Carruth Compliance Consulting

     Retirement Readiness      For Employees      For Employers      For Vendors      About Us      Contact Us 

      Log In

Important 403(b)/457(b) News

Calvert Fair Fund Distribution Settlement Checks (8/28/2019)

Checks to participants stemming from a SEC settlement with Calvert were mailed out to impacted accountholders. The settlement administrator has established a FAQ (frequently asked questions) page and they have stated throughout, "NOTE: You should consult with your financial professional or tax advisor prior to cashing or depositing this check to determine the potential tax consequences and appropriate tax treatment for your particular situation." The phone number for the Calvert Fair Fund Distribution settlement administrator is 1-844-753-6351 should you have additional questions beyond those addressed in the FAQ.

USAA has updated their remittance process (updated 6/12/2019)

USAA circulated a letter explaining that they are dividing their remittance instructions by product type after 6/28/2019. The letter the sent explaining this change is available here.

Oppenheimer was purchased by Invesco. New Remittance Instructions Apply. (updated 5/28/2019)

Invesco purchased Oppenheimer in a transaction finalized in 2019. Participants were sent a letter dated 3/12/2019 (available here) explaining the pending transaction. No action is required by participants due to this change and the underlying investment product is unchanged, however Invesco will become the custodian "sponsoring" the Oppenheimer product (and CCC has updated Oppenheimer Funds name to "Invesco Oppenheimer Funds" on our site.

The remittance process has been updated per the FAQs provided online:

  • Online Remitters: Oppenheimer's online remittance site(called "CPS") is no longer available as of 5/24/2019. Existing online remitters should have received an email on 5/27/2019 from with the instructions to log into Invesco's remittance site. If you had a login under Oppenheimer but did not receive an email from Invesco, you may wish to contact Client Services Representatives toll free at 1-800-959-4246 from 7:00 A.M. to 6:00 P.M. Central Time.

  • Paper-check Remitters: The following instructions apply:

    • Checks should be made payable to Invesco.

    • The mailing addresses should be updated as follows:

      • Via Regular Mail
        Invesco Investment Services, Inc.
        Attn: 403(b) Remittance (Plan ID _____**)
        P.O. Box 219078
        Kansas City, MO 64121-9078.

      • Via Overnight Courier
        Invesco Investment Services, Inc.
        c/o DST Systems, Inc.
        Attn: 403(b) Remittance (Plan ID _____**)
        430 W 7th Street
        Kansas City, MO 64105-1407

*Please note: The remittance instructions above do not apply to CCC's Common Remitting Clients.

**CCC recommends that the Plan ID # associated with a vendor remittance by mail reference the Plan ID# in the mailing address and in the remittance summary enclosed with the check. Invesco will continue to use the same Plan ID#s that were used by Oppenheimer.

Additional items to note:

  • No action is required by participants due to this change.
  • CCC has changed the name on our website to Invesco OppenheimerFunds. The CCC Vendor ID# 70 remains unchanged.
  • If you are a CCC Client requiring an Invesco W9, please contact us.

Foresters Financial Advisors and First Investors Mutual Funds Ownership Transitions(updated 6/20/2019)

There are 2 transactions effecting the Foresters Financial organization:

  • The Foresters Financial broker dealer and advisor business have been acquired by Cetera Financial Group.
  • The First Investors Mutual Fund products have been acquired by Macquarie Investment Management (Delaware Funds).

More information concerning these transactions can be found on the Foresters Newsroom Page. At this time we do not have information on how these changes will effect the marketing, branding, or remittance for Foresters Payroll Slots in CCC-administered plans, but we will update this information once impacts are known.

Foresters has provided TPAs with this letter dated 6/3/2019 clarifying that representatives for accounts will not change, nor will the investment change at this time.

VALIC is renaming to AIG Retirement Services 4/10/2019

VALIC is renaming to AIG Retirement Services in 2019 and marketing under the "AIG Retirement" brand. They will not change the underlying legal names of the following entities and products: VALIC Financial Advisors, Inc., VALIC Retirement Services Company, and the VALIC Company I & II mutual funds. At this time there are no changes to the remittance process or check addressee, at this time this remains as VALIC. CCC will be updating the name of VALIC payroll slots to "AIG Retirement (formerly VALIC)"

Fidelity Converting to Processing Electronic Remittance Only by 12/1/2018 (10/22/2018)

Fidelity has reached out to 403(b) Plan Sponsors to let them know that they are transitioning to accepting all remittances electronically only or before 12/1/2018. For employers who are not already remitting online, Fidelity has created a Simplified Contribution Platform (SCP). For more information, see the Fidelity notice regarding online remitting for details.

Aspire Platform Changes to take place November 2018 (10/22/2018)

Aspire is migrating to a new system, Aspire's InvestLink, November 2018. During this transition there will be blackout periods as follows

  • Aspire will have a blackout period that will effect paper-based transaction processing Nov. 9th- Dec.3rd. Any transaction sent to Aspire during this period will not be processed till after Dec. 3rd.
  • There is an online access blackout Nov. 19th - Dec.3rd. This will effect participant's and administrators online access, however they will restore online access for remittance only on Nov. 26th.
  • Remittance will be effected in different ways, depending on the method.
    • Check-based remittance will have a blackout from Nov 15th- Dec. 3rd (no changes to where the checks are sent). Checks received during this period will be processed after the blackout.
    • Online remittance blackout will take place Nov. 19th -Nov. 26th.

Here is a downloadable list of Aspire November 2018 Platform Transition Critical Dates for your convenience.

Vanguard announces 403(b) Plan Changes for Participants and Plan Sponsors beginning in Nov. 2017(UPDATED 12/18/2017)

Vanguard has announce several key changes to their 403(b) business, including:

  • Vanguard is partnering with Newport Group to provide expanded services beginning in November 2017
  • Enhancements will be made to the Vanguard website
  • Roth Accounts and Loan services will be made available (subject to availability/ under the employer's plan)
  • Participants will have access to lower-cost Admiral share class for many of the mutual fund options
  • A new flat recordkeeping fee of $5 a month will be implemented in 2018 and will be dropping the existing annual fee of $15 per mutual fund.

The following website has been provide with FAQ regarding the transition

To login to your Vanguard 403(b) account, please visit

Participants can reach the 403(b) Service Center by calling 1-800-569-4903.

To view older news items pertaining to 403(b) and 457(b) plans, please visit our Important 403(b)/457(b) News Archive.



Page Last Modified: 8/28/2019 11:10:21 AM