Changes While Employed

If you are currently contributing to RIC, you have the option at any time to change your:

  • Payroll deduction amount
  • Taxation of deductions (pretax/post-tax)
  • Personal information
  • Fund selection
  • Investment provider
  • Beneficiary designations
  • 3-Year Catch-Up benefit

Payroll deduction amount changes

To make a change to the amount or taxation of your payroll deductions at any time, log into Workday. For help, review the Deferred Compensation Smart Guide and instructive video demonstration.

You may choose to have your deductions taken pretax (before state and federal tax withholding) or post-tax Roth (after state and federal tax withholding) or a combination of pretax and Roth.

Remember that all money deposited into RIC must go through your paycheck.

If you are terminating from State employment and would like to defer vacation and/or sick pay with your last check, please indicate the desired final paycheck amount, taxation (pretax or Roth), and effective date on the Special Deduction Request form.

Taxation of payroll deductions changes

You may choose to have your deductions taken pretax (before state and federal tax withholding) or post-tax Roth (after state and federal tax withholding) or a combination of pretax/post-tax. You may change the way your payroll deductions are taxed at any time. To make a change to the taxation of your payroll deductions, log into Workday. For help, review the Deferred Compensation Smart Guide and instructive video demonstration.

Personal information updates

You may change your personal information at any time. Call your active provider directly for changes to your name, address or beneficiary designation. The RIC office does not need notification of these changes since your record is updated through payroll.

If you are with an inactive provider, contact your provider to ask what is required for making changes to your name and address.

Investment selection changes

You may change your active provider investment selections at any time with no fees. Simply call your provider or make the changes to your accounts electronically by logging into your provider account online (see the Provider section for web access).

  • You may choose to sell any or all of your current investments and reinvest in alternative investments within RIC.
  • You may redirect your future contributions to alternative investments within RIC.

If you are with an inactive provider, changes may or may not be allowed. Contact your inactive provider to determine the procedure for changing your investment selection.

A provider transfer refers to the movement of some or all of your RIC dollars from one RIC investment provider to another provider in the plan (see Transfer between RIC providers).

Provider transfers

Transfers between active providers are not recommended unless you have been dissatisfied with your current active provider services or investments over a reasonable amount of time. Investments with an active provider have no restrictions or fees for transfers. 

Some participants still have assets invested with an inactive provider and need to be aware that restrictions and/or fees may exist for transfers (call your inactive provider to confirm).

To complete a transfer, be sure to establish an account with the receiving provider first. Use the Transfer between RIC providers form to request a transfer of your assets from the old provider.

Redirect future contributions

You may redirect your future contributions to different investments (within your provider product) at any time. There are no transaction fees. You may wish to keep invested assets as they are or reallocate them to different investment options. Call your active provider directly or log into your provider's website to change your accounts online.

If you have assets with an inactive provider, you may or may not be able to change your investments by phone or internet. Your provider may require that you make your request in writing. Contact your inactive provider or advisor to ask what is required for making these changes.

Beneficiary changes

Designating a beneficiary overrides a will and gives your loved ones:

  • Access to your assets outside of probate - your assets pass directly to your designated beneficiary without having to go through the court system
  • More flexible withdrawal options and potential tax benefits

Use the following instructions from your RIC provider to review and update your beneficiaries:

If you are with an inactive provider you may change your beneficiary by completing a RIC Inactive Provider Beneficiary Form.