Aurora’s Retirement Plan Changed

October 8th, 2021 | | AEGIScoop

If you are struggling to figure out how your Aurora retirement account changed or how to access the funds, please read on, the team at AEGIS Financial can provide help…

Background

As a result of Aurora Healthcare and Advocate Health Care’s merger, changes were made to the employee retirement plan. Participant contributions are now only allowed into the new Advocate Aurora Health 401(k) plan, and Aurora’s 403(b) was eliminated. At the time, Advocate Aurora employees needed to decide what to do with their 403(b) account.

Options

What happened to your 403(b) depends on your employment status at the time of the transition in September of 2020.

  • Former employees: If you were not employed by Aurora as of September of 2020, then the balance of your 403(b) was automatically rolled over to an Individual Retirement Account (IRA) with Millennium Trust.
  • Current employees: If you were employed at the time of the transition and were eligible for the Advocate Aurora 401(k) plan, and you did not make an election, then your 403(b) was automatically transferred to the new 401(k) plan.

What about my Pension? If you were employed by Aurora prior to 2012, you may have been eligible for the pension plan. The pension plan was unaffected by this transition. The Aurora pension was frozen in 2012. When you leave (or left) Aurora, you will likely receive a breakdown of eligible options for your pension, including the option to take a taxable lump sum distribution, roll a lump sum distribution to an IRA, or leave the funds in the pension to begin the pension payment at a later date.

Action Items: Next steps for you will vary by your individual situation, but likely will include the following:

  • Locate where your account was transferred to. 
  • Determine how it is invested. 
  • Determine the best course of action for where to take your account.

Fortunately, our team of Wealth Managers have experience helping both current and former Aurora employees. We will look at your options as a part of your overall financial plan and offer advice that is tailored for you individually. 

We pride ourselves in always giving advice which benefits you, the client, first and putting your interests before ours. If there is someone you care about who needs unbiased client-first advice, please feel free to refer them to the wealth managers at AEGIS Financial.

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