[All_staff] TIAA-CREF 401(k) GSRA Open Enrollment is Underway

[Rhonda Barbosa]

Attention All Regular and Term Employees: 


The 401(k) Group Supplemental Retirement Annuity (GSRA) Open enrollment for Calendar Year 2015 is currently underway and ends on Friday, December 12, 2014 at 5pm. All elections will be reflected in the January 15, 2015 paycheck. Human Resources is providing web-based enrollment for your convenience. 

To access the 401(k) GSRA enrollment link, go to the Lab's Insight page, under Announcements. Or you may follow this link: https://mis.jlab.org/mis/apps/hr/gsra_enrollment/ 

DO YOU NEED TO ENROLL? 

    * If you wish to contribute more or less than the 5% default contribution, or opt-out of this program, you must enter the on-line system no later than close of business (5:00pm) on December 12. 

WHAT HAPPENS IF YOU DO NOT ENROLL? 

    * If you do not enter the on-line system prior to close of business (5:00pm) on Friday, December 12, 2014 you will automatically be enrolled in the default employee 5 % contribution plan that is based on your current salary. 



Key Changes to the Lab’s employer provided 401(k) contribution 


    * Effective January 1, 2015 benefits eligible employees’ 401(k) contribution provided by the Lab will be reduced from 10% to 9% of your eligible compensation. Eligible employees will remain 100% vested in the employer paid 9% contribution as in the past. 
    * Due to the 401(k) employer provided contribution change, Jefferson Lab is required to provide you with the attached Summary of Material Modification notification. Please take a moment to review this document. 
    * A list of Frequently Asked Questions about the 401(k) Open Enrollment process is listed on Insight for additional reference. 



Important Updates 
2015 Annual Contribution Limits: 

    * Voluntary Employee Contribution - $18,000 
    * Catch-Up Allowance (50+ years of age) an additional $6,000, totaling $24,000 maximum 
    * Total annual maximum contribution from the employee and employer is $53,000 

Safe Harbor Plan Participant Notice: 

    * Jefferson Lab is required to provide you with the 401(k) Safe Harbor non-elective contribution which describes plan related rules 
    * Please review the attached Safe Harbor Notice 

You can change your contribution amount any time during the year by submitting a new Salary Reduction Agreement form. These forms are located in the Human Resources Office in the SSC building. 
If you have questions, please contact Treva Ferguson (x 7291) or Doug Roeder (x 7576). 

Regards, 
Rhonda 
Human Resources 
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