We are pleased to announce that, effective October 1, 2023, Dudek & Bock is partnering with ADP Retirement Services to make improvements to the Dudek & Bock 401(k) Plan.
Why is Dudek & Bock making this change?
- Lower costs to participants. Participants (not Dudek & Bock) pay for administration costs through your accounts. ADP charges less than Fidelity.
- Transfers from your paycheck to your 401(k) will be made automatically, and processed the same day as your check is deposited into your bank account.
- The company match will go into your account automatically, and will occur every payroll period, rather than quarterly.
What does this mean for your investments?
- Your money will remain in the same investment funds that you selected at Fidelity. Just as we have always done, the fund line-up will be reviewed periodically to remove under-performing funds and replace them with new funds.
- How your funds are invested remain under your control.
- You will be able to call or visit a local independent investment advisor at Edelman Financial Engines
We chose to work with ADP because of its solid commitment to outstanding administration, plan participant education, communication and quality service. Because we use ADP for payroll, the integration of the two systems will result in more efficiencies.
You will have easy access to your account via Internet and phone – You may access your account 24 hours a day, 7 days a week through the:
- ADP 401k Participant Website at My.ADP.com
- ADP 401k automated voice response system at 800-695-7526
- ADP Mobile Solutions Phone App
- Single Sign-On functionality via the payroll portal
- The process of converting our plan means that our plan will experience a “Blackout Period” of about 2 weeks in October. Additional information regarding the “Blackout Period” will be distributed soon.
- Our current Trustee is scheduled to transfer the investments on or shortly after October 17, 2023, to the new plan trustee, Reliance Trust Company.
- After the “Blackout Period” is over, our new record-keeper will issue you a Personal Identification Number [PIN]. This new PIN will permit you to access your account when you call the new Voice Response System or visit the new 401(k) web site to request a current account balance, and, if you wish, to change your investment and deferral options.
We’re excited about the upcoming changes and look forward to communicating more detailed information to you. The material to follow will include the specific details of the transition process, a schedule of events, a listing of the services and tools available, and the resources offered to help answer your questions. Our goal is for you to be well informed throughout the transition process so you may take full advantage of the retirement plan.
If you have questions or need additional information, please contact Nancy in HR.