We are writing to inform you that DeSales University (the University) has merged the DeSales University Tax Deferred Annuity Plan (the TDA Plan) with the DeSales University Retirement Plan (the Plan) effective July 1, 2017. As a result of the merger existing contracts in the TDA Plan will be subject to the requirements of ERISA, which stands for the Employee Retirement Income Security Act of 1974, as amended, and the Plan documents have been revised and restated effective July 1, 2017.
View Summary Plan Description in MyDSU (You’ll be prompted to log-in, then will be directed to the document)
The University is making this change in order to provide required oversight over the TDA Plan, especially with respect to choosing and monitoring the annuity and mutual fund accounts provided under the Plan. This merged Plan will allow the University to offer additional funds that may become available under the terms of the Plan in the future. Since the merged Plan is now subject to ERISA, the University will take responsibility for monitoring applicability of ERISA regulations for the annuity accounts and funds offered under the Plan.
Also, please note that this change may affect your beneficiary designations and, if applicable, your spouse’s rights to benefits under the Plan. Please read below to find out more about beneficiary and spousal consent requirements under this Plan.