Wake Forest Baptist Health Retirement Plan

Date:

I Want To Live The Way Im Living Today

John G. Malone, MD – Neurology – Wake Forest Baptist Health

Many financial planners estimate that youll need 80-90% of your pre-retirement income to maintain your lifestyle in retirement. As you get older, more of that money may need to go toward healthcare and other essential expenses.

Retirement annuities can help replace your salary with monthly income thats guaranteed for life.

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As a jumbo plan, the plan has substantial bargaining power regarding the fees and expenses that were charged against participants investments, according to the lawsuit.

Defendants, however, did not try to reduce the plans expenses or exercise appropriate judgment to scrutinize each investment option that was offered in the plan to ensure it was prudent.

The plaintiffs claim the retirement benefits committee also failed to control the plans administrative and recordkeeping costs.

As a result, plaintiffs have suffered injuries as a result of defendants mismanagement of the plan.

At all times, during the class period, defendants knew or should have known of the existence of cheaper share classes, and therefore also should have immediately identified the prudence of transferring the plans funds into these alternative investments.

There is no good-faith explanation for utilizing high-cost share classes when lower-cost share classes are available for the exact same investment.

Wake Forest Baptist officials could not be immediately reached for comment on the lawsuit.

Choose Your Plan And Enroll Today

Select a retirement plan and begin the enrollment process. Contact your HR Benefits Office for additional information and assistance.

If you are an employee of Community Physicians or Hawthorne Inn you will need to contact your Human Resource Department to obtain a 403 Voluntary Election Salary Deferral Form to tell your employer how much money you want taken out of each paycheck.

  • 403 Retirement Savings Plan

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Think About These Three Easy Things To Do To Help You Pursue Your Goals For Retirement:

  • Contribute as much as you can afford, up to the IRS limit
  • Get the most from any employer matches
  • Check your investment mix. Does it still make sense in relation to your age and lifestyle? Strive for a smart balance of aggressive and conservative investments that fit your needs.

Please keep in mind that there are inherent risks in investing. It is possible to lose money by investing in securities.

Important Note About Your Plan Contributions

Wake Forest Baptist Implements Cuts

If you want to change your retirement plan contribution rate, please note the following:

All Voluntary Elective Deferrals changes are made through the Wake Forest Baptist Medical Center CORE Connect system. Please log in to CORE Connect using the instructions below.

  • Login to CORE Connect
  • Go to Me > Benefits from the Navigator
  • Select Make Changes
  • Select Wake Forest Baptist Retirement

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Good Keep On Track And Continue Making Contributions To Your Plan

Think about these three easy things you can do to keep your momentum & finish strong:

Taking advantage of any new plans or matches your employer may offer.

Reviewing your current investment mix to see if you need to rebalance your portfolio as you near retirement.

Protecting your retirement savings through guaranteed annuities. These lower risk products offer a guaranteed income that you cant outlive. You may have access to these products when you choose your options in enrollment.

Annuities are designed for retirement and other long-term goals. They offer several payment options, including lifetime income. Guarantees are based on the claims-paying ability of the issuer. However, payments from CREF and TIAA variable annuities are not guaranteed and the payment amounts will rise or fall depending on investment returns. Investment in variable products is subject to the risks associated with investing in securities, including loss of principal. Withdrawals of earnings are subject to ordinary income tax plus a possible federal 10% penalty if made before age 59½.

Consider These Ways To Maximize Your Future Retirement Income:

Contribute the maximum annual amount to your retirement savings. The most you can contribute in 2022 is $20,500 per IRS rules.

Consider contributing to annuities1 that offer growth opportunities while your’re saving and monthly income thats guaranteed for life when you retire.

1Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. If you make a withdrawal prior to age 59½, you may be subject to a 10% penalty in addition to ordinary income tax. The value of a variable annuity is subject to market fluctuations and investment risk so that, if withdrawn, it may be worth more or less than its original cost.

Read Also: How To Invest For Retirement At Age 50

Simplifying Can Help Your Money Last Longer

Think how long your retirement savings will need to last. People are living longer than ever. When we turn 65, theres an 80% probability that well live to 80, and a 27% chance well reach 95.*

Plan to save at least enough to cover the essential and inevitable expenses, like healthcare, long after you retire.

Think about using TIAAs online Retirement Advisor Tool to help you set goals and create a plan that may help achieve them.

* TIAA Mortality Tables 2013

Enrolling Or Making Changes

NC officer to retire with K-9 after near-death experience

Upon your employment, you will be automatically enrolled in the Wake Forest University 403 Retirement Plan, enabling you to contribute on a pre-tax basis. You will be enrolled with a default contribution amount of 5% of your eligible compensation. If you prefer to opt-out of participating in the Plan or change your contribution amount, visit the Retirement Service Administrators website or call 842-2776. You will receive information about how your contributions will be invested from the Retirement Service Administrator.Please ensure youve completed all onboarding tasks in Workday as missing, late, or incorrect information may delay the auto-enrollment process.

No contributions will be made if you opt-out within 30 days of your hire date or within 30 days of when all onboarding tasks have been completed in Workday. If you opt-out after 30 days, the update will apply to the next payroll and any existing contributions will remain in your Retirement Plan account.

To enroll at a later date or make changes to your Retirement Plan Account:

  • Visit the TIAA website and click Enroll Now. Follow the instructions on your screen. You may also contact a TIAA Financial Consultant at 842-2776 to enroll or schedule a free one-on-one advice session.
  • Select your investments and establish beneficiaries.
  • You may change contributions in each pay cycle by visiting the TIAA website, clicking Manage My Contributions, and following the instructions on your screen.
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    No Worries We Can Help You Pick Investments That Work For You

    First, think about how far off retirement is. Then, determine your comfort level with risk and reward. This will help guide which investments you choose.

    Generally speaking, riskier investments should be made when youre younger, so you have plenty of time to potentially recoup losses. As you get older, youll likely want to shift to conservative investments with lower risk. Consider adding annuities1 to your retirement plan so you can create a foundation of guaranteed monthly income for life when you stop working. There are plenty of options and every investor is different.

    Think about using the Retirement Advisor ToolOpens in a new window to get more insights or call one of our experienced financial consultants to discuss more options at 800-842-2252.

    1Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. If you make a withdrawal prior to age 59½, you may be subject to a 10% penalty in addition to ordinary income tax. The value of a variable annuity is subject to market fluctuations and investment risk so that, if withdrawn, it may be worth more or less than its original cost.

    Benefit Of Giving From A Retirement Plan

    For more information about charitable giving options through your retirement plan, contact Lori Osowski, director of charitable gift planning, at or .

    Disclaimer: The information on this website is for general informational purposes only and SHOULD NOT be relied upon as a substitute for sound professional medical advice, evaluation or care from your physician or other qualified health care provider.Wake Forest Baptist Health does not discriminate on the basis of race, color, national origin, sex, sexual orientation, gender identity, age or disability.

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    We’re Here To Help You

    A dedicated Transamerica Retirement Planning Consultant can help you navigate financial decisions through any life event because while retirement may be the ultimate goal, the decisions you make along the way can determine your ability to retire when and how you want.

    You can schedule an appointment with Spencer by clicking the schedule link.

    Customer Care Team 800-755-5801.

    Wake Forest Medical Center Sued Over Erisa Violations In 403 Plan

    Wake Forest medical center sued over ERISA violations in 403(b) plan ...

    Former participants in a 403 plan run by the Wake Forest University Baptist Medical Center sued the facility and plan fiduciaries alleging a series of ERISA violations relating to fees and plan investment management.

    The defendants failed to control administrative and record-keeping costs and retained certain investment options that cost more than “identical or similar” options, said the complaint filed June 4 in U.S. District Court in Winston-Salem, N.C.

    “Many of the plan’s mutual funds had investment management fees in excess of fees for funds in similarly-sized plans,” said the complaint in the case of Garnick et al. vs. Wake Forest University Baptist Medical Center et al. The plaintiffs are seeking class-action status.

    “Many of the plan’s primary mutual funds were not in the lowest share class available to the plan,” the complaint said. “Defendants knew or should have known of the existence of cheaper share classes and therefore should have immediately identified the prudence of transferring the plan’s funds to these alternative investments.”

    Representatives of the medical center did not respond to a request for comment.

    The Wake Forest University Baptist Medical Center 403 Retirement Savings Plan, Winston-Salem, N.C., had $2.31 billion in assets as of Dec. 31, 2019, according to the latest Form 5500.

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    You Can Start Saving Now And Make The Most Of Your Benefits

    Contributing even a small amount now can potentially make a big difference by the time you retire. The earlier you start contributing to retirement plan investments, the more you can potentially save.

    Thanks to compounding, any earnings on your investments gets reinvested and can potentially earn even more money, and so on.

    Take advantage of your jobs retirement benefits. Many employers offer contribution matching. Other benefits may be available, such as pre-tax and tax-deferred contributing, which could help maximize your savings.

    Please keep in mind that there are inherent risks in investing. It is possible to lose money by investing in securities.

    Your Wealth + Healthsm Toolkit

    Future healthcare expenses are important to consider as you build a long-term retirement strategy. Explore these interactive tools and resources developed in collaboration with the American Heart Association.

    Please download and review the Transamerica Retirement Advisors, LLC Form CRS

    Important information about consolidation: Transfer specialists are registered representatives of Transamerica Investors Securities Corporation . Review the fees and expenses you pay, including any charges associated with transferring your account, to see if consolidating your accounts could help reduce your costs. Be sure to consider whether such a transfer changes any features or benefits that may be important to you.

    The role of the onsite Retirement Planning Consultant is to assist you with your retirement plan. There are no additional charges for meeting with your Retirement Planning Consultant, who is a registered representative with Transamerica Investors Securities Corporation , member FINRA, 440 Mamaronek Avenue, Harrison, NY 10528, and registered investment advisor of Transamerica Retirement Advisors, LLC , Registered Investment Advisor. All Transamerica companies are affiliated, but are not affiliated with your employer.

    IMPORTANT INFORMATION: About Probability Illustrations, Limitations, and Key Assumptions

    Lower Risk/
    Higher Risk/Volatility

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    Jumbo 403 Plan Hit With Excessive Fee Suit

    Fiduciaries of the Wake Forest University Baptist Medical Center plan are accused of failing to ensure reasonable investment fees and mismanaging revenue sharing to pay for administrative expenses.

    Reported by

    Wake Forest University Baptist Medical Center, its board of directors and its retirement benefit committee have been sued for allegedly failing to ensure the plan and its participants paid reasonable fees for investments and administration.

    The complaint alleges that many of the mutual funds in the Wake Forest Baptist Medical Center 403 Retirement Savings Plan were more expensive than comparable funds found in similarly sized plansthose with more than $1 billion in assets. It says the expense ratios for the funds in the plan were up to 280%, in one case, and up to 273%, in another, above the median expense ratios for funds in the same investment category.

    The lawsuit also says fees were excessive compared with those of similarly sized plans. At the end of 2018 and 2019, the plan had more than $1.8 billion and $2.3 billion, respectively, in assets under management , which the plaintiffs say makes it a jumbo plan with substantial bargaining power regarding investment fees.

    The lawsuit says, Defendants breaches of their fiduciary duties, relating to their overall decisionmaking, resulted in the selection of several funds in the plan throughout the class period that wasted the assets of the plan and the assets of participants because of unnecessary costs.

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    The Sooner You Get Started The More You Can Potentially Save

    Relocate to Greensboro

    Any savings have the potential to help in the future, but ideally, you still should aim for 10-15% of your pre-tax income annually.

    Social Security will only replace about 40% of your pre-retirement income for the average worker, so you and your employer need to cover the rest.

    Please keep in mind that there are inherent risks in investing. It is possible to lose money by investing in securities.

    Also Check: Washington State Retirement Plan 2 Vs Plan 3

    Wake Forest University Baptist Medical Center Sued Over 403 Plan Fees

    The lawsuit says plan fiduciaries failed to ensure reasonable investment fees and mismanaged revenue sharing to pay for administrative expenses.

    Wake Forest University Baptist Medical Center, its board of directors and its retirement benefit committee have been sued for allegedly failing to ensure the plan and its participants paid reasonable fees for investments and administration.

    The complaint alleges that many of the mutual funds in the Wake Forest Baptist Medical Center 403 Retirement Savings Plan were more expensive than comparable funds found in similarly sized plansthose with more than $1 billion in assets. It says the expense ratios for the funds in the plan were up to 280%, in one case, and up to 273%, in another, above the median expense ratios for funds in the same investment category.

    The lawsuit also says fees were excessive compared with those of similarly sized plans. At the end of 2018 and 2019, the plan had more than $1.8 billion and $2.3 billion, respectively, in assets under management , which the plaintiffs say makes it a jumbo plan with substantial bargaining power regarding investment fees.

    The lawsuit says, Defendants breaches of their fiduciary duties, relating to their overall decisionmaking, resulted in the selection of several funds in the plan throughout the class period that wasted the assets of the plan and the assets of participants because of unnecessary costs.

    The hospital has not responded to a request for comment about the lawsuit.

    Thats Okay As A General Guide Aim To Contribute 10

    Over the course of your career, that’s how much it may take to potentially generate the income you need for retirement.

    If 10-15% is an amount you can’t afford right now, contribute as much as you can comfortably afford. Then strive to increase that amount by putting raises toward it and small annual increases.

    For financial guidance, call 800-842-2252 to speak to a TIAA financial consultant.

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