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The Animation Guild 401(k) Plan is changing administrators!
Starting in May 2005, our 401(k) Plan is transitioning from the Principal Financial Group to the MassMutual Financial Group and Louis Kravitz and Associates.
The 401(k) Plan Trustees, including TAG President KEVIN KOCH, Business Representative STEVE HULETT and Executive Board member STEPHAN ZUPKAS, have determined that MassMutual and Kravitz will offer our members the following benefits:
Over the past several weeks, the Animation Guild has sent out two information packets about these upcoming changes. Participants should also have received mailings from MassMutual. If you are a 401(k) Plan participant and you haven't gotten these mailings, please contact Marta Strohl-Rowand at the Guild office.
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ANIMATION GUILD 401(k) PLAN FORMS
IMPORTANT NEWS ABOUT YOUR
PRINCIPAL FINANCIAL GROUP STATEMENTJune 8, 2005
As you should be aware from our recent mailings and from the Peg-Board, the Animation Guild 401(k) Plan is transitioning from Principal Financial Group to Mass Mutual. We are now reaching the end of the "blackout period", during which your account was inaccessible while the funds were being transferred.
You may soon be receiving (or else you've already received) a closing statement from Principal Financial Group. The first page of this statement will probably say that your account balance is zero. This reflects that your Animation Guild 401(k) Plan funds have been successfully transferred to the new administrator, and is not any cause for concern. The second page of the Principal statement will reflect your closing balance at the time of the transfer to Mass Mutual. In the next few weeks you should be receiving information on accessing your new Mass Mutual 401(k) account.
Please rest assured that the administrator transition is continuing smoothly. Contact Marta Strohl-Rowand if you have any questions.
Q&A about the 401(k) Plan transition
Forms and Plan documents are downloadable in Adobe Acrobat format, which requires the free Adobe Acrobat Reader:
Why did the Plan decide to change administrators?
For the last few years, your 401k Plan has had communication and administration issues with The Principal Financial Group. Some of these issues were resolved, others not. A year ago, the Plan Trustees decided it was time to explore the possibility of changing administrators. After a lengthy search, MassMutual was selected as the Plan's new administrator. Louis Kravitz & Associates has been selected as a third-party administrator which will be interfacing with Mass Mutual. The combined costs for these two administrators will be less than the fees charged by The Principal Financial Group.
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With the new administrator, will I be able to invest in the same funds that I have now?
No. However, all the funds offered by Mass Mutual will be equivalent to the funds offered by Principal. Your Plan Trustees have worked to make sure the replacement funds are similar in quality to the funds they replace. We will also be offering more funds under Mass Mutual.
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What is the "blackout period"?
While the 401(k) Plan is transitioning from Principal Financial Group to MassMutual, there will be a period of time called a "blackout period" from May 16 until approximately June 12, when you will not be able to access your account.
During this blackout period, your account will continue to be invested and you will continue to collect interest on your investments. However, you will not be able to request loans or withdrawals, make changes to your investment selections or transfer monies until the move is completed and balances are reconciled.
The actual transfer of funds will take place on June 1. However, nobody will be able to access their accounts until new PIN numbers are mailed to them the week of June 12. (Note: One of our mailings said that the blackout period would end on June 1; we apologize for the confusion.)
Prior to the start of the blackout period, if your money is not invested where you want it and you want to change your investment selection or transfer your existing balance, please call Principal at (800) 986-3343 or log on to the Principal website before May 16, 2005.
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I am paying off a loan against my 401(k) account. What do I have to do?
If you take out a loan after June 12, 2005, MassMutual will require that payments be automatically deducted from your bank account. For loans taken before May 16, 2005, MassMutual will provide new coupons after June 12.
Most current loan participants should have received a letter from MassMutual, along with an Authorization Agreement for Participant Loan Debit to complete and return if you wish to convert your payment system from coupons to automatic bank account debit. If you did not receive this mailing, you can download the documents from the links above; also please contact Marta Strohl-Rowand at the Guild office, (818) 766-7151 ext. 101.
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Do any of the new Mass Mutual funds or accounts carry "loads?" (extra charges on top of administrative fees?)
No, all the funds offered through Mass Mutual are no-load funds. NOTE: Some of the information sheets linked to the above chart may imply that the fund is subject to 12b-1 charges, but these will not be applied if the fund is purchased through our 401(k) Plan.
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How soon can I contact Mass Mutual with questions?
You can call Mass Mutual at (877) 474-5016 (contract number 51878) to speak to a customer service representative between noon and 8 p.m. Pacific time if you have any questions about the transition or your new investment options. If you have general questions about the Plan, please contact Marta Strohl-Rowand at the Guild office, (818) 766-7151 ext. 101.
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