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Office of Human Resources revises annuity program


The Office of Human Resources, with advice from a faculty/staff committee, has revised the University's tax-deferred annuity program to provide for more effective administration of 403(b) plans and to adhere to guidelines issued by UNC General Administration and the Internal Revenue Service.

Fourteen companies agreed to the University's new policy, which requires the companies to provide accurate calculations of deferral allowances as required by IRS regulations, to abide by the loan, hardship distribution and minimum distribution requirements established by the IRS, and to pay or reimburse the University should errors by the company or its agents result in IRS audits or penalties against the University.

Employees who currently invest in the approved companies do not need to take any action. Employees who want to begin to invest part of their pay in tax-deferred annuities must choose from the 14 approved companies listed in the box to the right.

Employees may choose to keep previously invested money in companies no longer approved by the University, but deferrals made through the University will end effective Jan. 1, 2000. If these employees wish to continue to invest in a 403(b) through the University, they will need to contact one of the 14 approved companies prior to the end of the current tax year in order to maintain their contribution.

Employees may transfer funds from an unapproved company to an approved company. Employees choosing to move previously invested dollars are entitled to receive from the company a full disclosure of any company penalties or surrender charges.

Meetings to explain the revised policy and to provide information on the approved companies will be held on Oct. 29 at 2 p.m. and Nov. 4 at 9 a.m. in the Wilson Library Assembly Room.


APPROVED TAX-DEFERRED ANNUITY COMPANIES

403(B) PLANS

* Lincoln Financial

1-919-932-7500

1-800-561-8682

* Metropolitan Life Insurance Company

1-800-492-3553

1-800-347-8176

* Northern Life Insurance Company

1-800-426-7055

* Prudential Insurance Company

1-800-458-6333

* Security First Group

1-800-763-2838

* TIAA-CREF

1-877-267-4505

* VALIC

1-800-448-2542

* Western Reserve Life

1-800-851-9777

403(b)(7) PLANS

* CME Financial Services

919-929-0268

* Fidelity Investments

1-800-841-3363

* Lincoln Investment Planning

1-800-242-1421

* PFS Shareholders (First American)

1-800-544-5445

* QUADS

1-800-435-7024

* Verity Investments

919-490-6717



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