SDSU Research Foundation 403(b) Retirement Plan Default Investment Notice
You are receiving this notice because if you become eligible to participate in the San Diego State University Research Foundation 403(b) Retirement Plan (the "Plan"), San Diego State University Research Foundation (the "Employer") is required to inform you how contributions under the Plan will be invested and how they will continue to be invested if you have not provided clear investment instructions. Please disregard this notice if you have already provided complete investment instructions of how you want your future contributions invested in the investment options available in the Plan.
Contributions under the San Diego State University Research Foundation 403(b) Retirement Plan, (the “Plan”) by San Diego State University Research Foundation, (the “Employer”) will be invested on your behalf in the default investment as described in this notice because we did not receive investment instructions from you.
This notice gives you important information about some Plan rules, including:
- Your employer, SDSU Research Foundation, will contribute up to an amount equal to 10% of your salary to your account;
- How contributions will be invested on your behalf, if investment instructions from you were not made, or were incomplete;
- When your account will be vested (that is, not surrendered when you leave your job), and when you can withdraw your account balance;
- How you can change the way your contributions are invested; and
- How you can change your beneficiary designation(s)
Distributions from 403(b) plans before age 59 1/2, severance from employment, death, or disability may be prohibited, limited, and/or subject to substantial tax penalties. Different restrictions may apply to other types of plans.
You can find out more about the Plan in the Summary Plan Description (SPD), which can be obtained from the Plan Administrator at the address listed at the end of this notice.
- What amounts will San Diego State University Research Foundation contribute to my account?
If you are eligible to receive contributions under the terms of the Plan, San Diego State University Research Foundation will make the following contributions to your account:
Up to 10% of your salary, each pay period, up to the maximum permissible under the Plan
- How will my Plan account be invested?
TIAA has been selected by San Diego State University Research Foundation as the record keeper for your Plan contributions. The Plan lets you invest your account in a number of different investment choices. If you do not choose a different investment option or options, your future contributions will be invested in the default investment option for San Diego State University Research Foundation 403(b) Retirement Plan, which is the JPMorgan SmartRetirement Fund that corresponds to your estimated date of retirement. If the default investment fund changes at any time in the future, you will be notified.
The attached fact sheet for the JPMorgan SmartRetirement Funds (PDF, 151KB)* provides additional information, including the investment objectives and strategy, fund/account performance, risk and return characteristics, and fees and expenses. You can obtain updated information on fees and expenses and a more detailed explanation of the JPMorgan SmartRetirement Funds at www.tiaa.org/sdsuf or by contacting TIAA at 800- 842-2252.
To learn more about the Plan’s investment choices, you can review the Plan’s SPD. Also, you can contact the Plan Administrator using the contact information at the end of this notice.
- How can I change the investment allocation of the contributions that will be made on my behalf by San Diego State University Research Foundation to another investment choice available under the Plan?
The Plan allows you to choose from a diverse set of investment options. A list of the Plan's available funds and a copy of the prospectus or information statement for each fund may be obtained from TIAA by calling 800-842-2252 or at www.tiaa.org/sdsuf.
You have the right to change the investment allocation of your account at any time. If you elect to change the investment allocation of your account from one of the JPMorgan SmartRetirement Funds, there are no fees or expenses imposed in connection with that transfer. But certain restrictions may apply if multiple transfers are made from any one account. See the prospectus for more details on restrictions on frequent transfers at www.tiaa.org/sdsuf.
You can change how your account is invested, among the Plan’s offered investment funds, by contacting TIAA at 800-842-2252 or by accessing your account online at www.tiaa.org.
- When will my account be vested and available to me?
You will always be fully vested or 100% vested in the employer contributions made under the Plan by San Diego State University Research Foundation.
To be fully vested means that the contributions (together with any investment gain or loss) will always belong to you, and you will not lose them when you leave your job.
Even if you are vested in your Plan account, there are limits and contract restrictions on when and how you may withdraw your funds. Under the Plan, you may only withdraw vested money after you leave your job, and are no longer employed by San Diego State University Research Foundation if allowed by contract type and investment account. Also, there is generally an extra 10% tax on lump-sum distributions made before you reach age 59½. Your beneficiary can get any vested amount remaining in your account when you die.
- How can I change my beneficiary designation(s)?
In addition to reviewing how your contributions are invested, you should also review and update your beneficiary designation(s) if it does not reflect how you would want your assets distributed upon your death. Reviewing and changing your beneficiary designation(s) in accordance with plan rules can be made by logging into your secure account at tiaa.org or by contacting TIAA at 800-842-2252.
- Who should I call if I have any questions?
If you have any questions about the Plan’s investment choices, how the Plan works or your rights and obligations under the Plan, or if you would like a copy of the Plan’s Summary Plan Description (SPD) or other Plan documents, please contact the Plan Administrator at:
San Diego State University Research Foundation
5250 Campanile Drive San Diego, CA 92182-1945
Initial QDIA Notice, 2016
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