401(k) Retirement Plan & Implementation

401(k) Retirement Plan & Implementation

To All Regular and Term Employees

JSA's new 401(k) retirement plan went into effect January 1, 2009. All eligible employees now have a Group Retirement Annuity (GRA) contract for the Lab's contribution (10% of base salary). Employees who made voluntary contributions now have a Group Supplemental Retirement Annuity (GSRA) contract. The funds for your contributions (both the Lab's contributions and any voluntary contributions you elected) have been sent to TIAA-CREF. However,an an error occurred with the file implementation. Specifically, this pertains to the set up of the new accounts. When we became aware of this we worked with TIAA-CREF to quickly correct the situation. TIAA-CREF has issued the new accounts and the funds have been applied. All corrections should be reflected in your account by this weekend, 2/1/09.

In the last week, TIAA-CREF sent communications to your home regarding the new accounts. The information in these documents may have been incorrect. Specifically, it may have erroneously reported the allocation distribution on your GSRA. Also, the beneficiaries may have been incorrect. TIAA-CREF will be sending updated letters with the correct information on the new accounts to your home in the next ten business days. To view your account on line go to http://www.tiaa-cref.org. If you don't have an account, you can establish one at the TIAA-CREF website. You may also call TIAA-CREF at 800-842-2776 to check your account.


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