HR Talking Points
Key: Notes for HR to communicate transition to Fidelity.
Items in green are updated that were not included on the initial Talking Points shared 8/27. Document Update frequency to SharePoint/HR MS Teams Files - Weekly on TUE if applicable.
CMC’S 401(K), ESPP AND LTI PLANS ARE MOVING TO FIDELITY
We have some exciting news….over the past few months, members of CMC’s Executive Leadership Team began the evaluation process for a best in class retirement and stock plan administrator. Several vendors participated in the process, but in the end, there was one clear winner…Fidelity.
Effective 11.1.2024, employees will have access to their CMC’s 401(k) and stock plans in a seamless, integrated platform to help employees take care of their financial health and plan for their future with ease.
This is a big change for CMC, so we appreciate your patience and understanding as we work through this transition. Understanding the role you play, we will be sure to keep HR informed as we continue in the process.
Why Fidelity:
Fidelity is one of the largest financial services companies in the United States. In addition to plan administrative services, Fidelity offers a robust website, an app (NetBenefits®) and more than 200 Investor Centers throughout the United States. These resources, along with Fidelity’s customer service representatives, are available to help individuals plan for retirement and tackle other financial goals.
Employee Assistance
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Fidelity for 401k
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800.835.5095
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Mon-Fri 7:30am – 11pm CST
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Microsite: www.myfidelitysite.com/CMC or text CMC to 343-898
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Charles Schwab for ESPP & LTI
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1.800.654.2593
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http://eac.schwab.com
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Employee Services
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1.877.262.8050
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Mon-Fri 7am – 6pm CST
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employeeservices@cmc.com
On or before September 30:
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Milliman for 401k
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1.866.767.1212
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Mon-Fri 7am – 7pm
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www.MillimanBenefits.com
HR Talking Points
Important Communications (Eng & Spa) & Key Transition Dates
8.28.24 | Kickoff
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CMC’s Kickoff announcement via email to all US employees with a video message from Jennifer Durbin, CHRO
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Fidelity initial announcement via email and mail to all plan participants (active and termed)
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Microsite available and contains transition information, distributed communications, and educational materials. Updates will continue throughout the transition. To access go to www.Myfidelitysite.com/cmc or access by texting CMC to 343-898
9.1.24 | September Paycall Slides include:
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Jennifer Durbin video link and information about the transition
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401(k) auto increase reminder
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Last date to make bonus deferral changes in Milliman (9/30)
9.18.24 | Fidelity Transition Newsletter
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Targeted communication based on plan eligibility (401k, ESPP and LTI), includes key dates and any action needed)
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401(k) Blackout period, investment options, and loan FAQs
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Microsite updates with details included in the communication
Note: This is the last Fidelity communication before Go Live 11/1
9.24.24 | 401(k) Year End Activity in Milliman
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401K supplemental contributions posted on Milliman with pop-up message
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401k True up and employer match adjustments if applicable (Milliman communication mailed/emailed to those impacted)
9.30.24 3pm CST | Last day to access Milliman account online
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Verify/Update Base and Bonus Deferral Elections
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Verify/Update investment options
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Return completed paperwork for a loan or hardship withdrawal
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Check account balance and beneficiary designations
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Visit www.MillimanBenefits.com or call (866)767-1212
10.1.24 – Fidelity Customer Service begins
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Monday – Friday from 7:30 a.m. – 11:00 p.m. CST (Eng/Spa with language translation services for other languages as needed) Note: Fidelity will not be able to see individual account information until the blackout period is over, expected week of 10/27/2024
10.1.24 - 10.30.24 – Milliman Account BLACKOUT period
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Plan participants will have NO access to their Milliman account during this time
11.1.24 - Fidelity Go Live
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Targeted welcome announcement via mail and email. At this time plan participants will have full access to their new Fidelity account and receive login instructions.
HR Talking Points
401(k) Callouts
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All accounts managed via Fidelity will be viewable with the same log in, this includes accounts from prior employers and personal Fidelity accounts. Existing Fidelity account username and passwords can continue to be used.
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Milliman final account statement expected in January ‘25
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Auto enrollment for all eligible new hires will continue at 6%
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Auto Annual increase of 1% up to 8% will continue (Employees can opt out at any time)
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Loan payments will continue via CMC payroll with no changes to the current terms (payment amount and length of loan)
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Current Beneficiary designation on file with Milliman will transition to Fidelity. Expanded Beneficiary designation expansion with Fidelity to include a person, trust, and charitable organizations
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Increase max deferral from 50% to 75%
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Expand withdrawal options to include fixed amount, fixed percentage and fixed timeframe
ESPP Callouts
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Current participants contributing in 2024, will have account in Fidelity 11/1 to show their contribution amount
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Those with existing individual non-retirement accounts at Fidelity - there’s no need to open a new one. Fidelity will use existing account in connection with your stock plan. Those who do not currently have an individual brokerage account at Fidelity will have one automatically opened for them, if they are currently enrolled, they will be prompted to certify the account during initial log on.
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Annual Enrollment in Fidelity in January
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2025 Purchase will be in Fidelity in February
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Participants will need to add beneficiaries to their brokerage account once it is set up as it is not transferred.
LTI Callouts
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Current participants with unvested LTI awards will see these awards in Fidelity and have an account set up. Those with existing individual non-retirement accounts at Fidelity your existing account will be used in connection with your stock plan account.
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Oct 2024 LTI award will be accepted in Fidelity in early November
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Brokerage account (vested shares) will remain at Schwab, participants can move their shares to Fidelity by completing an online request. Details regarding the transfer process will be provided by Fidelity in November.
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Participants will need to add beneficiaries to their brokerage account once it is set up as it is not transferred.
New Account Statements
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Fidelity - First quarterly statement available online via NetBenefits in January ‘25.
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Online statements will continue unless the employees changes their preferences to print/mail via NetBenefits or by calling 800.835.5095