Solutions 4 Financial Independence: 11/08/18

Published: Nov. 8, 2018 at 7:17 AM EST
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QUESTION: “I work at the UHC and they are in the process of changing their retirement plan. Can you tell me what you know and what should I do about it?

JOHN HALTERMAN: Well, Julie, they definitely are in the process and what's going to happen is, they are turning all of the money over to Fidelity, which is similar to what they already have, but it's going to be under WVU Medicine now. Here's what's going to happen, basically, they are going to terminate the 401k plan and they are going to start a new retirement plan. So, what that means for you all, is that now you want to have options, in terms of what to do with your old plan. Just like any former plan, you’re going to have the option to eventually rolling it into the new plan, or potentially, you could roll it outside into an IRA. Now, in addition to that, they are going to start new allocations. So, whatever amount you're going to want to put, they will keep that in there, but they're going to reestablish all allocations, as the target date, based on your age. One thing everyone is going to have to do, is they're going to have to go in and change their allocations according to what their own risk tolerances and purposes are. So, there's definitely going to be some work on your part, but definitely someone like myself, who has lots and lots of clients at UHC, can definitely help you with that. So, if you need our help, give me a call, and we'll be glad to take care of it.