New 457(b) Plan Tax-Advantaged Savings Enrollment Begins Today

Sept. 1st is the first day employees may enroll in the new 457(b) savings plan that effectively doubles the amount of money that may put into tax advantaged retirement savings. Investment options for the 457(b) plan will initially be limited to the six UC Managed Funds (Equity, Bond, Balance Growth, Savings, TIPS - Treasury Inflation-Protected Securities, and Insurance Company Contract Fund); more investment options will be available mid-2005.

Enrollment will only be through Fidelity's website ( http://Fidelity.com/atwork ) or the Fidelity Customer Service Center at (800) 343-0860; representatives will be available from 5:00 am PT to 9:00 pm PT. Employees who enroll in the 457(b) plan can begin contributions on the October 1 st paycheck; to begin contributing to the 457(b) plan on the October 1 st check, employees must enroll by 5:00 pm PT September 17 th . On an ongoing basis, contribution effective dates are subject to Fidelity and LBNL Payroll processing deadlines.

457(b) plan information packets from Fidelity will be mailed to employees currently participating in the 403(b) retirement savings plan the first week of September; this packet will include an overview of the 457(b) plan and the investment options available, and instructions on how to enroll.

Fidelity Investments, selected as the master record keeper for the 457(b) plan, will be conducting Employee Information Sessions in the Building 50 Auditorium on:

• Tuesday, Sept. 7, 10:30 a.m. to noon
• Wednesday, Sept. 8, 3 to 4:30 p.m.

At the Joint Genome Institute

• Thursday, Sept. 9, 1 to 2:30 p.m.

Topics to be covered include:

• Eligibility Requirements
• How to enroll in the 457(b) Plan
• Maximum Contribution Amounts
• Differences between the 403(b) Plan and the 457(b) Plan
• Deadlines for enrollment

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