Special Announcements

The Cash Plan Balance Advantage

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As experienced business owners and executives, maxing out your 401(k) contributions alone may not help you reach your individual retirement savings goals, leaving you to search for solutions to help accelerate the rate at which you may save for retirement and reduce your taxable income. Enter a cash balance plan. A cash balance plan differs from a traditional 401(k) in that it allows highly compensated executives to contribute more pre-tax savings for retirement, all while providing an attractive employee benefit that may help you recruit and retain key talent. If…

START-RIGHT ENHANCEMENT

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Your Retirement Plan on-line access website with Bank of Oklahoma (BOk) is continuing their year of enhancements to the Start Right website.  The Balance by Investments, Balance by Source and Balance by Asset Class pages for Plan Sponsors and Plan Participants have been updated.  The newly designed pages will allow users to view the website on any mobile device or tablet and the pages will adjust to provide the best viewing experiences.   Stay tuned for BOK’s next update to the Plan Participant home page.

Manager Change to the UPAL Alternative Investment Fund and UPAL Core Bond Fund

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Effective:  May 21, 2019 IMPORTANT ANNOUNCEMENT – CHANGE TO MANAGER LINE-UP UPAL ALTERNATIVE INVESTMENT FUND AND UPAL CORE BOND FUND Upon reviewing the underlying mix of managers within the UPAL Retirement Program, we have decided, upon the advice of the Strategic Investment Advisory Group, the independent investment advisors to the Program, to remove iShares iBoxx $ High Yield Corporate Bond ETF from the UPAL Core Bond Fund and replace it with the Federated Institutional High Yield Bond Fund effective May 21, 2019.  Research shows that high yield fixed income is…

UPAL Special Notice

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Annually, UPAL requires an Audit of its Common Collective Pooled Trust Funds which hold retirement plan core assets.  If you are a participant in a participating Plan, an investor in the Pooled Funds or a Plan Sponsor and would like a copy of the Audit of the Pooled Funds, please send an email requesting a copy of the Audit to Kent Butcher, President/CEO, at kbutcher@upal.com or Lea Ann Nunley, Vice President of Retirement Plan Services, at lnunley@upal.com.  Upon receipt of your written request, a copy of the Audit will be sent to you…

Update on Hardship Withdrawals Proposed Regulations

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The IRS recently issued guidance regarding the changes made to 401(k) and 403(b) plan hardship withdrawal requirements under the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018. This change only impacts Plans that allow hardship distributions. Please see the summary below regarding how this proposal may affect your retirement plan. GUIDANCE SUMMARY – Elimination of Six-Month Suspension. All 401(k) and 403(b) plans must eliminate the six-month suspension beginning with hardship distributions made during plan years beginning on and after January 1, 2020. Plan sponsors…

UPAL Special Notice

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Annually, UPAL requires an Audit of its Common Collective Pooled Trust Funds which hold retirement plan core assets.  If you are a participant in a participating Plan, an investor in the Pooled Funds or a Plan Sponsor and would like a copy of the Audit of the Pooled Funds, please send an email requesting a copy of the Audit to Kent Butcher, President/CEO, at kbutcher@upal.com or Lea Ann Nunley, Vice President of Retirement Plan Services, at lnunley@upal.com.  Upon receipt of your written request, a copy of the Audit will be…

Manager Change to the UPAL Alternative Investment Fund

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Effective:  November 13, 2017 IMPORTANT ANNOUNCEMENT – CHANGE TO MANAGER LINE-UP UPAL ALTERNATIVE INVESTMENT FUND Upon reviewing the underlying mix of managers within the UPAL Retirement Program, we have decided, upon the advice of the Strategic Investment Advisory Group, the independent investment advisors to the Program, to remove AQR Managed Futures Strategy, Institutional Fund from the UPAL Alternative Investment Fund effective November 13, 2017.  The allocation to a managed futures strategy has not provided the diversification benefits and investment returns that were expected when it was added to the portfolio….

2018 Employee Benefit Plan Limits

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The IRS recently released employee benefit plan limits for 2018. There are several changes for 2018. PLAN LIMITATIONS 2016 2017 2018 Annual Compensation Limit $265,000 $270,000 $275,000 Defined Contribution Maximum Annual Contribution $53,000 $54,000 $55,000 Annual §401(k) Employee Deferral Limit $18,000 $18,000 $18,500 Age 50 Catch-up Contributions to §401(k) Plan $6,000 $6,000 $6,000 Highly Compensated Employee Threshold $120,000 $120,000 $120,000 Income subject to Social Security Wage Base $118,500 $127,200 $128,700 Please share this information with your payroll personnel so they are aware of these limits. This information is always available on…

IMPORTANT NOTICE REGARDING YOUR RETIREMENT PLAN

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  Effective September 1, 2017 Changes made to your UPAL core retirement plan investments can no longer be processed via fax.  Investment changes can be requested through Bank of Oklahoma by calling The Participant Service Group at 1-800-876-9557 Monday – Friday from 8:00am to 7:00pm CDT. Changes to your account can also be made online at www.startright.bokf.com.  If you do not remember your password, you can call The Participant Service Group and they can reset it for you.   The UPAL Core Fund/Model Investment Direction Worksheet which contains a list of…

Manager Change to Core Bond Fund

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Effective 8/29/17 IMPORTANT ANNOUNCEMENT – CHANGE TO MANAGER LINE-UP UPAL CORE BOND FUND Upon reviewing the underlying mix of managers within the UPAL Retirement Program, we have decided, upon the advice of the Strategic Investment Advisory Group, the independent investment advisors to the Program, to remove the DFA Intermediate Term Extended Quality, I Fund from the UPAL Core Bond Fund effective 8/29/17. The DFA Intermediate Term Extended Quality, I Fund will be replaced by the Vanguard Intermediate Term Corporate Bond ETF, which has a lower expense ratio than the DFA…