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Retirement Savings Plan FAQs

Definition | Eligibility | Contribution | Investing | Matching | Payment Options | Loans | Termination | Retirement | Schwab PCRA | Other

Investment Options

If I elect to open a Schwab PCRA account, what is the process of depositing ongoing contributions?

(All Trinity Health)
Your ongoing Retirement Savings Plan contributions must first be contributed to the Diversified fund options you have elected. In order to have these funds transferred to your PCRA account you must contact Diversified via the toll free number at 1-800-394-5240, or the website at https://retirementprogram.trinity-health.org, and transfer your funds from Diversified, to the Schwab money market account. You will then need to contact Schwab via their toll free number at 888-393-7272 or website at www.schwab.com in order to have your funds transferred from the Schwab money market account to a mutual fund offered through the Schwab PCRA account. These steps are summarized below:

Step 1: Contributions are transferred to Diversified via payroll deductions.

Step 2: Associate calls Diversified to transfer the funds to Schwab Money Market (3 day settlement).

Step 3: Associate calls Schwab and requests that the funds be moved from the Money Market to the specific funds (i.e. XYZ Fund, etc.)

An initial investment of $1,000 is required to establish the Schwab PCRA account. The subsequent minimum transfer amounts from the Diversified account to the Schwab PCRA is $250 in total.

Some mutual funds have initial minimum investment requirements.

If I have established a Schwab PCRA account, why do my contributions need to go to Diversified before being transferred to my Schwab account? (All Trinity Health)
Since Diversified is the service provider for the Trinity Health 403(b)/401(k) Retirement Savings Plan, all payroll deduction contributions must first flow through Diversified. Diversified needs all the plan contribution information for IRS reporting and testing purposes and to be able to incorporate this information on associates' quarterly statements. Also, from an administrative perspective, there is currently not a mechanism whereby associate contributions can be sent from the payroll system directly to both Diversified and the Schwab PCRA account.

The Schwab account is an option which is made available for the convenience of associates who feel comfortable with mutual fund investing and who want additional flexibility to invest in various fund options. For the vast majority of associates the fourteen (14) core fund options offered by the Trinity Health 403(b)/401(k) Retirement Savings Plan will provide the level of diversification desired.

How often can I transfer from my Diversified account to my Schwab PCRA account? You can transfer your funds as often as you like, however, some of the mutual fund companies require a minimum initial contribution to start investing in their account. Contact Schwab directly at 1-888-393-7272 to determine if a fund option you are interested in requires a minimum initial deposit.

Once the initial investment is made, the minimum for subsequent investments is $250.

Can I take a loan out directly from my Schwab account? No, if you want to borrow funds from your Schwab account, they must be transferred back to your Diversified account.
If a participant currently has an account with Charles Schwab, will the $50 fee for setting up a Personal Choice Retirement Account be waived? No, the $50 will not be waived. The Schwab Personal Choice Retirement Account with Diversified is part of the Trinity Health 403(b)/401(k) Retirement Savings Plan and has no relation to individual accounts that are through Schwab. The fee is not a set up fee. It is an annual fee charged to the Diversified account for maintaining the Schwab PCRA account. The fee is charged in January subsequent to the plan year-end, i.e. the 2010 fee will be charged in January 2011. The $50 fee is a Diversified fee that covers the administration and record-keeping of the Schwab account.
Is the Schwab personal choice account available under the After-tax Savings Plan? Yes.
When can I change my personal investment options through the Trinity Health 403(b)/401(k) Retirement Savings Program? At any time.
Will my Trinity Health 403(b)/401(k) Retirement Savings Plan account ever experience investment loss? There are no guarantees that your investment will not experience a loss. In general, you should try to keep a good mix of investment funds that is right for you so your long-term investment will be as secure as possible. Please seek the advice of a financial advisor or other trusted consultant when choosing your investment options.
What is the maximum employer matching contribution?

PLEASE NOTE: THE 403(b)/401(k) EMPLOYER MATCHING CONTRIBUTIONS HAVE BEEN TEMPORARILY SUSPENDED EFFECTIVE JULY 1, 2009.  THE INFORMATION BELOW RELATED TO EMPLOYER MATCHING CONTRIBUTIONS REFLECT THE PROVISIONS OF THE EMPLOYER MATCHING CONTRIBUTIONS PRIOR TO THE SUSPENSION.  CLICK HERE TO OBTAIN IMPORTANT INFORMATION REGARDING THE TEMPORARY SUSPENSION.

Trinity Health makes a dollar-for-dollar employer matching contribution on the first $500 you contribute. Then, Trinity Health matches any additional contributions with $.50 for every $1.00 you contribute, up to the maximum employer matching contribution or $500, if greater.

Why do different locations receive different matches if this is supposed to be a "common" benefits program? While the Pension Plan provisions are the same for all Trinity Health, it was important to provide local flexibility for the amount of the employer matching contribution to meet local market competitive conditions and to be able to attract and retain associates.

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