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Mainstay Funds Vacating 403(b) Market

Mainstay Funds is Vacating the 403(b) Market

CCC has learned that Mainstay Funds (aka: Mainstay Funds) will not accept additional 403(b) contributions after 12/1/2008. Accordingly, it is necessary for Payroll Departments to cease remitting contributions to Mainstay Funds no later than 12/1/2008.

If Mainstay Funds has provided documentation of its plans, such information may be viewed by clicking Here.

 

Additional Notes:

Mainstay is exiting the 403(b) market and will not accept contributions after 12/1/08 nor will they enter into Information Sharing Agreements. This vendor will maintain existing accounts. Mainstay provided a notice to participants along with the quarterly statements mailing on 9/30/08.