Alliance Benefit Group is now Alerus
In January 2016, Alliance Benefit Group North Central States, Inc. (“ABGNCS”), the current recordkeeper for the Dauphin County, PA Deferred Compensation Plan, was purchased by Alerus Financial, N.A. (“Alerus”). Alerus will replace ABGNCS as the Plan recordkeeper. This was discussed in the May Benefit News Article. Alerus is mailing information to every active participant and you should have or should be receiving it if you are a participant. The recordkeeper is the company that provides the participant website, participant statements, keeps track of each participants shares in the underlying investments, and assist the Plan with keeping its Plan Document up to date.
What does this mean to participants?
Starting in July, there will be a new participant website, so there will be a different web address that you will use to access your account. That should be the only major change you notice. Your investments will stay the same and will transfer over from ABG’s platform to Alerus’s in mid-July. All the information on your contribution rate, loans, investment allocations, etc. will transfer automatically. To facilitate the transfer, there will be a brief black-out period of four business days – July 13th through July 19th. This is detailed in the information Alerus has mailed. We think you will like Alerus’s participant website and we expect that the transition to Alerus will provide enhancements to processing participant loans and distributions.