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Important 403(b)/457(b) News

Oppenheimer was purchased by Invesco. Remittance Processing Instructions change on May 24, 2019 (updated 5/15/2019)

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 (formerly Oppenheimer Funds)' on our site and we have been made aware of the following changes to the the remittance process per the FAQs provided online:

  • The online remitting site for Oppenheimer (called "CPS") will no longer be available after 5/24/2019. All plan sponsors are to receive a "welcome" email from Invesco (from this address: in late May with the instructions* for future online remittances.

  • The paper-check remittance after 5/24/2019 will need to changed as follows:

    • 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

*Once CCC has these instructions we will post them here and also send them out directly to all of our client-employers.

**CCC recommend 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.

Foresters Financial Advisors and First Investors Mutual Funds Ownership Transitions 5/15/2019

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.

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.

Effective Sept. 5th, 2017 Voya has updated electronic and paper check remittance information (8/9/2017)

Voya has recently circulated notices to plan sponsors concerning an update to their remittance instructions. To view a copy of these updated instructions, please visit Voya's website page explaining the change or download a PDF of the information here .

Symetra is No Longer Opening New 403(b) or 457(b) Accounts (2/1/2017)

CCC has been alerted to a change in policy for Symetra via a letter stating they will no selling their Spinnaker Variable Annuity product, the investment product Symetra offered in the 403(b) and 457(b) market. They will continue to service existing accounts, but as of February 1st, 2017 they will no longer open new accounts. Please note: this change does not affect existing account holders. They have directed employers to call the Symetra customer service line at 1-800-796-3872 ext. 22299 with any questions or concerns. A generic version of the announcement sent to Plan Sponsors is available here.

Contribution Limits Remain Unchanged for 2017 (10/27/2016)

The IRS has published Pension Plan Limitations for 2017. Click here to review the IRS's news release or here to review the IRS COLA Dollar Limitations on Benefits and Contribution Chart. Please visit CCC's Contribution Limits page for additional information.

Commonwealth Annuities is rebranded as Global Atlantic (issued by Commonwealth Annuity) in August 2016 (9/12/2016)

In August 2016, Commonwealth Annuities officially rebranded to Global Atlantic Financial Group. On the CCC website and in the 403(b) vendor lists of employers offering this vendor as a payroll slot they will be listed as Global Atlantic (issued by Commonwealth Annuity). While the name change will appear on marketing materials and the website has been moved to, contact information and remittance information will remain unchanged and remittance checks should continue to be made out to Commonwealth. An announcement sent to TPAs on this matter is available here.

Conseco Fair Fund Settlement Checks (8/22/2016)

This month many employers sponsoring 403(b) plans and some plan participants have received checks from the Conseco Fair Fund Administrator related to an SEC settlement concerning market timing issues that occurred December 1999 through October 2002. If you are an employer and CCC Client who received one or more settlement checks, please contact us for assistance with this matter. Participants receiving these checks should visit the Conseco Fair Fund Administrators FAQ page for information and options concerning how to handle the check you have received.

The U.S. Department of Labor Finalizes New Rules Concerning Fiduciary Advice (4/6/2016)

The DOL has finalized revamped rules regarding advice regarding retirement accounts in specific situations. These new rules are currently being reviewed, CCC will provide an FAQ once we have reviewed the available information and conferred with experts in our industry on the impacts to the 403(b) and 457(b) market.

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: 5/16/2019 4:53:48 PM