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Information About Investment Provider Changes

Video Transcript - Updated: 09/06/2019

Information About Investment Provider Changes

FAQ

What is changing with the Deferred Compensation Plan?
  1. The Deferred Compensation Plan will not be renewing contracts with T. Rowe Price and Empower. In an effort to respond to the changing retirement savings industry, provide a better value and to simplify options for State of Florida employees and participants, we have decreased the number of Investment Providers.

Do I need to do anything right now?
  1. Yes, you have until October 31, 2019 to make a choice about transferring your account to AIG Retirement Services (formerly VALIC), Voya, or Nationwide. If you do not make a choice or take any action, your account will automatically transfer to Nationwide at the beginning of December. To make your selection, just contact the Investment Provider to enroll and setup an account, investment selections, payroll contribution, and account beneficiaries.

What will happen to my account?
  1. There will be no change to the value of your account. If you make choice to transfer your account prior to October 31st, your current Investment Provider will send your money to the Investment Provider you select. If you have not made a choice by October 31st you will be automatically enrolled with Nationwide, and your money will transfer at the beginning of December. If you are automatically enrolled with Nationwide, your contribution, current allocations, and account beneficiary information will be provided to Nationwide, and if your account is currently with T. Rowe Price there will be no change to your selected investments.

Do I need to stop my contribution to my current Investment Provider?
  1. If you choose another Investment Provider prior to October 31, 2019, and transfer your money, the contribution to the current Investment Provider will be stopped and the new Investment Provider will setup the contribution to continue. If you automatically transfer to Nationwide your contribution as of October 31st will be setup at Nationwide.

How do I learn more about the Providers that will remain in the Plan?
  1. Please visit MyFloridaDeferredComp.com to read over documents and the Quarterly Performance Report, ask coworkers and your Human Resource office, contact the Investment Providers, and make an informed choice. Additionally, the remaining Investment Providers will also communicate with affected Participants by mail and email.

I have a recurring distribution and/or a loan, what do I need to do?
  1. If you choose to transfer to a new Investment Provider and have a recurring distribution or Required Minimum Distribution (RMD) setup, you will need to have that process setup with the new Investment Provider. If you have a loan, the Plan will work with your current Investment Provider and new Investment Provider to provide options. If you do not choose a new Investment Provider and automatically transfer to Nationwide, distribution, RMD, and loan information will be provided by the Plan and you will not need to do anything.

More About Loans

Will I have to stay with the new Provider that holds my account?
  1. If you choose a new Investment Provider or automatically transfer to Nationwide and are unsatisfied, you always can select a different Investment Provider and transfer your account.

Will my current Provider still provide customer service?
  1. Your current Investment Provider will provide customer service until you choose to transfer your account to a new Investment Provider or automatically transfer to Nationwide. Your current provider will continue to be responsible for providing account and tax statements for distributions.

Am I able to take my money out of the Plan if I don't like the choices of the other Investment Providers?
  1. Payroll contributions and the growth of that money must remain in the Plan until 31 days after your last official workday. If you have assets from a prior rollover, you may be eligible to withdraw those funds.

    If you are no longer an employee of the State of Florida, you may be eligible for a rollover outside of the Plan.

More Information on Provider Changes to Come
More Information on Provider Changes to Come
Nationwide

800-949-4457
AIG
(formerly VALIC)

888-467-3726
EMPOWER

(Enrollment not available)


800-444-9412
T. Rowe Price

(Enrollment not available)


800-893-0269
VOYA

800-282-6295
Charles Schwab

Enrollment available through Nationwide.


888-393-7272
Nationwide

800-949-4457

AIG

(formerly VALIC)

888-467-3726

EMPOWER

(Enrollment not available)

800-444-9412

T. Rowe Price

(Enrollment not available)

800-893-0269

VOYA

800-282-6295

Charles Schwab

Enrollment available through Nationwide.

888-393-7272

This website is intended to provide information about the State of Florida's Government Employees Deferred Compensation Plan. It is not intended as investment, legal, or accounting advice. If investment advice or other expert assistance is required, the services of a competent professional should be sought. For changes to your account, go to your investment provider('s) website and log in using the ID and password you created for that investment company.

Florida Department of Financial Services  |   Division of Treasury  |   Bureau of Deferred Compensation

Toll-Free: 877-299-8002 · Fax: 850-488-7186 · DeferredCompensation@myfloridacfo.com
200 East Gaines Street · Tallahassee, Florida 32399-0343

This website is intended to provide information about the State of Florida's Government Employees Deferred Compensation Plan. It is not intended as investment, legal, or accounting advice. If investment advice or other expert assistance is required, the services of a competent professional should be sought. For changes to your account, go to your investment provider('s) website and log in using the ID and password you created for that investment company.

Florida Department of
Financial Services

Division of Treasury

Bureau of
Deferred Compensation


850-413-3162 (phone)
850-488-7186 (fax)
DeferredCompensation@myfloridacfo.com
200 East Gaines Street
Tallahassee, Florida 32399-0343