Human Resources

Retirement Investors' Club (RIC) 403b Program

Shop & Compare

Review your current accounts to see if you want to make any changes in light of the products and services that will be available beginning January 2010. You may preview a summary of the new products by downloading the 2010 403b Provider Summary .

Online sessions titled RIC Provider Bid Results were offered in September. A recorded version of this session is available here to view on demand.

More product information will be added to the RIC website over the next 3 months. Please check the Program Updates webpage periodically to review the most recent addition/changes.

Winning RIC Providers

The competitive bid to determine which Retirement Investors’ Club (RIC) tax-sheltered annuity providers will offer investments beginning January 2010 is now complete. The winning active providers are Hartford, ING, Security Benefit, TIAA-CREF, and VALIC (pending successful contract negotiations). These providers successfully proposed investment products for 2010 and beyond that meet the requirements and level of excellence set by the Iowa Department of Administrative Services (DAS) and DAS’s Investment Policy. These providers are gearing up to provide product information soon.

How are the new investment options different?

Although some of the current investment options will continue to be offered, a variety of alternative fund options, including funds offered in 3 new investment categories, will now be available for your investment needs. You will continue to benefit from the same diversification of investments, quality services and professionalism you deserve.

What does this mean to current participants?

If you currently contribute to Hartford, ING, TIAA CREF, or VALIC, no paperwork is needed to continue contributions in 2010. The active providers will redirect your contributions in the same manner you have elected.

If you currently contribute to Security Benefit’s SFR group mutual fund, no paperwork is needed to continue contributions in 2010.

If you contribute to Security Benefit’s NEA Valuebuilder mutual fund product, you will need to complete an enrollment form for the SFR product. Security Benefit will contact you regarding any changes you need to make.

If you currently contribute to Horace Mann, you will receive information about the new products being offered in 2010 soon. Horace Mann was not selected to continue to open new accounts and receive future contributions after December of this year. Prior to January 2010, you need to open an account with one of the active providers shown above in order to continue to contribute to your RIC 403b.

You do not have to move your currently invested assets from Horace Mann if you do not want to. If you wish to transfer your assets from Horace Mann to one of the active provider products, you may do so at anytime. Horace Mann has no restrictions or fees for transfers from their 2009 product to an active provider
.

Now what?

Over the next couple of months, existing participants will receive communication from the providers regarding any product changes and the suggested “mapping” of your current fund selections to the new investments. You will have the opportunity to ask questions and make alternate fund selections if you choose. Otherwise the mapping of your fund selections will be automatic.

If I am not a participant, should I wait to enroll?

No, there is no reason to wait to enroll! Call an active provider today to get your account open and start saving for retirement!

 

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