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Breach - Update (PDF)




     On October 22, 2008, an important notice was mailed to all participants in the NOITU Individual Account Plan. If you have not received this notice, please contact our office by emailing us at iapquestions@noitu.org, or calling us at (718) 291-3434 option 6. If sending an email, please provide your full name and address so that we may properly identify you.


     Beginning in January 2009, you will be able to decide how your NOITU Individual Account Plan (the “Plan”) account balances (including both elective deferrals and employer contributions) are invested. We are working with Chernoff Diamond & Co., LLC, a highly rated employee benefits firm, to make a daily valuation system available to all Plan participants and provide you with up to date account values at the end of each business day. The decision to transition our Plan to a daily valuation system was made earlier this year prior to the recent stock market turmoil. In the past and through the end of this year, all participant accounts follow the same “balanced” investment approach. Since everyone is different, we feel the new daily valuation system is advantageous because you will have the opportunity to control your retirement savings according to your own individual facts & circumstances.   You will also be able to make changes to your investments at anytime. 


     Please note, this transition does not mean you can withdraw your money from the Plan unless you satisfy the requirements described in the Summary Plan Description (SPD) previously provided to you.   


     If you do not make your initial investment election by December 15, 2008 your Plan balance and new contributions will be invested in the Oakmark Equity & Income Fund, the Qualified Default Investment Alternative (QDIA). There will be a blackout period between December 16, 2008 and January 14, 2009 during which you will not be able to access your account. This blackout period is necessary in order to successfully transition the Plan to a daily valuation system. After the blackout period (approximately January 15, 2009), you will have the ability to view your Plan balance and control your account anytime by using the Internet or telephone system. 


     The NOITU Organization is committed to providing NOITU Individual Account Plan participants with a retirement plan that will best serve their needs. 



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