Rollover into the Faculty and Staff Retirement Plan | Human Resources (2024)

The Faculty and Staff Retirement Plan may only accept rollover contributions from eligible rollover distributions (as defined in the Internal Revenue Code) from an eligible retirement plan (as defined in the Internal Revenue Code) and directly rolled over from an eligible retirement plan or accepted by an investment carrier from you within 60 days of your receipt of such contributions from an eligible retirement plan. Contact Fidelity for more details if you are interested in rolling over funds into the Faculty and Staff Retirement Plan.

In-Plan Transfers to Fidelity

You can transfer money from your Duke Faculty and Staff Retirement Plan (the “Plan”), including any frozen accounts at TIAA or Corebridge Financial (AIG/VALIC) to your Fidelity account. The value of your account at the time of transfer is based on current market value and is subject to any gains or losses. Some annuity products have transfers restrictions. Contact Fidelityto request transfer forms.

In-Plan Transfers to TIAA

You can transfer money from your Duke Faculty and Staff Retirement Plan to TIAA. When you transfer money to TIAA, your money will be invested in the TIAA Traditional Retirement Account - Retirement Choice Contract. This is the only option available through TIAA. All other accounts and contracts are frozen at TIAA and are closed to transfers. The value of your account at the time of transfer is based on current market value and is subject to any gains or losses. Contact TIAA to request forms to transfer funds.

Frozen Accounts at Corebridge Financial (AIG/VALIC) and TIAA

You cannot transfer money into frozen accounts at TIAA or Corebridge Financial (AIG/VALIC); however, you may transfer money from these accounts to Fidelity or the TIAA Traditional Retirement Account - Retirement Choice contract. Please note, some annuity products have transfer restrictions. Please also note, moving money at TIAA from any existing RA/GSRA contract to a new RC contract or an investment option on the Fidelity platform is a permanent decision. Money cannot be moved back into the RA, GRA and/or GSRA contract(s).

Requesting an “Intra-Plan” Transfer to Fidelity

If you have assets in the frozen annuity accounts, you may transfer these balances to any of the investments availablein the Plan. Movement of account assets in your Duke Faculty and Staff Retirement Plan is known as a “vendor/contract exchange” or “intra-plan transfer”. The following will assist with initiating a transfer of your accounts.

Step 1

Contact Fidelityto obtain the Fidelity Transfer/Rollover/Exchange Form. See Additional Information Needed to Complete the Fidelity Transfer/Rollover/Exchange Form.

Step 2

Contact TIAA or Corebridge Financial (AIG/VALIC) as follows:

TIAA
Contact TIAAto obtain a Direct Transfer Form.

Please note: The TIAA Traditional Account in the RA contract has liquidation restrictions. You may initiate a transfer of the balance in annual installments (10 payments over 9 years) by completing the TIAA Transfer Payout Annuity Form. You must complete both the Direct Transfer Form and the TIAA Transfer Payout Annuity Form if you are transferring the TIAA Traditional Account.

Corebridge Financial (AIG/VALIC)
Contact Corebridge Financialand request the paperwork for a contract exchange or intra-plan transfer.

Please note: Fixed products in the annuity platform have liquidation restrictions (i.e. VALIC Fixed Account Plus) and only 20% of the account balance may transfer per year. Contact Corebridge Financialto discuss any questions you have about the annuity products.

Step 3

Complete the applicable form(s) and mail ALL forms to Fidelity. Duke authorization is not required for an intra-plan transfer.

Please include the following information:

Investment Company Name: Fidelity Investments – Plan 82205
Address: PO Box 770002 Cincinnati, OH 45277-0090
Phone Number: 800-343-0860
Account Number: Plan 82205

What happens next?

1. Fidelity will mail all forms to TIAA/Corebridge Financial with a signed Letter of Acceptance.
2. TIAA/Corebridge Financial will take a few days to process form(s) and mail a check to Fidelity.
3. Fidelity processes the check into your account and provides a confirmation when complete.

Additional Information Needed to Complete theFidelity Transfer/Rollover/Exchange Form

Important: Complete a separate Fidelity form for each investment provider and read the instructions carefully.

Please include the following information on the Fidelity form:

SECTION 1: YOUR INFORMATION

Provide your information.

SECTION 2: RETIREMENT SERVICE PROVIDER YOU ARE MOVING MONEY FROM

TIAA
P.O. Box 1268
Charlotte, NC 28201-1268
800-842-2252

Corebridge Financial (AIG/VALIC)
P.O. BOX 15648
Amarillo, TX 79105-5648
800-448-2542

SECTION 3: ACCOUNT(S) OR CONTRACT(S) TO MOVE

1. Account/Contract:
   • For TIAA: include the contract number(s) from your TIAA statement. This should include both the TIAA # and the CREF #, which are both on the TIAA statement.
   • For Corebridge Financial (AIG/VALIC): List all account numbers. You may have 3 or more account numbers in your Duke 403b at Corebridge Financial. These are simply different sources of money that have their own account number (EE Pre-tax, EE Roth, etc.)
     Type: Select “403(b)” and/or “Include Roth 403(b) balance”
2. Check: “The Same Employer as My Employer Plan with Fidelity”
3. Liquidation Amount: Select one

SECTION 4: YOUR FIDELITY ACCOUNT INFORMATION

• Employer sponsoring the account: Duke University
• Plan Type: 403(b)
• Plan Number: 82205

SECTION 5: INVESTMENT INSTRUCTIONS

Indicate how you would like the funds to be invested at Fidelity. Please note the following:

• If you select "Yes", your account balance transferred will be invested according to your current investment election for future contributions on file at Fidelity.
• If no investment options are selected, your investment instructions are incomplete or invalid, or the percentages listed are less than or exceed 100%, your entire account balance transferred will be defaulted to your current investment elections on file with Fidelity.
• If you have no investment elections on file at Fidelity, your entire account balance transferred will be defaulted to the Plan’s default investment option (an age based Target Date Fund).

SECTION 6: EMPLOYER PLAN ACCEPTANCE

Duke authorization is not required for an intra-plan transfer.

SECTION 7: SIGNATURE AND DATE

Please sign and date the form.

Need Help?

Contact Fidelityor go to fidelity.com/duke.

Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.