May I Vol 58 I 2017
Mill Steel 401(k) Transition to Fidelity Mill Steel is always striving to be the best, for our customers and for our associates. One way the company does this is by regularly evaluating our benefits packages and making sure the 401(k) plan offered is the best available. That being said, we are pleased to announce Mill Steel will be transitioning the investment, trustee, and recordkeeping services of the 401(k) Profit Sharing Plan to Fidelity Investments®. Fidelity is one of the top investment firms in the country. This transition will offer participants increased flexibility and greater convenience when managing their retirement plan account. The cost savings, along with the reporting and user-friendly services they offer, will put everyone in a great position to plan and save for their retirement. This transition comes with significant cost savings. The management fee is reduced from 25 basis points to 22 basis points. Almost all of the funds offered are the best share class available for the selected funds. This results in a substantial expense ratio reduction across the board for all participants in each of the funds, which will directly influence the rate of return. An example of this savings is detailed in the graphic below. This savings has also allowed us to hire Plant Moran Financial Advisors (PMFA) on behalf of the 401(k) Plan to assist with the transition process, make sure we have periodic reviews of the funds offered and are meeting fiduciary requirements.
As a result of these changes, there will be a period of time where participants will temporarily be unable to access their account to direct or diversify investments or obtain a distribution from the plan. This time is known as a blackout period. It is very important that participants review and consider the appropriateness of your current investments in light of the inability to make changes to those investments during the blackout period.
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Mill Steel Recognition Program
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Important dates to note: Date
Action
Friday, May 5th
• Last day to request withdrawals.
Tuesday, May 9th
• Last day to change your future contribution amount. • Last day to request exchanges between investment options. • Last day to check account balances.
Monday, May 15th
• All new 401(k) contributions will be sent to the new plan.
Tuesday, May 16th
• All funds will be out of the market for this day only.
Wednesday, June 28th
• Blackout period scheduled to end. Around this date participants will receive notification from Mill Steel that their plan's transition is complete, as well as information on how to access and manage your account online or by phone. The Fidelity Retirement Benefits Line and NetBenefits will be available for plan account services. Blackout period should only last 5-10 business days.
Please be advised there are seven funds that do not automatically map over to Fidelity recognized funds. If you have money in these funds on 5/10, your money will be placed in to the appropriate T Rowe Price Retirement Year Fund based on your year of birth after the blackout period ends. During the blackout, your money will be in a money market. If anyone has questions regarding their 401(k), please contact Tom Nagelkerk at ext. 9095 or Mark Thaler at ext. 9058. In addition, representatives from Fidelity will be visiting the Grand Rapids office in early June to answer questions. Article by: Mark Thaler
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NORMS
& VALUES
People We believe in ourselves and trust one another. Customer Satisfaction We will do everything necessary to meet the needs of our customers. Accountability We are accountable to our customers and to eachother. Quality Work Environment We will provide a challenging work environment. Community We support our community needs. Profit We will earn a reasonable profit to assure stability and security for ourselves. Employee Empowerment We are empowered to do our jobs. Quality and Continuous Improvement We believe in continuous improvement through the use of corrective action process. Facilities We will have a clean, safe place to work. Integrity/Ethics We will be honest and fair.