State Deferred Compensation Plan changes: T. Rowe Price and Empower no longer available

Change is coming to the State of Florida Deferred Compensation Plan. The plan will open 2020 with three investment providers: Nationwide, AIG Retirement Services (formerly VALIC) and Voya.

In an effort to respond to the changing retirement savings industry, provide a better value and simplify options for State of Florida employees and participants, the state has decided to decrease the number of investment providers. The Deferred Compensation Plan will not be renewing contracts with T. Rowe Price and Empower. In the next few weeks, plan members will receive information about what options are available to them.

For those with funds at T. Rowe Price or Empower, you have two options:

• You may transfer funds to Nationwide, AIG Retirement Services (formerly VALIC) and/or Voya until Oct. 31.
• If you take no action by Oct. 31, your account will transition to Nationwide at the beginning of December.

If you choose to transfer your account to Nationwide, AIG Retirement Services (formerly VALIC) and/or Voya prior to Oct. 31, the investment provider you select will assist with setting up a new account, initiating payroll contributions if you are currently employed or arranging any periodic distribution if you are retired.

If you do not make a choice or take any action by Oct. 31, 2019, your account will automatically transfer to Nationwide at the beginning of December.

To make your selection, please contact the investment provider to enroll and set up an account, change your investment selections or payroll contribution, and update account beneficiaries.

During this process, you will continue to have the same options for making updates, changing allocations or modifying your contribution amount.

Learn more and view a list of FAQs on the plan website.