Workers with CRSP accounts will be receiving a printed 1st Quarter 2016 CRSP Statement from Fidelity. In January, enrolled CRSP members received a 4th Quarter 2015 CRSP Statement from Fidelity that was supposed to include an insert explaining that plan members would not receive mailed quarterly statements any longer unless they requested printed statements. (The default delivery option is online in lieu of mailed delivery unless the member specifically requests printed statements.) Because the insert was omitted, Fidelity has agreed to mail a printed 1st Quarter 2016 CRSP Statement with the insert. Unless they contact Fidelity to change their delivery preferences, this will be the last printed statement that workers will receive.
To request printed statements, members can call Fidelity at 800-343-0860 or go to NetBenefits and change their Mail Preferences.
Speaking of CRSP, Are Your Workers Taking Advantage of our 403(B) Plan?
Taking the first step to successful retirement planning is always the hardest. The earlier your employees start saving for their retirement, the better. Even if they only set aside a small amount now, say a couple of dollars a day, it will provide them with needed retirement income in the future. Putting off saving for retirement until they feel they’re able to save could cost them valuable compounded earnings and several tax advantages.
The Concordia Retirement Savings Plan (CRSP), a 403(b) plan, is available to workers whose employer has adopted the Plan. This program provides workers with an opportunity to establish a personal retirement savings account to supplement their retirement income from the Concordia Retirement Plan. The CRSP has very low administrative fees for your employees and offers investment allocation services through ProManage. Both pre-tax and after-tax savings options are available through the CRSP.
Attached is a flyer that you can us to promote participation in the plan as well as a pdf and link to the salary deferral form.
If you are interested in CRSP or financial wellness webinars or require additional information, just let me know and I will forward your request to the appropriate individual.
Blessings on your ministry!