UPDATED INFORMATION FROM CMS CONCERNING THE DEFERRED COMPENSATION RECORD KEEPER CHANGE INFORMATION If you are an investor in State of Illinois Deferred Compensation program you are now aware that the recordkeeper is changing July 1, 2022, from T. Rowe Price to EMPOWER. The change has generated questions and concerns from RSEA membership. RSEA received the following from CMS Benefits Deferred Compensation in response to those questions and concerns.
Regarding the negative publicity about EMPOWER that RSEA members have been finding online, I would keep in mind that Empower is a workplace retirement services provider. Your average participant in one of their 71,000+ plans is not likely to leave a review unless they have had a negative experience. Furthermore, each one of the plans they service have been set up independently with their own unique plan design. Many of the negative reviews appear to be related to issues that would not apply to our Plan. Further questions can be directed to CMS Deferred Compensation at 217/782-2548 Option 3 or 1-800-442-1300 Option 3. Summary of the Deferred Compensation Recordkeeper change notification: DEFERRED COMPENSATION RECORDKEEPER CHANGE The State of Illinois Deferred Compensation Plan management is transitioning from T. Rowe Price to Empower, effective July 1, 2022. A transition guide containing details was sent to participants mailing address via postal mail from Central Management Services (CMS) during June and is available online at MYILLINOISDCPLAN.COM. Changes can be made to a participants Plan with the current manager T.Rowe Price until 3:00 pm CT on Monday, June 27. There will be a blackout period beginning at 3:00 pm CT on Monday, June 27 through the week of July 10, where fund transfers, investment elections, and deferral changes will be unavailable. Participants will be notified by Empower when the blackout period ends. Highlights: Plan administrative fees are not changing.
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