When will the change take place?
The effective date of the transition from EPIC Retirement Plan Services to Fidelity is January 2, 2025.
What do I need to do?
No action is required for your plan account balance(s) to transfer to Fidelity.
Will my current team member contribution election move to Fidelity?
Yes – your current team member contribution percentage on file as of Dec. 24, 2024 will move to Fidelity.
Will this change affect the current Carle Health employer contribution or vesting rules?
No - employer contributions and vesting rules are not changing during this transition.
Will I continue to have access to Busey Wealth Management?
Yes, you will continue to have access to Busey Wealth Management and the availability of one-on-one appointments. To schedule an appointment, you may email Busey at RetirementPlans@busey.com, or call (217) 365-4874.
What will happen to my outstanding plan loan because of this transition?
Any outstanding loan balances in the plan will transfer to Fidelity. The transition will not affect the terms of your loan. However, loan payments will no longer be deducted from your Carle Health paycheck starting with the Jan. 3, 2025 paycheck. The final payroll deducted loan payment will occur on the Dec. 20, 2024 paycheck. All loans will be repaid through monthly payments from your chosen bank account. You will need to provide Fidelity your banking information to continue repaying your loan once the transition is complete.
If you have an outstanding loan that transferred to Fidelity, you will receive information about setting up loan repayment instructions once the transition is complete.
Will my beneficiary election move to Fidelity?
Your beneficiary designation will not transfer to Fidelity. Once the transition is complete, log on to Fidelity NetBenefits® , or call Fidelity, to add your beneficiary information.
Will there be any changes to the current available investment options?
The majority of funds will be moving in-kind to the plans at Fidelity. Any fund changes will be outlined in the Transition Guide that you will receive later this month.
Will there be a self-directed brokerage option available at Fidelity?
Yes. When the market closes at noon CT on Dec. 24, 2024, the Schwab self-directed brokerage account at EPIC Retirement Plan Services will no longer be available. As a result, current account balances held in self-directed brokerage accounts will transfer to a Fidelity BrokerageLink® account in January 2025. If you have a self-directed brokerage account, you will receive a separate communication with the details on your brokerage account transfer.
Can I access and make changes to my account at EPIC Retirement during this transition or will it be restricted?
The quiet period will begin at EPIC Retirement Plan Services on Dec. 24, 2024, at noon CT and is scheduled to end the week of Jan. 26, 2025. During the quiet period, you will not have access to your current retirement plan account at EPIC Retirement Plan Services or at Fidelity. This quiet period is necessary to allow time for EPIC Retirement Plan Services to prepare its records for the transition to Fidelity and then for Fidelity to reconcile these records to establish your accounts on its system.
During the quiet period, you will NOT be able to:
- Initiate any transactions that would trigger the liquidation of or purchase of assets within your plan account(s) (including investment election changes, loans, withdrawals).
- Change future contribution elections.
- Access your account(s) for balance or other inquiries.
Because you will be unable to change investment direction of your plan balance during the quiet period, it is very important that you review your current investments and make any desired changes before the quiet period begins.
What if the market goes up or down during the quiet period? Can I move money?
No. You will not be able to make changes to your investments during the quiet period. Now is a good time to review your investments to ensure you are in the right asset allocation for your time horizon and risk tolerance.
My spouse/colleague/friend no longer works at Carle Health, but still has assets in the plan. Does this also affect them?
Yes. This will affect all current and former team members, beneficiaries and QDRO alternate payees who have a balance in the Carle Health retirement plans. All former team members will receive the Transition Guide and communications detailing the move and what they can expect.
How does Fidelity protect my assets?
Fidelity offers a Customer Protection Guarantee to give you peace of mind when doing business with them. Fidelity will reimburse you for losses from unauthorized activity in your Covered Accounts occurring through no fault of your own. To learn more about this protection guarantee, click here.
If I have past employer retirement plans with Fidelity, will I use the same login to NetBenefits, or will I need to create a new login?
If you have an existing Fidelity account, you can use that same login information to access your Carle Health Retirement Plan. Your Carle Health accounts will show up as separate tiles on NetBenefits after you log in.
What should I do after the transition?
Once the transition is complete at the end of January, you will need to:
- Register to access your online account at Fidelity through NetBenefits® at www.netbenefits.com/atwork.
- Add your beneficiaries.
- If you have a current loan, the transition will impact your loan repayments, and you will need to take action once the transition is complete.
Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
The frequently asked questions will be updated periodically throughout the transition.
The frequently asked questions provide only a summary of the main features of the Carle Health Retirement Plans. The Plan documents will govern in the event of any discrepancies.