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Times change. So can the way you invest.

Retirement planning today isn’t like it was for our grandparents, whose pensions covered the majority of their financial needs in retirement. Today, more responsibility rests with employees, so we take very seriously our goal of providing you the best opportunity to build a portfolio that meets your needs throughout each stage of your life.

We’re customizing and redesigning the Core Investment and Target Date Funds (TDFs) available through Savings Plus. We’re simplifying the fund lineup to make it even easier to invest in a way that meets your personal goals and we’re excited to share our new investment fund lineup with you. Take a look at the Times Change. So Can the Way You Invest. brochure that explains more about our Fund Redesign and Reselection Initiative.Of course, no approach is guaranteed and cannot assure a profit or protect from a loss in a down market. As in the past, Plan fiduciaries are not liable for any loss that results from an individual investment choice made by a participant.

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Core Investment Fund Lineup

New Core Investment Fund lineup available April 1, 2020.

Savings Plus will officially release a Fund Redesign on April 1, 2020, created to make it easier for you to build a diversified investment portfolio. We’re providing one fund option in each asset class to reduce the decisions you need to make in creating a portfolio that meets your specific investment style.

You can view the latest Fund Fact Sheets below.

Core Investment Funds
(A)ctive mangement (P)assive management
Asset Class   Current Lineup New Lineup
Short-Term Investments   Short-Term Investment Fund - Cash (A)
Short-Term Investment Fund (A)
Short-Term Investment Fund - Cash (A)
Bonds   Bond Fund (A)
Bond Index Fund (P)
Bond Fund (A)
Diversified Real Return   Diversified Real Return Fund (A)  
Balanced   Socially Responsible Fund (A) Socially Responsible Fund (A)
Large Cap Stocks   Large Cap Fund (A)
Large Cap Index Fund (P)
Large Cap Index Fund (P)
Mid Cap Stocks   Mid Cap Fund (A)
Mid Cap Index Fund (P)
 
Small-Mid Cap Stocks     Small-Mid Cap Fund (A)
International Stocks   International Fund (A)
International Index Fund (P)
International Fund (A)
Small Cap Stocks   Small Cap Fund (A)
Small Cap Index Fund (P)
 

risk reward chart

This Potential Risk/Reward chart displays the range of relation between risk and return potential of the asset classes available through Savings Plus. TDFs and the Socially Responsible Fund don’t appear because those funds diversify investments across several asset classes.

Target Date Funds (TDFs)

Our Target Date Funds are Getting a New Look, Too.

As part of our Fund Redesign, our investment consultant for plan design, Callan LLC, analyzed important participant data like age, salary, CalPERS pension formulas, life expectancy, average retirement savings balances, and participant behavior. This information was used to customize our TDFs to keep pace with industry best practices and better meet the needs of our participants.

The newly designed TDFs are better positioned to help plan participants replace a higher percentage of their income during retirement years while retaining a balanced risk exposure. In addition, the design takes into account longer life expectancy. TDFs align with the year you turn age 65 and are adjusted for longer term growth potential that gradually becomes more conservative until you reach your mid 70s. Assets are then moved into the most conservative TDF, the TDF-Income Fund.

Note: A glide path is how a TDF’s investment mix becomes more conservative over time.

glide path

TDFs are designed to provide a lifelong, diversified investment strategy because they aim to keep pace with you throughout every stage of life. They’re appealing if you’re the type of investor who would prefer that your investments be managed for you. TDFs:

  • Offer a one-decision investment strategy.
  • Feature a diversified mix of investments.
  • Automatically rebalance to an investment allocation that grows more conservative over time.

You can view the Fund Fact Sheets below.

Target Date Income
Target Date 2015
Target Date 2020
Target Date 2025
Target Date 2030
Target Date 2035
Target Date 2040
Target Date 2045
Target Date 2050
Target Date 2055
Target Date 2060
Target Date 2065

Target Date Funds invest in a wide variety of underlying funds to help reduce investment risk - you pay only the proportionate share of the expenses of those funds. Like other funds, target date funds are subject to market risk and loss. Loss of principal can occur at any time, including before, at or after the target date. There is no guarantee that target date funds will provide enough income for retirement.

Fund Reselection Window

To transition to our new investment fund lineup, we are introducing a Reselection Window. During the Reselection Window, you will have the opportunity to make your own investment selections from our new investment fund lineup, or you can choose to do nothing. The Reselection Window for the new fund lineup is open April 1 through May 22, 2020.

The choice is yours. You have the following options:

  • If you choose to do nothing, your current account balance and future contributions will be automatically invested into the Target Date Fund (TDF) that most closely aligns with the year you turn age 65 (the new qualified default investment alternative).
  • You can choose to select your investment funds between April 1 and May 22, 2020. Simply log into your account or contact our Service Center to make your selection.*

There will be a brief Blackout Period in order to implement the changes resulting from the Fund Redesign and Reselection Initiative. The Blackout Period will begin on Friday, May 22, 2020 at 1 p.m. PT and is anticipated to end on Thursday, May 28, 2020 at 1 p.m. PT.

During the Blackout Period, you can view your account information online, but you will not be able to update your account, take a distribution or a loan, or perform any other transactions. When the Blackout Period ends, you can initiate additional changes to your investment selections under the new fund lineup.

Important Dates

blue calendar icon
April 1, 2020


Reselection Window Opens
red calendar icon
May 22, 2020


Reselection Window Closes at 1 p.m. PT
green calendar icon
Ends May 28, 2020
 at 1 p.m. PT


Blackout Period



* Accounts that have a legal hold or a hold due to a Domestic Relations Order (DRO) are not permitted to make financial transactions. If you have a legal hold or a hold due to a DRO, at the close of the Reselection Window, your current account balance and future contributions will automatically be invested in the TDF that most closely aligns with the year you turn 65.

Frequently Asked Questions (FAQs)

Section 1. Core Fund Lineup Redesign

1. Why is the core fund lineup being redesigned?
We’re simplifying the fund lineup and are excited to share these changes to make it easier to build a diversified investment portfolio. We’re providing one fund option in each asset class to streamline the process for selecting a portfolio that meets your specific investment style.

2. Why are funds being eliminated from the core fund lineup?
We’re changing our core fund lineup to make it easier to build a diversified portfolio. Currently, we offer both an actively managed and an index investment fund in each of the five major asset classes: Bonds, Large Cap, Mid Cap, International, and Small Cap. Going forward, we will offer either an actively managed or an index fund option in each asset class based on the best balance of expected returns, risk, and investment management fees. Reducing our core fund lineup to one fund option per asset class streamlines the process and provides an opportunity to build a portfolio that meets your needs throughout each stage of your life.

3. What will the new core fund lineup look like?

Core Investment Funds
(A)ctive mangement (P)assive management
Asset Class   Current Lineup New Lineup
Short-Term Investments   Short-Term Investment Fund - Cash (A)
Short-Term Investment Fund (A)
Short-Term Investment Fund - Cash (A)
Bonds   Bond Fund (A)
Bond Index Fund (P)
Bond Fund (A)
Diversified Real Return   Diversified Real Return Fund (A)  
Balanced   Socially Responsible Fund (A) Socially Responsible Fund (A)
Large Cap Stocks   Large Cap Fund (A)
Large Cap Index Fund (P)
Large Cap Index Fund (P)
Mid Cap Stocks   Mid Cap Fund (A)
Mid Cap Index Fund (P)
 
Small-Mid Cap Stocks     Small-Mid Cap Fund (A)
International Stocks   International Fund (A)
International Index Fund (P)
International Fund (A)
Small Cap Stocks   Small Cap Fund (A)
Small Cap Index Fund (P)
 

4. Why are index funds being eliminated from the fund lineup?
Research shows that, with appropriate fee levels, carefully selected actively managed funds will more often than not outperform the benchmark index over long periods of time in some asset classes. This applies to fixed income, small and mid-cap equity, and international equity asset classes, so we are removing the Bond, Small Cap, Mid Cap, and International Index Funds from the Core Investment Fund lineup. We are maintaining the Large Cap Index Fund because research shows that actively managed funds are unlikely to outperform the index in this asset class.

You will continue to have access to additional funds through the Schwab Personal Choice Retirement Account (PCRA) service, including index funds. Additionally, Schwab recently eliminated commission fees for stocks, ETFs, and options listed on U.S. or Canadian exchanges, across all mobile and web trading channels, increasing your access to investment funds without incurring a commission fee. You are required to maintain a minimum balance in your core account equal to the lessor of 50% of your account balance or $2,500.

5. Why is the Short-Term Investment Fund (STIF) being eliminated from the core fund lineup?
Currently the core fund lineup includes two short-term investment funds, the STIF and the STIF Cash. An analysis by Callan LLC determined that the STIF-Cash is better suited to fill the Short-Term Investments asset class of the core fund lineup.

6. Why is the Diversified Real Return (DRR) fund being eliminated from the core fund lineup?
We introduced the DRR fund option in 2011 as a way to further diversify your portfolio; however, utilization has been very low, so we're eliminating it from the fund lineup.

7. Why is a new Small-Mid Cap Fund being introduced to the core fund lineup?
Our Small-Mid Cap Fund accommodates the benefits of both the Small and Mid Cap asset classes while simplifying your selection process and eliminating some redundancy of the underlying investments in the prior stand-alone Small and Mid Cap funds.

8. How do I get information about these new fund choices?
The Fund Fact Sheets provide the overall objective and strategy of each fund and information about the investment managers, fees, performance information, and other important disclosures. The Fund Fact Sheets are located on our website, savingsplusnow.com. Additionally, you may request the Fund Fact Sheets by contacting the Service Center. The Small-Mid Cap Fund Fact Sheet will be available early 2020.

9. Will the new core funds be managed by professional investment managers?
Absolutely. Savings Plus Investment Policy remains consistent. We will continue to use outside, professional, and experienced investment managers. We select these companies through a competitive bid process and continue to evaluate and monitor them for both qualitative and quantitative performance measures. Refer to the Fund Fact Sheets to identify the investment managers associated with each fund.

10. Will any of the new core funds be subject to the 2.0 percent redemption fee?
The redemption fee will continue to apply to the TDFs and the International Fund as stated in our Excessive Trading Policy.

11. When will the new core funds be available?
The new core fund lineup will be available on April 1, 2020. See answers to questions 2 and 3 for more information.

Section 2. Target Date Funds (TDFs) Redesign

12. What is a TDF?
Savings Plus’s TDFs are custom-built investment portfolios that are designed and managed by investment professionals to meet the needs of Savings Plus participants. Each TDF aims to stay appropriately invested throughout each stage of life, based on demographic analysis of State of California employees and Savings Plus participant behavior. TDFs are intended to provide you with a well-diversified investment portfolio that keeps pace with you in every stage of life.

13. How are the redesigned TDFs different from the current TDFs?
Currently the TDFs align with your date of birth, based upon the assumption you will begin taking distributions at age 62. The redesigned TDFs align with the year you turn age 65. They’re adjusted for longer-term growth potential that gradually becomes more conservative until you reach your mid 70s. Assets are then moved into the most conservative TDF, the TDF Income Fund, where the allocation to stocks, bonds, and short-term investments remains steady.

14. How do the TDFs work?
Instead of selecting several funds from the core funds lineup, a TDF is more like one-stop shopping. The TDFs mix different types of stocks, bonds, and other investments that provide more growth opportunity when you’re younger and get more conservative as you get older. TDF investments are automatically rebalanced as you age, so you stay appropriately invested throughout life. The way it works is you invest 100% of your assets in the TDF based on your date of birth. The funds are created to automatically rebalance to an investment allocation that grows more conservative until you reach your mid 70s. There is no guarantee that a TDF will accomplish its objectives and the investments can lose money.

15. What else is new about the TDFs?
We’re adding exposure to a Global Tactical Asset Allocation strategy (GTAA). The GTAA manager has flexibility to invest in diversified investments such as U.S. and non-U.S. equities, fixed income, and alternatives. Additionally, the GTAA manager has the flexibility to change investments and their relative exposure in the portfolio as world-wide economic conditions present new opportunities.

16. How do TDFs rebalance over time?
The fund rebalances monthly to maintain the target allocation to the underlying investment strategies.

17. What is a glide path?
The glide path is how a TDFs investment mix changes over time, as depicted below. TDFs are designed to gradually become more conservative as the target date approaches. The funds with closer target dates have higher allocations to bonds and short-term investments and lower allocations to stocks. This shift is intended to provide lower volatility as you get closer to and throughout retirement. The underlying investments within each fund adjust automatically over time. The charts show the glide path for the redesigned TDFs.

glide path

18. How are the new TDFs related to my age?
The redesigned TDFs align with the year most closely to when you turn age 65. The following table shows the TDF that aligns with your date of birth.

TDF Fund Name Birth Year Range
TDF-2065 1998 to 2002
TDF-2060 1993 to 1997
TDF-2055 1988 to 1992
TDF-2050 1983 to 1987
TDF-2045 1978 to 1982
TDF-2040 1973 to 1977
TDF-2035 1968 to 1972
TDF-2030 1963 to 1967
TDF-2025 1958 to 1962
TDF-2020 1953 to 1957
TDF-2015 1948 to 1952
TDF-Income Before 1948

19. Where can I find information about the new TDFs?
The Fund Fact Sheets provide the overall objective and strategy of each fund as well as information about the investment managers, estimated fees, performance information, and other important disclosures. The Fund Fact Sheets are located on our website, savingsplusnow.com. Additionally, you may request the Fund Fact Sheets by contacting the Service Center. The newly redesigned TDF Fund Fact Sheets will be available early in 2020.

20. Will TDFs be subject to the 2.0 percent redemption fee?
The redemption fee will continue to apply to the TDFs and the International Fund as stated in our Excessive Trading Policy.

Target Date Funds invest in a wide variety of underlying funds to help reduce investment risk - you pay only the proportionate share of the expenses of those funds. Like other funds, target date funds are subject to market risk and loss. Loss of principal can occur at any time, including before, at or after the target date. There is no guarantee that target date funds will provide enough income for retirement.

Section 3. Investment Fees

21. How will the Redesign and Reselection process affect investment fees?
Savings Plus investment funds are constructed using one or more underlying investment strategies to achieve optimal diversification. These details are available in the Strategy and Investment Manager sections of each Fund Fact Sheet. Investment managers are selected through a competitive bid process that results in a contracted fee structure. The fee structure for each manager listed on the Fund Fact Sheet is combined to calculate the estimated fee for the fund.

Investment manager fees can be a flat rate, but more often consist of a tiered fee structure based on the amount of Plan assets that are invested with the manager. Under a tiered fee structure, the fee rate becomes lower when the amount of total Plan assets invested reaches a certain amount. For investment options with this type of fee structure, the actual fees that will apply cannot be determined until participants have made their investment selections and the Redesign and Reselection process is complete. Because actual fees for the new funds cannot be determined yet, expense ratio information on the interim fact sheets is based on the highest fee rate that could apply under the contracted fee structure for each fund, although Savings Plus anticipates that actual fee rates will be lower.

The actual fee rates for the new investment fund lineup will be included in the second quarter 2020 (Q2-20) Fund Fact Sheets available online in July 2020. At that time, participants will also have access to each investment option’s performance history and the associated benchmarks for each investment fund in the new lineup. Each Savings Plus investment option’s performance is measured on a net-of-fee basis. This means that earnings and losses are reported after fees have been deducted. The interim Fund Fact Sheets for the new investment funds are located on the Times Change. So Can the Way You Invest. webpage at savingsplusnow.com.

22. Am I paying more for actively managed investment funds vs passive/index funds?
Not necessarily. It’s true that the fee structure for actively managed investment funds is higher than the fee structure for passively managed (index) funds. However, Savings Plus investment performance is measured and monitored on an after-fee basis, meaning that actively managed funds are expected to gain more during positive performance periods and lose less during negative performance periods. Of course, there’s no guarantee that any investment fund will achieve its investment objective. However, when actively managed investment funds perform as expected, this results in more assets in your account despite the higher fee structure. With this in mind, the new investment fund lineup was developed based upon industry research with the intent to provide a mix of investment choices, consisting of active and passive funds that allow the greatest opportunity for investment returns for your retirement success.

Section 4. The Fund Reselection Window

23. When is the Reselection Window open?
The Reselection Window opens April 1, 2020 at 12 a.m. and closes May 22, 2020 at 1 p.m. PT. During this period, you have the opportunity to select funds from the new investment fund lineup to make up your desired portfolio. Refer to the Times Change. So Can the Way You Invest. brochure that will be posted to the website on February 3, 2020.

24. How will the Reselection Initiative impact my investments?
The Reselection Window is your opportunity to choose how you want your current account balance and future contributions invested in the new investment fund lineup. There are tools and options to make this process as easy as possible.

If you choose not to take action during the Reselection Window, and if you’re not already 100% invested in an age appropriate TDF, then your current account balance and future contributions will automatically be invested in the TDF that most closely aligns with the year you turn age 65. Your current account balance will be moved into this default investment after the close of the market on May 22, 2020. Refer to the chart in Question 18 to determine which TDF aligns with the year you turn age 65.

25. Why will my current account balance and future contributions be invested in a TDF if I don’t choose to select my investments?
Savings Plus maintains a “default investment” for participants who choose not to make an investment selection. If you don’t make a selection to invest your current account balance and future contributions during the Reselection Window, your current account balance and future contributions will automatically be invested in a TDF that most closely aligns with the year you turn age 65, which is the Plan’s default investment. See Question 14 about how TDFs work. Refer to the chart in Question 18 to determine which TDF aligns with the year you turn age 65.

26. How will I choose my investment funds during the Reselection Window?
Select your investment funds by using either My Investment Planner and selecting Want help choosing funds? or using the Reallocate Your Account Balance option under the Manage My Funds transaction. Using one of these two approaches will establish your investment choice for your current account balance and your future contributions for all money sources (Pre-tax and Roth). Additionally, you can contact the Service Center and a customer service representative will assist you.

IMPORTANT NOTE: If you have both a 401(k) and a 457(b) plan, you will need to make a selection for each plan.

27. Will my investment fund selections be subject to a redemption fee during the Reselection Window?
No. Redemption fees won’t be assessed during the Reselection Window.

28. If my account balance is automatically invested in a TDF because I don’t make a selection during the Reselection Window, will I be charged a redemption fee if I make a fund selection after the Reselection Window has closed?
If you don’t change your investments during the Reselection Window and you are automatically transferred to a TDF, then you will have the opportunity to make an initial transfer out of the TDF and not incur a redemption fee. Additional transfers will be subject to the excessive trading policy. Redemption fees will be assessed based on activity that occurs on or after Friday, May 29, 2020, in accordance with the Frequent Trading Policy.

29. Can I make a new investment fund selection during the Reselection Window once I’ve already made an initial fund selection?
Yes. Once the change is reflected in your account, you can make additional changes to your account in any manner you choose, including selecting different investment fund choices for each money source (Pre-tax or Roth), and different investment fund choices for your current account balance and future contributions. You will receive a confirmation for each change that you make.

30. How long will it take to process my selection?
Standard processing times apply. If you process your transaction prior to 1 p.m. PT on a business day, it will be reflected in your account the next business day.

31. What will happen if I select my investment funds prior to the start of the Reselection Window?
Any changes made prior to the Reselection Window won’t be considered a reselection decision and your current account balance and future contributions will be invested in the TDF that most closely aligns with the year you turn age 65. You must make your selection during the Reselection Window if you want your future and current contributions to remain in place after May 22, 2020 (this assumes the funds you selected are part of the current fund lineup).

32. What if I am currently invested in a TDF, but it’s not the fund that corresponds to the year I was born as indicated on the chart in question 18?
Unless you select to remain in the TDF that you’re currently invested in during the Reselection Window, your current account balance and future contributions will be invested in the TDF that most closely aligns with the year you turn age 65 as indicated in the chart in question 18.

33. Can I change my contribution amount or money source (Pre-tax and Roth) during the Reselection Window?
Yes. You can change your contributions during the Reselection Window in accordance with the normal plan rules. However, this change doesn’t count as a reselection decision. If you want to select how your current account balance and future contributions will be invested from among the new investment funds, you will still need to use either the My Investment Planner by selecting Want help choosing funds? or use the Reallocate Your Account Balance option under Manage My Funds to select the funds in which you wish to invest your assets.

34. During the Reselection Window, will I be able to select different investment funds for my money sources, for example Pre-tax and Roth?
During the Reselection Window, your initial transaction using either My Investment Planner by selecting Want help choosing funds? or using the Reallocate Your Account Balance option under Manage My Funds will apply to all money sources you hold in each plan. As such, your money sources will initially share the same allocation. However, after your initial selection processes, you can perform additional transactions to move your Pre-tax or Roth assets, to different investment funds at any time using the Exchange Funds transaction option.

35. During the Reselection Window, will I be able to select different investment funds for my 401(k) and 457(b) assets?
Yes. Your 401(k) and 457(b) assets are invested and managed separately and require separate investment selections during the Reselection Window.

36. During the Reselection Window, will I be able to invest my current account balance and future contributions in different funds?
During the Reselection Window, your initial transaction will apply to your current account balance and your future contributions, whether you use My Investment Planner and select Want help choosing funds? or you use Reallocate Your Account Balance under the Manage My Funds feature. After your initial selection processes, you can perform additional transactions such as Change Your Investment Election, which will change where your future contributions will be invested.

37. Do I have the option to enroll in Nationwide ProAccount during the Reselection Window?
Yes. To select ProAccount, log into your account, choose the plan type and go to Manage My Funds. Then select Let Nationwide Manage Your Money. You will be asked a series of questions which are designed to help identify your risk tolerance, investment horizon, and retirement objectives, as well as to indicate any reasonable restrictions you may wish to place on the management of your ProAccount assets. This transaction must take place by 1 p.m. on May 20, 2020 to count as a reselection decision.

38. I’m currently set up for Automatic Asset Rebalancing (AAR). If I choose to invest in the new core fund lineup during the Reselection Window, will I still be setup for AAR?
Yes. Your AAR will remain in place. Your account will continue to rebalance automatically in accordance with your new investment selection, using your current AAR date schedule.

39. What will occur if my AAR quarterly rebalance happens during the Reselection Window?
If your quarterly AAR happens during the Reselection Window before you make a selection, your funds will be rebalanced into your existing investments. If your AAR happens after your selection, your account will be rebalanced according to your new investment selection.

40. Where will my contributions go during the Reselection Window?
Your contributions will be invested into your current contribution investment selections until you make your new selection. If you make your selection before your contribution is posted, your contributions will be invested according to your new investment selection.

41. Where will my loan repayments go during the Reselection Window?
Your loan repayments will be invested into your current contribution investment selections until you make your new selection. If you make your selection before the loan repayment is posted, the loan repayment will be invested according to your new investment selection.

42. If I have money from another plan that I am rolling into my Savings Plus account during the Reselection Window, how will my Rollover assets be invested?
When you complete the Rollover-In (Incoming Assets) Form, you can direct your Rollover assets to be invested into your current contribution allocation on file or into the TDF that most closely aligns with the year you turn age 65.

43. What happens to my periodic payments that come from a specific fund after the Reselection Window?
Your payments may be taken proportionately from your investment funds after the Reselection Window. You will receive a letter detailing this information along with a new Benefit Payment Application. If your payment is processed before you make your selection, the funds will be taken from the same funds as in the past.

44. Where will my lump sum separation pay contribution be invested during the Reselection Window?
Your lump sum will be invested into your current investment selections, until you make your new selection. If you make your selection before your lump sum is posted, your lump sum will be invested according to your new investment selection.

45. What happens if there is a legal hold or a hold on my account due to a Domestic Relations Order (DRO)?
Financial transactions, including fund exchanges, are not permitted when a legal hold, or a hold due to a DRO, is on your account. This hold will remain in place and prevent you from making your own investment selections during the Reselection Window. If the hold on your account is not removed prior to the close of the Reselection Window, your current account balance and future contributions will automatically be invested in the TDF that most closely aligns with the year you turn 65.

46. Where should I go to learn more about the Fund Redesign, the new TDFs, and the Reselection Initiative?
Website: savingsplusnow.com

Watch a newly released video about the Redesign and Reselection Initiative.

Savings Plus Service Center: (855) 616-4776, 5 a.m. – 8 p.m. (PT), Monday–Friday
To speak with a customer service representative, press *4.

Walk-In Center: Open 8 a.m. – 5 p.m. PT, Monday–Friday
1810 16th Street
Room 108
Sacramento, CA 95811

Voice Response System: (855) 616-4776, 24 hours a day, 7 days a week

TTY: (800) 848-0833

Attend a workshop or webinar

Section 5. Personal Choice Retirement Account (PCRA) And Nationwide ProAccount Participants

47. Will my PCRA investments be affected by the Reselection Initiative?
No. Your investments in the PCRA won’t be affected; however, the portion of your account balance that is invested in the core investment funds will be invested in a TDF unless you make a selection during the Reselection Window.

48. Will my enrollment in Nationwide ProAccount be affected by the Reselection Initiative?
Yes. Your enrollment in the ProAccount program will automatically be terminated unless you select to stay in the Nationwide ProAccount managed account service during the Reselection Window. ProAccount members will receive a letter, including an amendment to the Nationwide Investment Advisors participant agreement, which will provide additional information. ProAccount is an actively managed, fee-based program for participants who want their account professionally managed.

49. How do I choose to stay in Nationwide ProAccount during the Reselection Window?
If you’re currently enrolled in ProAccount, you will need to log into your account, select the plan, and go to the Manage My Funds screen. There, you will be given the option to stay in the Nationwide ProAccount managed account service. Additionally, you can contact the Service Center and let the customer service representative know your desire to stay in ProAccount. If you’re currently enrolled in ProAccount for both your 401(k) and 457(b) Plans, you will need to select to stay enrolled for each plan.

50. Will I be required to fill out a new questionnaire to remain in Nationwide ProAccount?
No. If you’re currently enrolled in ProAccount, you won’t be required to fill out a new questionnaire. Just follow the instructions provided in Question 48.

51. If I select to stay in ProAccount, will the underlying funds in which my account is invested change?
Yes. ProAccount uses the investment funds available in the core investment fund lineup to construct the ProAccount portfolios. Since the funds available in our core lineup are changing, so too will the funds that make up the ProAccount portfolios.

52. Is the Nationwide ProAccount management fee going to change?
No. The ProAccount management fee structure will remain the same.

Account Balance Annual Program Fee
The first $99,999.99 0.50%
The next $150,000 0.45%
The next $150,000 0.40%
The next $100,000 0.35%
Assets of $500,000 and above 0.30%

For example, the fee assessed on an account with an average balance of $10,000 would be $50 per year or $12.50 charged on a quarterly basis.

Section 6. The Blackout Period

The Blackout Period, during which no changes to your account can be made, is necessary to implement the changes resulting from the Fund Redesign and Reselection Initiative. During this period, you will be able to view your account; however, you won't be able to update your account, take a distribution or a loan, or perform any other transactions.

53. When will the Blackout Period begin?
The Blackout Period will begin May 22, 2020 at 1:00 p.m. PT (market close).

54. What will I be able to do during the Blackout Period?
You will be able to:

  • View your online account
  • Complete trades in your PCRA account through the Schwab website
  • Enroll in Savings Plus

55. What won’t I be able to do during the Blackout Period?
You won’t be able to update your account, take a distribution or a loan, or perform any other transactions during the Blackout Period. Therefore, we encourage you to review your investments and account information prior to the Blackout Period.

56. Will transaction processing be delayed during the Blackout Period?
Yes. Paper forms will resume processing after the Blackout Period ends. All other transactions will be suspended during the Blackout Period. The following transactions may be affected by the Blackout Period.

Periodic payments that are scheduled during the Blackout Period: These will be generated on May 20, 2020 at 1 p.m. PT to ensure you receive your payment before the Blackout Period. Your payments will follow the regular payment schedule after the Blackout Period concludes. You will receive a letter detailing this information.

ACH loan repayments that are scheduled during the Blackout Period: These will be pulled from your bank account as they are today. On May 29, 2020, your loan repayment will by applied to your account and backdated to the scheduled repayment date to ensure you are credited with any interest accrued during the Blackout Period.

Automatic Asset Rebalancing (AAR) that is scheduled during the Blackout Period: These will be processed on May 29, 2020.

Purchase of service credit: Requests received in good order by May 20, 2020 at 1 p.m. PT will be processed before the Blackout Period begins. Requests received after May 20, 2020 through May 28, 2020* will be held, reviewed to determine if they are in good order, and processed beginning May 29, 2020.

New loans: The ability to model and initiate a loan, online or through a customer service representative, will be unavailable beginning May 22, 2020 at 1 p.m. PT and will resume on May 29, 2020. Loans that were modeled on or before May 22, 2020, but not initiated prior to the Blackout Period, can be initiated beginning May 29, 2020.

Hardship and unforeseeable emergency withdrawals: Requests received in good order by May 20, 2020 at 1 p.m. PT will be processed before the Blackout Period begins. Requests received after May 20, 2020 through May 28, 2020* will be held, reviewed to determine if they are in good order, and processed beginning May 29, 2020.

Rollovers in and out: Requests received in good order by May 20, 2020 at 1 p.m. PT will be processed before the Blackout Period begins. Requests received after May 20, 2020 through May 28, 2020* will be held, reviewed to determine if they are in good order, and processed beginning May 29, 2020.

Partial (one-time) payments: Requests received in good order by May 20, 2020 at 1 p.m. PT will be processed before the Blackout Period begins. Requests received after May 20, 2020 through May 28, 2020* will be held, reviewed to determine if they are in good order, and processed beginning May 29, 2020.

Roth conversions: Requests received in good order by May 20, 2020 at 1 p.m. PT will be processed before the Blackout Period begins. Requests received after May 20, 2020 through May 28, 2020* will be held, reviewed to determine if they are in good order, and will be processed beginning May 29, 2020.

Traditional Catch-Up contributions: Requests received in good order by May 20, 2020 at 1 p.m. PT will be processed before the Blackout Period begins. Requests received after May 20, 2020 through May 28, 2020* will be held, reviewed to determine if they are in good order, and will be processed beginning May 29, 2020.

Moving assets from PCRA to Core account: Requests initiated by May 21, 2020 at 1 p.m. PT will be processed before the Blackout Period begins. Requests initiated after May 21, 2020 1 p.m. PT won’t process. This functionality will be unavailable during the Blackout Period and will resume on May 29, 2020.

Moving assets from Core account to PCRA: Requests initiated by May 22, 2020 at 1 p.m. PT will be processed before the Blackout Period begins. This functionality will be unavailable during the Blackout Period and will resume on May 29, 2020.

* The Blackout Period is anticipated to end Thursday, May 28, 2020 at 1 p.m. PT. Refer to savingsplusnow.com for Blackout Period updates.

57. When will the Blackout Period end?
The Blackout Period is anticipated to end on May 28, 2020 at 1 p.m. PT.

Communication Plan

  • Communication Plan
  • This comprehensive brochure explains more about our Fund Redesign and Reselection Initiative. In the meantime, it’s a great time to think about your longer-term goals so you’re ready to make any necessary portfolio changes when our simplified fund lineup becomes available.
  • Fund Redesign and Reselection Video
  • Fourth Quarter 2019 Horizons
  • Emails to CalHR representatives (November – December)
  • If you are enrolled in ProAccount®, our managed account service, look for a notice that explains changes pertaining to our managed account service that are also coming in April 2020.
NRW-6928CA-CA.5
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