Transition to Nationwide from TIAA was completed with funds remaining invested
While transitions from one deferred compensation plan provider to another frequently involve assets being out of the market for a short period of time, the move to Nationwide from TIAA was completed with assets remaining invested throughout the transition period. This is because the City & County of Denver Deferred Compensation Plan was moved to Nationwide using an “in kind” transfer process.
“In kind” simply means that shares were transferred rather than as liquidated funds in cash. Using this process, plan assets were reregistered, moving ownership of all existing shares held by the plan in each investment option from one trustee to another. This means no shares were sold during the process—also meaning that no shares needed to be repurchased. The exact number of shares you held of each fund in your account at TIAA is the same number of shares of each fund that were placed in your account at Nationwide.
PLEASE NOTE: Due to no account activity during the “in kind” transfer process, you will not see an incoming transfer transaction on your statement. Shares for each of your holdings were applied to your account at Nationwide equal to the shares TIAA held in your account immediately preceding the transfer of records.
For those who were invested in TIAA’s self-directed brokerage option through Pershing, a similar “in kind” process was used for the assets using the Automated Customer Account Transfer Service (ACATS). ACATS moved the holdings from Pershing to a new self-directed brokerage account established at Charles Schwab.
If there are any questions about this process, please contact one of your local Retirement Specialists, Greg Greive (208-972-0521) or Rachel Schmelzer (614-638-3318), or Nationwide’s Participant Contact Center at 833-268-7079.