Teachers On Call introduced the Educators Retirement Plan effective January 1st 2016.
The Educators Retirement Savings Plan is a pre-tax 401K retirement savings plan option for all active employees. The plan is designed to withhold 3% of an employee’s compensation per pay period. There will not be an employer match at this time.
Am I eligible to participate?
All active employees are eligible. Deferral contributions begin on the first quarter after an employee is activated. Quarter start dates are 1/1, 4/1, 7/1 and 10/1. Example: An employee is hired February 14th and they elect to participate in the plan, they will see their first contribution to the plan on the applicable paycheck in April.
What does an automatic enrollment plan mean?
An automatic contribution arrangement (also known as automatic enrollment) is a feature in a retirement plan that allows an employer to "enroll" an eligible employee in the employer's plan unless the employee affirmatively elects otherwise. "Enroll" in this context means that part of the employee's wages are contributed to the retirement plan on the employee's behalf. Most commonly, this feature is utilized for 401(k) programs.
Who is administering this plan?
Teachers On Call is working with two reputable companies to administer and support the plan. Stiles Financial is the Registered Investment Advisor for the plan and OneAmerica is acting as the Trustee and record-keeper of the plan. As our Trustee, OneAmerica does have the identifying information required by the IRS to administer the plan and will use that information for recordkeeping only. Both companies are available to answer any questions you may have concerning the specifics of the plan.
Is it legal to enroll employees in a plan without their authorization?
To address any concerns surrounding the legality and the process of auto-enrollment, retirement plans are surrounded by extensive regulation from the Department of Labor and the IRS. A large body of law related to retirement plans is called the Employee Retirement Income Security Act (ERISA). Within the retirement plan rules, there is an allowance for an automatic contribution arrangement. More information surrounding this can be found on the IRS website. In general, auto-enrollment is allowed as long as plans follow the guidelines as stated in the regulations, including a minimum of 30 days notice and the ability to opt-out of this feature. Auto-enrollment has been allowed for many years and it is common in many retirement plans used across the country. Teachers On Call has followed all regulations surrounding the implementation of the plan.
Plan Options & Opting Out
How do I enroll?
You do not have to enroll. Teachers On Call has elected the automatic enrollment plan option. This means that all active employees will be enrolled in the Educators Retirement Savings Plan at a 3% deferral contribution once an employee becomes eligible.
How do I access my account?
Go to www.oneamerica.com > Login >New Users > Register For A New Account> Register With Account Services > Enter in personal information. Our Policy Number is G37616.
I’m ok with contributing but I want to change the amount.
You can choose a different deferral contribution percentage as well as investment options by going to www.oneamerica.com or calling 1800-249-6269.
To change contribution elections once logged in you want to choose Traditional Enroll then follow instructions.
What should I do if I don’t want to contribute?
If you do not want to contribute to the Educators Retirement Savings Plan you may opt out of the automatic enrollment at anytime. If you do not want any contributions made the first applicable pay period of the quarter, you will need to opt out by the 2nd pay period following the start of the quarter. Example: Employees eligible 4/1 wanting to opt out will need to do so no later than 4/15. If you miss the deadline and a contribution is taken, you have 90 days to opt out and get your money back. Visit www.oneamerica.com or call 1800-249-6269 for more information and instructions on how to opt out. Keep in mind you will need to create an account to opt out via phone or email.
To opt out of contributions, once logged in, you want to choose Traditional Enroll then enter 0 as your contribution under 401k deferral.
We encourage everyone to utilize one of the above methods for opting out but, if you prefer to not opt out through OneAmerica, there is an opt out form that you can complete. The form and instructions are can be found on our website under the 401k Program tab: http://www.teachersoncall.com/substitutes/401k-program.
*If you do nothing you will be automatically enrolled in the Educators Retirement Savings Plan
Call center hours 8am to 5pm EST.
Participant Service Center - 1-800-249-6269
The call center can answer questions in the following areas:
- Website questions/issues
- General overview/plan information of 401K plan
- Paperwork distribution
General number – 952-988-0452 and they can work with Deb, Susan and Peter.
Stiles financial is our plan advisor and they can answer questions in the following areas:
- Specific questions surrounding the 401k plan that OneAmerica cannot answer i.e.
- Investment questions
- Plan structure questions
Employees will need to indicate they are calling about the Educators Retirement Plan.
Teachers On Call
952-703-3719 or 800-713-4439 – when calling ask to be transferred to the 401K voicemail. The mailbox is checked daily and you will receive a callback or email within 48 hours.
The staff at Teachers On call are unable to answer specific questions surrounding the 401K plan but our 401K team can answer questions/assist in the following areas:
- General plan overview
- Opting out process
- Reimbursement process