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Approved Vendors with which the Employee has an account
balance greater than $0.00.
2.1.3.3 Projected benefits may also be received from Approved Vendors
for defined benefit plans. These benefits will be displayed on the
“My Retirement Benefits” page, if provided.
2.1.3.4 The projections calculated within the “Am I on Target” page shall
by default use a 5% assumed rate of return. This assumption is
based on a historic 8% return on investments minus the 3%
historical inflation rate thus providing future projections in current
dollar terms. Employees can adjust this default as desired.
2.1.3.5 The default retirement age on the “Retirement Income Sources”
page shall be 65 for Employees age 64 and younger. For
Employees over age 64, the default retirement age will be current
age +1.
2.1.3.6 Employees may elect to enter account balances and expected
contributions for outside assets held by themselves or their partner.
2.1.3.7
In addition to Retirement Plan account balances, Employees may
elect to enter account balance data from external financial
accounts.
2.1.3.8 To compute the monthly retirement income on the “Am I on
Target” page, the ’94GAR (1994 Group Annuity Reserving)
actuarial table will be used. The Internal Revenue Code (“IRC”)
requires use of this table to calculate distributions from retirement
plans.
2.1.3.9 Retirement Manager will contain all necessary notices to
Employees that the Approved Vendor information presented by
Retirement Manager is current as of the effective date provided by
each Approved Vendor and that the Employee should access the
appropriate Approved Vendor’s web site for the most up-to-date
information on his or her accounts.
2.1.4
Employee Online Survey
2.1.4.1 Employees will be prompted to complete a brief Retirement
Manager survey at the end of their first session. They may choose
to bypass the survey at this time. The survey can be updated via a
link on the “Am I On Target” page.
2.1.4.2 While all survey results are available to the Employer, comments
may be made anonymously or the employee may elect to share his
or her identity with the Employer.
2.1.5
Employee Education and Financial Tools
2.1.5.1 VRSCO will provide a library of standard educational and life
event planning articles, links, and calculators. This educational
feature will include the availability of on-line retirement planning
tools that utilize current consolidated account balances for
projections for use by participants.
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