[UCRDBR] Retirement Savings Program – BrokerageLink Roth communication Issue

[Departmental Benefits Representatives]

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August 29, 2023

To:
Department Benefits Representatives (DBRs)
From:
Central HR Benefits Office on behalf of UC Office of the President
Re:
Retirement Savings Program –
BrokerageLink Roth communication Issue

DBRS, please share this very important information via your department email listserv.

On August 1, 2023, the UC Retirement Savings Program added a Roth contribution option in the UC 403(b) and UC 457(b) Plans.  A recent communication provided to participants regarding their BrokerageLink accounts has caused some confusion as a result of this change.

Issue
Fidelity Investments mailed a notification to 9,000 participants with funds invested in the UC 403(b) and/or 457(b) brokerage window (i.e., invested outside of the main fund menu) informing them that a 403(b) and/or 457(b) BrokerageLink account has been opened.  While the action of opening an account was necessary to accommodate any future Roth deferrals or Roth rollovers into the plans, the notice did not provide adequate context or explanation.

Solution
Fidelity Investments will be emailing and mailing an explanatory letter to participants who received the initial notice.  When we receive the final letter and distribution dates another update will be provided.


Please direct employees with questions to Fidelity Investments at 1-866-682-7787.


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