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| ELIGIBILITY |
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All employees are eligible to participate
in both plans. |
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| ENROLLMENT |
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You may sign up at any time beginning with your
first day of employment. |
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| CONTRIBUTION CHANGES |
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Through payroll reductions you may make before-tax
contributions of up to 100% of your includible compensation
(gross pay minus STRS or PERS contribution) not to exceed
the maximum allowable contribution (“MAC”) limits.
(A MAC limits table is available from your Consultant or
on the Keenan Financial Services website at www.keenan.com/elitechoice
Contributions can begin or be changed at any time by submitting
a completed Salary Reduction Agreement (“SRA”)
in the month prior to the month your paycheck will be affected.
You may obtain a SRA online at www.keenan.com/elitechoice or
by calling toll free at 800-338-5247. |
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| INVESTMENT CHANGES |
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Investment choices to existing account balances
may be viewed or changed daily.
Future investment allocation choices may be made daily. |
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| VESTING |
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Vesting refers to your “ownership”
of a benefit from the Plan. The money that you contribute and
the money it earns is always 100% vested. Any rollover or transfer
contributions you make are also 100% vested. |
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| ROLLOVER |
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You are allowed to roll over money into your account.
A brief description of your rollover options is provided below.
Contact your Plan Consultant or Plan Sponsor for rollover details
and questions. |
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| ROLLOVERS |
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While you are employed you may rollover your
existing accounts:
- Assets in your previous employer’s governmental
457(b) Plan to your Elite Choice 457(b) DCP or 403(b) TSA
account.
- Assets in your existing 403(b) TSA account(s) to your
Elite Choice 403(b) TSA account.
- Assets in your existing Traditional IRA account(s) to
your Elite Choice 457(b) DCP or 403(b) TSA account.
- Assets in a previous employer’s 401(k) plan to your
Elite Choice 457(b) DCP or 403(b) TSA account.
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| WITHDRAWALS |
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Funds may be withdrawn from
your Plan for any of the qualifying events below with no
penalty or surrender charge.
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403(b) TSA Plan |
457(b) DCP Plan |
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Qualified Retirement |
Qualified Retirement |
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Early Retirement* |
Early Retirement |
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Financial Hardship* |
Unforeseen Emergency* |
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Separation from service at any age * |
Separation from service at any age * |
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Age 70.5 or older if working |
Age 70.5 or older if working |
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Death |
Death |
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Disability |
Disability |
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Small Account Balanace* |
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*Age or other qualifications
must be met for distributions and/or to avoid IRS penalties.
Fee: Lump sum benefit payment - $50.00 |
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| LOANS |
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You can have one outstanding loan at a time. The
minimum loan amount is $1,000.00. The maximum you may borrow
is $50,000 or 50% of your vested balance, whichever is less.
Fee: $50.00 set-up and $60.00 annual administration. |
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| ACCOUNT FEES |
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Participant Paid - Fees RIA Target Managed & Self-Directed
Mutual Funds
Annual fees deducted from account assets on
a quarterly basis.
- Account administration fee - $15.00**
- Assets in RIA selected Core
Funds account – 1.40%*
- Assets in RIA Target Asset Allocation
accounts – 1.50%*
- Assets in Mutual Funds Self
Directed PBA - .70%*
Insurance Company Paid - Fixed Annuity Commission Schedule
- First Year Commission – 2.0%*
- Renewal Commission – 0.0%
- Asset Commission – 1.30%*
This is not a default fund. While
in service, 20% of balance may be transferred per plan
year.
Notations:
- Mutual fund expense ratios include 12-b1 and Sub TA fees.
- Short-term redemption fees may be applicable to some
funds in accordance with the fund’s prospectus.
- * Revenue sharing among RSG Securities, Trustee, Custodian,
and Registered Investment Advisor.
- **Received by
Trustee/Custodian.
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| HARDSHIP and UNFORESEEN EMERGENCY WITHDRAWALS |
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You may take a hardship or unforeseen emergency
withdrawal in certain cases of financial need as established
by the IRS. Contact your Plan Consultant or Plan Sponsor for
details. |
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| CONTACT INFORMATION |
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Plan Consultant/Broker
ERISA 404(c) Fiduciary Compliance
Keenan Financial Services
901 Calle Amanecer
Suite 200
San Clemente, CA 92673
800-338-5247 |
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| WEBSITE ADDRESS |
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www.keenan.com/elitechoice |
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| ACCOUNT INFORMATION |
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Participant Web Site |
www.keenan.com/elitechoice |
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Automated Voice Response Number |
877-278-7021 |
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| DEPT. OF LABOR ERISA 404(c) DISCLOSURE |
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The Elite Choice investment platform is intended
to be ERISA Section 404(c) compliant. This means that all participants
in the plan are responsible for their own investment decisions,
and the sponsoring fiduciary has implemented the ERISA 404(c)
process for relieving themselves from liability derived from
individual investment decisions. |
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© 2009 Retirement Solutions Group
Legal Notice · Privacy
Policy
Securities and advisory services offered through RSG Securities, a division
of Independent Financial Group LLC,
a registered broker-dealer and investment advisor. Member FINRA & SIPC
901 Calle Amanecer, Suite 200, San Clemente, CA 92673 Phone: 877-544-4380 Fax:949-366-0116
FINRA.org SIPC.org
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