cap Growth Index Retire TRIRX TIAA-CREF Large-Cap Growth Index Retire CPXRX Columbia Mid Cap Index Inst2 CPXRX Columbia Mid Cap Index Inst2 MEFYX MassMutual Select Mid Cap Growth Svc MEFYX MassMutual Select Mid Cap Growth Svc TRBIX TIAA-CREF Small-Cap Blend Index Retire TRBIX TIAA-CREF Small-Cap Blend Index Retire JATTX Janus Henderson Triton T JATTX Janus Henderson Triton T TRIEX TIAA-CREF International Equity Index Retire TRIEX TIAA-CREF International Equity Index Retire

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

INVESTMENT OPTION CHANGES – EFFECTIVE 7/1/2019

  • NO ACTION needed if in the below investment options, CONTINUED

What are the enhancements?

EXISTING LINE-UP NEW INSITUTIONAL LINE-UP

TICKER FUND NAME TICKER FUND NAME RERFX American Funds Europacific Growth R5 RERFX American Funds Europacific Growth R5 ODVYX Oppenheimer Developing Markets Y ODVYX Oppenheimer Developing Markets Y TRRSX TIAA-CREF Real Estate Sec Retire TRRSX TIAA-CREF Real Estate Sec Retire VMFXX Vanguard Federal Money Market Inv VMFXX Vanguard Federal Money Market Inv WACPX Western Asset Core Plus Bond I WACPX Western Asset Core Plus Bond I PONAX Pimco Income A PONAX Pimco Income A TIAA-CREF Lifecycle Retirement Funds TIAA-CREF Lifecycle Retirement Funds

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

INVESTMENT OPTION CHANGES – EFFECTIVE 7/1/2019

  • Below are the four investment option changes where the investment option will be closed

in the old contracts and the assets will be mapped to a like investment option in the new contracts where there is NO ACTION needed from you.

  • Find out what investments you have call: HRS at (800) 437-0045, TIAA at (800) 842-2252 or

log-in at www.TIAA.org/stmarysca

What are the enhancements?

EXISTING LINE-UP NEW INSITUTIONAL LINE-UP

TICKER CLOSED FUND NAME TICKER NEW FUND NAME TIQRX TIAA-CREF Equity Index Retire QCEQPX CREF Equity Index R2 TRGIX TIAA-CREF Growth & Income Retire QCGRPX CREF Growth R2 TRVRX TIAA-CREF Mid-Cap Value Retire PRNIX AllianzGI NFJ Mid-Cap Value Instl VSMIX Invesco Small CapValue Y DFTPX DFA US Targeted Value R2

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

INVESTMENT OPTION CHANGES – EFFECTIVE 7/1/2019

  • If an employee is invested in any of the CREF or Restricted investment options, the

employee’s future allocations will be mapped to the new contracts. Their existing

balance will remain in the old contracts. Therefore, if they want to move

their assets to the new contracts they will have to TAKE ACTION by:

‒ Complete the Contract to Contract Transfer Form, call TIAA at (800) 842-2776 to request the Cross Contract Transfer

  • ver the phone, or transfer your assets online after 7/1 to move your CREF or Restricted investment option(s) from

the individual contracts to the institutional group contracts

‒ You will need the new group institutional contract numbers, which are available as of 7/1, to complete the form ‒ You can retrieve the new group institutional contract numbers from the TIAA Participant Website online, your TIAA

Quarterly Statements, calling TIAA Participant Service Center or calling a Heffernan Advisor

‒ Find out what investments you have call: HRS at (800) 437-0045, TIAA at (800) 842-2252 or log-in at

www.TIAA.org/stmarysca

What are the enhancements?

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

INVESTMENT OPTION CHANGES – EFFECTIVE 7/1/2019

  • ACTION NEEDED if in the below CREF Investment Options
  • Balance will remain in the existing investment option in the old contracts unless you move

your balance into the new contracts

  • Future Allocations will be mapped to new contracts
  • Find out what investments you have call: HRS at (800) 437-0045, TIAA at (800) 842-2252 or

log-in at www.TIAA.org/stmarysca

What are the enhancements?

EXISTING LINE-UP NEW INSITUTIONAL LINE-UP

TICKER CREF FUND NAME TICKER NEW FUND NAME QCEQPX CREF Equity Index R2 QCEQPX CREF Equity Index R2 QCGRPX CREF Growth R2 QCGRPX CREF Growth R2 QCSCPX CREF Social Choice R2 QCSCPX CREF Social Choice R2 QCSTPX CREF Stock QCSTPX CREF Stock R2 QCGLPX CREF Global Equities R2 QCGLPX CREF Global Equities R2 QCBMPX CREF Bond Market R2 QCBMPX CREF Bond Market R2

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

INVESTMENT OPTION CHANGES – EFFECTIVE 7/1/2019

  • ACTION NEEDED if in the below Restricted Investment Options
  • Balance will remain in the existing investment option in the old contracts and the existing

investment option will not be available in future investment lineup in the new contracts

  • Future Allocations will be mapped to new investment option in the new contract
  • Find out what investments you have call: HRS at (800) 437-0045, TIAA at (800) 842-2252 or

log-in at www.TIAA.org/stmarysca

What are the enhancements?

EXISTING LINE-UP NEW INSITUTIONAL LINE-UP

TICKER RESTRICTED FUND NAME TICKER NEW FUND NAME QCMMPX CREF Money Market R2 VMFXX Vanguard Federal Money Market Inv QCILPX CREF Inflation-Linked Bond R2 AIADX American Century Inflation Adjusted Bond R6 TIAA Real Estate Account TRRSX TIAA-CREF Real Estate Sec Retire

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

INVESTMENT OPTION CHANGES – EFFECTIVE 7/1/2019

  • ACTION NEEDED if in the TIAA Traditional Annuity in the Retirement Annuity (RA)

Contract or the Group Retirement Annuity (GRA) Contract

  • Balance will remain in the existing TIAA Traditional Annuity in the old contracts unless you

move your balance to the new contracts

  • Future allocations will be mapped to new contracts
  • Find out what investments you have call: HRS at (800) 437-0045, TIAA at (800) 842-2252 or

log-in at www.TIAA.org/stmarysca

  • TAKE ACTION by:

‒ Complete the Transfer Payout Annuity Form to reinvest into the variable funds in the old contract an exception is if

the employee is eligible for a withdrawal from the RA (separated from service, age 60 for the DC plan, age 59 ½ for the TDA plan), then they can have the Transfer Payout Annuity transfer the funds directly to the new contract

‒ Once the funds are in a variable fund in the old contract annually request and complete the Contract to Contract

Transfer Form, call TIAA at (800) 842-2252 or log into your account at www.tiaa.org/stmarysca to transfer the variable funds to new contract for 10 annual installments

‒ You will need the new group institutional contract numbers, which will be available 7/1, to request the transfer ‒ You can retrieve the new group institutional contract numbers from the TIAA Participant Website online, your TIAA

Quarterly Statements, calling TIAA Participant Service Center or calling a Heffernan Advisor

What are the enhancements?

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

RETIREMENT PLAN YEAR CHANGE FROM 7/1 TO 1/1 – EFFECTIVE 7/1/2019

  • Effective 7/1/2019 Saint Mary’s College will be changing the Retirement Plan Year from 7/1

to 1/1

  • Change will not impact the participants in the plans
  • Currently the Plans track on a fiscal plan year basis of 7/1, while every other benefit

provided to employees is on calendar year basis

What are the enhancements?

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

REMOVAL OF 1-YEAR WAITING PERIOD IN THE DEFINED CONTRIBUTION PLAN (EMPLOYER CONTRIBUTIONS) – EFFECTIVE 7/1/2019

  • Currently the Defined Contribution Retirement Plan requires a 1-year waiting period

(unless coming immediately from another Higher Education Institution) before eligible employees start to receive the employer contribution of 6.25%

  • Effective July 1st Saint Mary’s College removed the 1-year waiting period and eligible

employees will immediately begin to receive the employer contribution, subject to an 18- month vesting period

What are the enhancements?

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

IMPLEMENTATION OF 18-MONTH VESTING PERIOD IN THE DEFINED CONTRIBUTION PLAN (EMPLOYER CONTRIBUTIONS) – EFFECTIVE 7/1/2019

  • Effective July 1st Saint Mary’s College implemented an 18-month vesting period for the

Saint Mary’s College Employer Contribution in the Defined Contribution Retirement Plan for all employees

  • Vesting means ownership of the employer contribution over time

‒ Therefore, contributions by the College will become 100% vested to the employee after 18-months of service

  • Benefits of the enhancement includes:

‒ Eligible employees will receive the employer contribution immediately and be able to enter the financial market for

growth potential

‒ Allow SMC to more competitively recruit and attract new full time employees

What are the enhancements?

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

Recap of the 7/1/2019 Enhancements

TIAA TDA PLAN (EMPLOYEE CONTRIBUTIONS)

  • Implementation of Institutional

Contracts with TIAA

  • Investment Option Changes
  • Auto Enrollment at 3%*
  • Auto Bump-Up Increase to 3%*
  • Auto Escalation of 1% per Year Up to

7%*

  • Retirement Plan Year Change from

7/1 to 1/1 TIAA DC PLAN (EMPLOYER CONTRIBUTIONS)

  • Implementation of Institutional

Contracts with TIAA

  • Investment Option Changes
  • Removal of 1-Year Waiting Period to

be Eligible to Receive Employer Contributions and Implementation

  • f an 18-Month Vesting Period
  • Retirement Plan Year Change from

7/1 to 1/1

* The following employees will be eligible for the “Auto” feature enhancements: Faculty with academic rank of: Professor, Associate Professor or Assistant Professor, Visiting Faculty, or Salaried Adjunct Faculty. Staff: who are employed a minimum of 20 hours per week on an annual basis.

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

QUESTIONS? PLEASE FEEL FREE TO CONTACT:

  • Rebecca Tapia, AVP Financial Consultant, Heffernan Retirement Services at (800) 437-

0045 or rebeccat@heffgroup.com

  • Blake Thibault, Managing Director, Heffernan Retirement Services at (80) 437-0045 or

blaket@heffgroup.com

  • SMC Human Resources is also available to answer your questions via email:

benefits@stmarys-ca.edu or by calling (925)631-4212 SAINT MARY’S COLLEGE RETIREMENT BENEFITS COMMITTEE:

  • Jeanne DeMatteo (Chair)
  • Jean-Ann Balassi
  • Susan Collins
  • Michael Hadani
  • Laurie Panian
  • Patrice Young

Where can I get more information?

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The financial professionals at Heffernan Retirement Services are also registered representatives with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services offered through Global Retirement Partners, LLC, a registered investment advisor. Global Retirement Partners, LLC and Heffernan Retirement Services are separate non-affiliated entities from LPL Financial.

Important Disclosures

A retirement plan is a long term investment vehicle designed for the retirement purposes which allow you to allocate contributions among variable investment options that have the potential to grow tax deferred, or in the case of Roth contributions, tax free, with an option to receive a stream of income at a later date. Early withdrawals may be subject to surrender charges, and if taken prior to 59 ½, a 10% IRS penalty may apply. Taxes are due upon withdrawal of tax deferred assets; withdrawals will also reduce the case surrender value. Heffernan Financial Services does not offer legal or tax advice. Seek the advice of a tax attorney or tax advisor prior to making a tax-related investment decision.

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