PDAP

More documents

Recommendations

Info

TRANSITION CALENDAR Here are important dates and information related to the upcoming transition. This calendar will help you plan for any actions that you may wish to take before the transition period begins. Before 3:00 p.m. CT November 8, 2012 November 15, 2012 November 27, 2012 Before 3:00 p.m. CT November 30, 2012 Week of December 2, 2012 December 14, 2012 Review your preferred mailing address on the PDAP Web site. Go to Profile > Personal Information > Preferred Address and update as needed to ensure you receive your personalized password letter (mailed on November 16). Deadline for Aon Hewitt to receive paperwork for a Qualified Domestic Relations Order (QDRO). Paperwork received after this date will be processed by Schwab on or after December 3, 2012. Deadline for Aon Hewitt to receive: • Completed paperwork for a distribution request (such as hardship or in-service withdrawals) • Completed loan request paperwork • Rollover checks • Completed early loan payoff forms • Early loan payoff checks • Manual loan repayment checks • Completed Individual Brokerage Account (“IBA”) enrollment or advisor fee forms • Completed beneficiary designation forms Paperwork/checks received after this date will be processed by Schwab on or after December 3, 2012. Deadline to: • Change investment elections for future contributions • Execute a fund transfer between the AutoPDAP funds and the PDAP Asset Class funds (“core funds”) • Transfer PDAP core funds to or from an IBA* • Request a contribution rate change *Until the end of the transition period, if any portion of your PDAP account is invested in an IBA, you will be unable to transfer assets from this account to the PDAP’s core funds and vice versa. However, trading within your IBA will not be restricted. The transition period is anticipated to end on Monday, December 3, 2012†. After the transition is complete, you can log in to www.schwabplan.com/ PDAP/ and access your PDAP account. Or you can call the PDAP Service Center to speak with a representative at 1-866-OUR-PDAP (1-866-687-7327). Your last statement from Aon Hewitt, for activity during October and November 2012, will be mailed. †The date set forth for the end of the transition period is an estimate based on Schwab’s prior experience. This estimate should not be considered a guarantee for any purpose. 4
CHANGES AT A GLANCE e-delivery of Statements and Reports • Ability to opt in to receive quarterly PDAP account statements, transaction confirmations and other documents electronically. Requires that your email address be on file at www.schwabplan.com/PDAP/. Fees • Administrative fees reduced from $40.75 to $23.00 per quarter. • Brokerage fees reduced from $7.00 to $5.00 per quarter‡. Minimum Reserve • Minimum reserve still required to pay for PDAP fees. • Minimum reserve reduced from $1,000 to $500. • Minimum reserve can be a cash component of your Individual Brokerage Account, PDAP core fund investment, or a combination of both. Individual Brokerage Account (IBA, which is also referred to as PCRA) • Greater integration between your PDAP and your IBA: »» Single sign-on access to your PDAP account and your IBA. »» Contributions can be made directly into your IBA without being channeled through the PDAP core funds. Primary Address • One permanent mailing address will be on file for your PDAP account. This does not apply to your IBA profile. Automatic Account Rebalance of PDAP Core Funds Distribution and Loan Requests Loan and Hardship Availability Periodic Installment Payments • If you currently have the automatic rebalance feature set up on the Aon Hewitt system, the timing will change from every 90 days to every three months from the rebalance date you specify. • If you are married, each distribution and loan request requires spousal consent (with the exception of on-going periodic installment payments). • If you have given your Login ID and password to another person, he/she may not act on your behalf when calling into the PDAP Service Center (after November 30, 2012). • Availability amounts will include balances in an IBA. • Draw down of accounts for loans and hardship withdrawals will include all investments (including IBA investments). To ensure payments elected prior to the transition are handled in a timely manner, all payments scheduled between November 28, 2012 and December 14, 2012, will be processed on November 27, 2012. Starting December 15, 2012, payments will be made on the 1 st or the 15 th of each month. If you elected a pay date § : • Between the 1 st and the 14 th of each month, your payment will be on the 1st of each month. • Between the 15 th and the end of the month, then your payment will be on the 15th of each month. ‡ These fees do not include the expense ratios or transaction fees associated with the investments you choose. § This new timing is effective December 15 th . 5
Page 1 and 2: Prepare for a First Class Retiremen
Page 3: WHAT YOU NEED TO KNOW Important Tra

PDAP

Create successful ePaper yourself

Delete template?

Save as template?