401k

How can we advise our staff to enroll?

The Board of Trustees set up the Plan with an array of investment options, including the Vanguard Target Date funds, as well as a stable value fund and two socially responsible equities.

Once a Local’s Participation Agreement has been accepted by the Benefit Funds, if there is sufficient interest among the local’s staff, Prudential can arrange to send a knowledgeable retirement specialist to educate your staff on retirement planning and the investment options available through the Plan.

What does the Local’s participation entail?

The Participation Agreement should be completed and executed by an Officer or authorized representative and returned to the Fund office for acceptance.  Upon acceptance for participation, enrollment materials will be generated by Prudential and sent to the Local’s contact (named in the Participation Agreement).

The Local’s Human Resources personnel and Payroll personnel may need to establish procedures to include the following functions:
  • Distribution of enrollment materials and processing of new enrollments
  • Processing payroll deductions and changes to deferral percentages
  • Timely remittance of contributions and loan repayments, so as not to incur penalties for lost earnings
  • Appointment of a staff member to monitor the Plan on Prudential’s Plan Sponsor website
  • Updating participant status and address on the Plan Sponsor site (or communicating same to the Benefit Fund office and/or Prudential’s Client Rep)
  • Recordkeeping for compliance and audit purposes

Why choose to subscribe in the plan for your officers and employees?

In addition to your pension plan, a 401(k) provides another vehicle to enable staff to save for a well-deserved retirement.  Contributions are pre-tax deferrals, thus providing an immediate tax benefit.  Participants can also rollover account balances from all eligible plans of former employers.  Each participant has 24/7 online access to their own account and lots of retirement education planning materials.

Do we have to prepare and file a 5500 or perform annual compliance testing?

Absolutely not.  The SEIU Benefit Funds works with Prudential, as well as the Fund’s independent auditing firm, to prepare all legal and tax filings.  One of the services provided by Prudential is the annual compliance testing – the Local must furnish basic payroll details as requested, but all testing calculations are performed by Prudential’s Compliance Unit.

How much will participation cost the Local?

The Local is billed for a modest share in the Plan’s overall fiduciary expenditures by the Fund, based on the number of participant accounts with a balance in the Local’s subscription on the last day of each quarter—regardless of whether the participant is still employed by the Local or not.

401k - Staff

I am on SEIU International Payroll - How do I enroll in the 401k Plan?

You can enroll via Ultipro.  On your home page, select 401k Enrollment and follow the prompts to authorize the bi-weekly deferral percentage (1% up to 25% of gross compensation), and investment allocation(s).  Prudential will set up your account.
To monitor your account online, go to the following link:
www.prudential.com/online/retirement

How do I take a distribution after retirement or termination?

Access your online account and initiate a distribution or rollover under Withdrawals.  Or contact Prudential at 877-PRU-2100.

I am on NIPF payroll - How do I enroll in the 401k Plan?

You can enroll by submitting an Enrollment Worksheet, found in the Retirement Workbook, which you can download on the ADP Self-Service Portal or request from the 401k Benefit Specialist: 

How do I set up my account profile?

Once your account has been created in Prudential, you can access it online at www.prudential.com/online/retirement.  Register, following the prompts.  On your Home Page, click on the down arrow by your name at the top of the page; then on "My Profile".  In the "lLog in Profile", you can designate one or more email addresses to receive quarterly statements and annual notices.  You can also indicate delivery preference (i.e. email or snail mail), as well as statement format preference (i.e. detailed or summarized).

Should you wish to adjust your preferences, there is a CHANGE option.

How do I consolidate retirement accounts from prior employers?

Access you account online.  On your home page, click on the "View Details" box under "Manage Account", select "Roll Money In".  You can download the acceptance form or call Prudential (1-877-PRU-2100) for assistance.  When asked how you can be helped, say "CONSOLIDATE".

How do I change deferral percent?

For SEIU International Staff, you can change your 401k deferral percent (increase/decrease/or suspend) in Ultipro.  Contact Human Resources for Directions.

For NIPF employees, you can change your 401k deferral percentage (increase/decrease/or suspend) by submitting an Information Change Form to the 401k Benefit Specialist:

How do I designate a beneficiary?

Submit a Designation of Beneficiary form to the Plan Administrator.  Please be sure to authorize your designation(s) by signing and dating the form.
The form can be mailed to the SEIU Benefit Funds Office (1800 Massachusetts Avenue NW, Suite 301, Washington DC. 20036.
Or you can scan and email it to BenefitFundInfo@seiufunds.org.or for the Plan's records.

How do I change investment options?

You can call Prudential and speak with a customer relations agent (877-PRU-2100) who will assist you with the operation.
Or you can access your account online www.prudentail.com/online/retirement, click on "View Details" and "Manage Access", click on "Transfers", where you can:

    -Transfer Existing Investments
    - Reallocate Your Holdings
    - Rebalance Your Account

How do I sign up for e-delivery?

Access your account online.  www.prudential.com/online/retirement.  On your home page, click the "View Details" box then select "Statements & Documents".  You can change your delivery preference from paper to electronic or vice versa, then click "Submit".  

How do I change my email address?

Access your account online.  At top of your Home Page, click on your name or the down arrow; then on "My Profile".  Under "Log in Profile" click on "Change Email".  If you have difficulty, contact Prudential at 877-PRU-2100.