Empower will be the new service provider for NOAH’s 403 (b) Plan. In the coming months, Empower will be providing detailed information about the 403 (b) transition.
There will be a short period of time during the transition that employees will be unable to make changes to their account called the “blackout period”.
Here is a transition timeline:
- 12/20/2021 – Last day to request any new loans or distributions.
- 12/29/2021 – Last day to access your Prudential account (any account changes must be made on or before this date).
- 12/29/21 to 1/26/2022 – Blackout Period
- Early January – Assets will be liquidated and transferred to Empower. Employee’s funds will be mapped to the new investment options. During this time your assets will be out of the market approximately 1-2 days.
- End of January – The first day you will have full access to your Empower account to make any changes you would like.
Please note, there is no action required for NOAH employees. All of your funds will be mapped to their replacement option under the new Empower plan arrangement. Your elected savings rate will remain the same, and you will continue to make contributions during the blackout period.
Note: All dates are approximate and subject to change.
403(b) FAQ
When will I be able to log in to Empower to view my funds?
All employees will receive directions by January 26 on how to log in to their Empower Account to view their funds.
Can I make changes to my 403b elections?
If you would like to make changes to your elections, you can do so through your Prudential account until December 29, 2021. After that, you will not be able to make any additional changes until after January 26, through Empower.
Will my funds continue to be withdrawn during the blackout period?
Yes, you will continue to see your 403(b) elections withdrawn from 1/7/22 and 1/21/22 paychecks and your funds will remain in the market throughout the blackout period.
If I don’t want to move to Empower, can I elect to stay with Prudential?
No, all NOAH team members’ transitioning to become NOAH employees on December 19 will automatically have their 403(b) transferred to Empower.
