Transamerica update

Transamerica is the record-keeper for the Our Lady of the Lake University retirement Plan. This has not changed. 

Employees may have recently received a Summary of Material Modification to announce Millennium Trust Company replacing Transamerica only as the provider of the Automatic Rollover IRA. This applies to employees who have separated from OLLU. For a terminated participant with a balance over $1,000 and under $5,000, if they do not make an alternative election within a period after termination, their balances automatically roll over to an IRA.  Going forward, that IRA will be with Millennium Trust Company.

OLLU understands that there may have been some confusion surrounding this announcement. It is an update to the Summary Plan Document.  Therefore, it must be sent to all eligible plan participants. 

For questions or additional information, contact Diana Ramos, Benefits Manager, at diana.ramos@ollusa.edu or at ext. 3920.