15-cv-3187 ) Plaintiffs, ) Judge Sharon Johnson Coleman ) v. This plan is designed to provide you with income throughout your retirement. Sign up to receive real-time updates # . This is only if the Washtenaw County retirement plan accepts rollovers. But you pay only for the investments you actually use and in proportion to the amount of your investment. 71 UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION WASHTENAW COUNTY EMPLOYEES’ RETIREMENT SYSTEM, Individually and on Behalf of All Others Similarly Situated ) ) ) Case No. v. The Princeton Review, Inc., et al. Contributions to this account will be 100% vested immediately. 15-cv-3187 ) Plaintiff, ) Judge Sharon Johnson Coleman ) v. Washtenaw County Employees' Retirement System v. Walgreen Co. et al Doc. The Washtenaw County Employees Retirement System established February 1, 1948 under the authority of Section 12a of Act No. This plan allows you to receive a cash withdrawal. These fees are not deducted directly from your account; they are paid indirectly through the investment’s “expense ratio”. A link to this document can be found here. Contributions to this account will be vested according to the following schedule: Washtenaw County Defined Contribution Plan does not offer a loan feature. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future. You may also be able to leave money in your current plan or withdraw cash. v. The Princeton Review, Inc., et al. The Washtenaw County Employees ¶ Retirement System (WCERS) was established by Resolution effective February 1, 1948 and restated by Ordinance effective January 1, 1994 and June 7, 2006 . Washtenaw County Employees' Retirement System v. Walgreen Co. et al Doc. washtenaw county employees’ ) no. When you leave your employer, you may be eligible to withdraw your retirement savings. TIAA Traditional is a guaranteed insurance contract and not an investment for federal securities law purposes. General administrative services include recordkeeping, legal, accounting, consulting, investment advisory and other plan administration services. Please reference the information below for specifics. A forced distribution allows your former employer to close retirement benefit accounts with a balance of less than $1,000 after you leave service. Your plan includes different vesting periods based upon the source of contribution. The Retirement System was created under the authority of the County Pension Plan Act. Retirement System FOIA Policy and Procedures (PDF), Equal Employment Opportunity Report (PDF), Voluntary Employees Beneficiary Association. These voluntary contributions can be changed at any time. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Washtenaw County Employees' Retirement System Plan Type: Defined benefit Employee Contribution: 5% (7% sheriff dept) Value of Assets: $210,446,657 Accrued Liability: $265,463,304 Unfunded Accrued Liability: $55,016,647 County Required Contribution: $5,359,824 Required … - Increase your productivity, customize your experience, and engage in information you care about. Taxes and penalties may apply. Information about retirement policies. 244 UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION WASHTENAW COUNTY EMPLOYEES’ RETIREMENT SYSTEM, Individually and on Behalf of All Others Similarly Situated, ) ) ) Case No. Fees and expenses have always been part of a retirement savings plan–some fees are associated with the administration of the plan and may be covered by your employer, while others are paid by you based on the specific investments and services you choose. These costs are allocated to each participant in a uniform way. These withdrawals are not available from TIAA Traditional Account balances. 1:15-cv-3187 RETIREMENT SYSTEM, Individually and on Behalf of All Others Similarly Situated, Honorable Sharon Johnson Coleman Plaintiff, v. • Written requests may be made by mail addressed to the Washtenaw County Employees’ Retirement System (WCERS) FOIA Coordinator / Retirement Administrator; 220 N. Main St., Ann Arbor, MI 48107; requests may also be submitted via facsimile to (734) 222-6775 or via email to WCERS@ewashtenaw.org. Leaving money in your account may allow the funds to grow on a tax-deferred basis. A set amount your beneficiary(ies) will receive from your retirement account if you die before taking income. Washtenaw County approves 10-year union contracts one week before right-to-work implementation . To sign up for email updates from Macomb County or to access your subscriber preferences, please enter your email address. Contact TIAA at, Your right to a lump-sum distribution from your TIAA Traditional Account may be restricted to taking periodic payments under the terms of the contract. For additional information, see. This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. A TIAA Plan Services Fee, an annual service fee of, Each investment offered within the plan charges a fee for managing the investment and for associated services. TIAA-CREF Life Insurance Company is domiciled in New York, NY with its principal place of business in New York, NY. The Retirement System was created under the authority of the County Pension Plan Act. Washtenaw County Defined Contribution Plan, Washtenaw County 457(b) Deferred Compensation Plan, Contribute the amount required by Washtenaw County, Receive a match from Washtenaw County on some or all of their contributions. Now is a great time to understand what is offered - think about taking advantage of any opportunities to save and invest for the future. The Washtenaw County Employees’ Retirement System (the “System”) is a single-employer defined benefit contributory retirement plan which provides pension, death and disability benefits covering certain full-time employees of Washtenaw County (the “County”). The specific expense ratio for each plan designated investment option is listed in your. Prior to rolling over, consider your other options. The personalized services used most often are: Certain charges may apply. The Washtenaw County Employees’ Retirement System (the “System”) is a single employer defined benefit contributory retirement plan which provides pension, death and disability benefits covering certain full-time Washtenaw County Employees' Retirement System, et al. Your plan's rules specify when you are eligible for a distribution. Investment decisions should be made based on the investor’s own objectives and circumstances. Before you log in, please upgrade your browser. One- or two-life annuity with guaranteed period. The Jackson County Employees’ Retirement System, which is managed by the Retirement Board of Trustees, is designed to help you meet your financial needs should you become disabled, retire or die. You can increase, decrease or suspend the payments at any time. Personalized services provide access to a number of plan features and investments that you pay for, only if you use them. 11-CV-11359-U.S. District Court Civil Docket Author: Washtenaw County Employees' Retirement System Subject: Washtenaw County Employees' Retirement System, et al. plaintiff Washtenaw County Employees’ Retirement System (WCERS) for failure to state a claim upon which relief can be granted pursuant to Fed. Create an Account - Increase your productivity, customize your experience, and engage in information you care about. (b) The County Administrator or the individual designated by the County Administrator to serve in his/her place. Direct rollovers - from one account to another - are nontaxable and not reported as income to the federal government. You can choose to receive income for a set period of two to 30 years, depending on the terms of our contract and your plan's rules (and not to exceed your life expectancy). Please refer to your contract or certificate for full details or contact us at. Washtenaw County offers this plan as part of workplace benefits. If your balance is higher than $1,000, you cannot be forced from the plan and you can leave your balance in it. The data used to create the figures shown below was taken from the Washtenaw County Employees' Retirement System Financial Statements For the Years Ended December 31, 2010 and 2009 as conducted by Rehmann independent auditors. You can withdraw all or part of your account in a single cash payment, depending on your plan rules and the terms of your contracts. *Investment advice is available through TIAA using an advice methodology from Morningstar Investment Management, LLC. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. The Washtenaw County Employees Retirement System (WCERS) is a defined benefit plan where portfolio management activities are under control of the plan administrator / Board of Trustees. SOCIAL SECURITY ADMINISTRATION IMPORTANT: TIAA doesn't offer loans on Roth accumulations in 403(b)/401(k) plans. 249 of the Public Acts of 1943, as amended, is continued for the purpose of providing If you are married, you may be required to get spousal consent to receive any distribution option other than a qualified joint and survivor annuity. ... the unions agreed to changes in employee contributions to retirement and health care benefits for workers hired in 2014. 1:15-cv-3187-SJC-GAF, pending in the United States District Court for the Northern District of Illinois, Eastern Division. Even if your plan doesn't allow cash distributions, you can withdraw your entire retirement savings if your TIAA Traditional Account value does not exceed $2,000 and your overall account balance is below a limit set by your employer's plan (either $1,000 or $5,000). ©2021 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017, This site is protected by reCAPTCHA and the Google. Your financial well-being is TIAA's top priority and we are committed to helping you make informed decisions. retirement system, on behalf of itself ) and all others similarly situated ) class action complaint for) violations of federal securities plaintiff, laws)) vs. ) the princeton review, inc., ) michael perik, stephen c. )) richards, susan rao, david ) … Your plan may distribute your entire balance if the value does not exceed $2,000. 133 UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION WASHTENAW COUNTY EMPLOYEES’ RETIREMENT SYSTEM, Individually and on Behalf of All Others Similarly Situated, ) ) ) Case No. Teachers Insurance and Annuity Association of America is domiciled in New York, NY, with its principal place of business in New York, NY. Minutes are available following approval. Older Adult Recovery Center ..... 734-593-5251 24. "Vesting" refers to your right, usually earned over time, to receive some retirement benefits regardless of whether or not you remain with your employer. The Retirement Commission is a quasi-judicial body and shall consist of the following seven (7) individuals: (a) Two members of the Washtenaw County Board of Commissioners appointed by the Washtenaw County Board of Commissioners. 156, of the Public Acts of 1851, as added by Act No. If you have had an IRS-defined "triggering event," and your plan allows withdrawals, you can roll over your accumulations to another retirement plan that will accept them or to an Individual Retirement Account (IRA). Case: 1:15-cv-03187 Document #: 143-4 Filed: 08/16/18 Page 1 of 18 PageID #:3418 EXHIBIT 3 Case: 1:15-cv-03187 Document #: 143-4 Filed: 08/16/18 Page 2 of 18 PageID #:3419 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION WASHTENAW COUNTY EMPLOYEES' No. ) ) ) ) ) ) ) ) ) ) ) ) Case Number CLASS ACTION DEMAND FOR JURY TRIAL COMPLAINT FOR VIOLATIONS OF THE FEDERAL SECURITIES LAWS As such the Board of Trustees of the Washtenaw County Employees Retirement System has further updated the plan document in order to WCRC offers supplemental, voluntary savings options to employees for retirement. Each of the foregoing is solely responsible for its own financial condition and contractual obligations. Each is solely responsible for its own financial condition and contractual obligations. R. Civ. contributions are subject to collective bargaining agreements and approval by the Washtenaw County Board of Commissioners. Learn what plans allow eligible employees to do. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. 1:15-cv-3187 RETIREMENT SYSTEM, Individually and on Behalf of All Others Similarly Situated, … Contact your benefits office to learn more. Some of these expenses are fixed and other expenses may vary from year to year. This official website is maintained by the Administrator under the supervision of Class Counsel in the action titled Washtenaw County Employees’ Retirement System v. Walgreen Co., et al, Civil Action No. It's free and will improve your experience. If you have money in other employer's plans, you may be able to transfer or roll it over to the Washtenaw County retirement plan to increase your maximum loan amount. Washtenaw County Employees’ Retirement System(the “Retirement System”) and for making effective the provisions thereof, and WHEREAS, the Retirement Commission has fiduciary duties to the members and beneficiaries of the Retirement System and shall discharge these duties solely in … This summary report was prepared to give you a brief overview of the Retirement System and how it operates. 15-cv-3187 ) Plaintiffs, ) Judge Sharon Johnson Coleman ) v. We notice you're using an older browser with outdated security features. ... “It comes at the cost of introducing risk into the benefit system … With accrued liabilities totaling $283.3 million and assets valued at $199.1 million, the WCERS plan is $84.3 million underfunded (or 70.3 percent funded). Payments stop at the end of the period, during which you will have received all your principal and earnings. The deferred compensation programs are offered through MERS are a way to for employees to prepare for the future conveniently through payroll dedications. Washtenaw County Employees' Retirement System v. Walgreen Co. et al Doc. Washtenaw County Employees’ Retirement System, Ann Arbor, Mich., hired Gray & Co. as consultant for its $185 million defined benefit plan, said Bob Hubbard, administrator. Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability. Its California Certificate of Authority number is 3092. Please consult your legal or tax advisor. The Municipal Employees’ Its California Certificate of Authority number is 6992. This may be restricted by the terms of your TIAA contracts. Over the course of a year you pay for services like record keeping. Fees should be just one factor in your decision-making process since the lowest cost option may not be the best one for you. for Washtenaw County Call Catholic Social Services of Washtenaw County (CSSW) at 734-971-9781 or visit us at getaheadwashtenaw.org for our online searchable resource directory. Washtenaw County, Ann Arbor, Mich., is searching for an investment consultant for the $305 million Washtenaw County Employees' Retirement System.The county is seeking a … Equal Housing Lender. March 6, 2012) The following three categories of services are provided to your plan: Many services are necessary for the day-to-day operation of your employer’s retirement plan. Washtenaw Intermediate School District is pleased to shared our 2020-21 COVID-19 Preparedness and Response Plan and our Extended COVID-19 Learning Plan with our families, staff and community! ‡ Deposit and lending products and services are provided by TIAA Bank®, a division of TIAA, FSB. Agendas are available prior to the meetings. Opinion, Washtenaw County Employees’ Retirement System v. The Princeton Review, Inc., 11-11359-RGS (D. Mass. Washtenaw County Employees' Retirement System v. Walgreen Co. et al; Interested in this case? The Washtenaw County Employees Retirement System (WCERS) is a defined benefit plan where portfolio management activities are under control of the plan administrator / Board of Trustees. Washtenaw County offers this plan as part of workplace benefits. Additionally, retirement benefit accounts with a balance from $1,000 to $5,000 may be automatically rolled over to an IRA, unless you choose to take cash or make a different direct rollover. Member FDIC. Background TPR was founded in … P. 12(b)(6).2 For the reasons to be stated, defendants’ motion to dismiss will be granted. If your plan allows, you can choose to receive regular income payments (minimum $100) on a semimonthly, monthly, quarterly, semiannual or annual basis. The county has 1,010 active members and 740 retirees/beneficiaries under the Washtenaw County Employees Retirement System, a defined benefit pension plan started in 1948. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. 11-CV-11359-U.S. District Court Civil Docket Keywords Service Center Hours:Monday through Friday 8:30 a.m. – 5:00 p.m. For all participant-related … Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment. Case: 1:15-cv-03187 Document #: 175-1 Filed: 12/10/18 Page 1 of 9 PageID #:4042 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION WASHTENAW COUNTY EMPLOYEES' No. The TIAA group of companies does not provide legal or tax advice. WASHTENAW COUNTY EMPLOYEES’ RETIREMENT SYSTEM, Individually and on Behalf of All Others Similarly Situated, Plaintiff, vs. WALGREEN CO., GREGORY D. WASSON and WADE MIQUELON, Defendants. )
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