To help University of California employees continue to meet their retirement and financial goals, the UC Insurance Company Contract (ICC) Fund will be merged with the UC Savings Fund, effective June 30.
The UC Retirement Savings Program (UCRSP) periodically reviews the UC Retirement Savings Plans (403b, 457b, and DC Plans), considering, among other criteria, the range of investment options available through the plans, investment option performance and value, and whether the plans give you access to services that complement your account. In a recent review, it was determined that the insurance company contracts in the ICC Fund are no longer offering attractive returns, based on the current level of interest rates offered by insurance companies. As a result of this recent review, the UCRSP has decided to merge the UC Insurance Company Contract (ICC) Fund with the UC Savings Fund, in order to continue to meet the objectives of the UC Retirement Savings Program.
On June 30, after the market closes (generally 1:00 p.m. Pacific time), all existing balances in the UC ICC Fund will be transferred to the UC Savings Fund. See the following chart for details.
The transfer of balances will appear as an exchange on your account history and quarterly statement. You may also receive a prospectus as a result of this transaction.
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Investment Option before 1:00 p.m. PT |
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Investment Option at or after 1:00 p.m. PT |
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UC ICC Fund |
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UC Savings Fund |
No action is required on your part. However, if you do not want your existing balance(s) in the UC ICC Fund moved into the UC Savings Fund, you must contact Fidelity® Retirement Services before 1:00 P.M. Pacific time on June 30, 2014, and request an exchange into another investment option available under the Retirement Savings Program plans. You can do so by logging on to NetBenefits® or by calling 1-866-682-7787 toll-free. Service Center representatives are available Monday through Friday (excluding New York Stock Exchange holidays) between 5:00 A.M. and 9:00 P.M. Pacific time.
Important information for participants using the Automatic Rebalance feature: If you made an Automatic Rebalance election through NetBenefits®, you will need to update your rebalance elections given the changes to the fund lineup on June 30. If you have questions or need assistance with the Automatic Rebalance feature, log on to NetBenefits or call 1-866-682-7787.
To learn more about Rebalance Notification:
- Go to www.ucfocusonyourfuture.com.
- Select “Request Investment Changes” under My Account.
(You may be prompted to log on to NetBenefits if you are not already logged in.) - Select “Change Investments” and then “Rebalance.”
Now may be a good time to review your current investment options to make sure their investment objectives are meeting your goals. If you would like more information, or to review investment options in your plans, please do so by logging on to www.ucfocusonyourfuture.com, or contact Fidelity® Retirement Services at 1-866-682-7787 to speak with a representative or make any changes to your account.
Additional details on all these funds and their expenses can be found by logging on to NetBenefits at www.ucfocusonyourfuture.com or by calling 1-866-682-7787 toll-free Monday through Friday (excluding New York Stock Exchange holidays) between 5:00 A.M. and 9:00 P.M. Pacific time to speak with a Service Center Representative.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
A mutual fund expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percent of the fund's total net assets. For other types of investments, the figure in the expense ratio field reflects similar information, but may have been calculated differently than for mutual funds. Mutual fund data comes from the fund's prospectus. For non-mutual fund investment options, the information has been provided by the plan sponsor, the investment option's manager or the trustee. When no ratio is shown for these options it is because none was available. There may be fees and expenses associated with the investment option. Expense information changes periodically. Please consult NetBenefits for updates.
