This is a summary of questions and answers to help you understand the upcoming transition for the Deborah Heart and Lung Center 401(k) Plan (the “Plan”).
1. What is changing?
Effective mid-July 2026, the Plan will move to Fidelity Investments® as the new retirement service provider.
2. Why are we making this change?
This transition reflects Deborah’s ongoing commitment to providing team members with high-quality benefits and resources that support both your personal and financial well-being. We believe Fidelity's enhanced tools, educational resources, and support services will provide a stronger overall experience as you plan and save for retirement.
3. What is a service provider?
A service provider is the organization responsible for completing a retirement plan's daily administrative functions, including communication and education, and maintaining websites and call centers to support participants and plan sponsors. They provide quarterly statements of investment performance and account balances, participant reporting, transaction support, retirement planning, and assistance with regulatory requirements.
4. When will this change take place?
The effective transition date from Empower to Fidelity is July 22, 2026. You will have access to your account when the blackout period has ended, expected to be the week of August 9, 2026.
5. What do I need to do?
Once the transition is complete and the blackout period has ended, you will need to register to access your online account at Fidelity through its NetBenefits® website at netbenefits.com/atwork and designate your beneficiaries. If you have another account with Fidelity, you can use that to log in to your new Plan account when the “blackout period” has ended.
That said, no action is required for your Plan account balance to transfer to Fidelity.
6. Will my team member contribution elections transfer to Fidelity?
Yes, your team member contribution elections, both pretax and/or Roth, will carry over to Fidelity.
7. What will happen to the money I already have saved in the Plan?
Your account balance will transfer over to Fidelity in its entirety. Once the transition is complete, your balance will be visible on the Fidelity website NetBenefits.
8. Is the 401(k) Savings Plan match or employer contribution changing?
The 401(k) Plan design (e.g., match formula, eligibility, vesting) is not changing.
9. Can I keep my Plan account at Empower?
No. This is a Plan-wide move to a new retirement plan provider which does not allow for personal election.
10. What are the new investment options going to be?
There will be some changes to your investment options. More details will be provided in the transition guide later this month.
11. Will my Plan account access be restricted during the transition?
Yes. Before, and briefly following the actual transition, there will be a period during which you will not have access to your current Plan account. This period is referred to as the “blackout period” and is necessary to allow time to prepare current accounts for the transition to Fidelity and then for Fidelity to reconcile the accounts for you to access once the transition is complete.
The blackout period will begin at 4 p.m. on Tuesday, July 14, 2026, and is expected to end during the week of August 9, 2026.
Please be aware that during the blackout period at Empower, you will be unable to:
- Initiate any transactions to liquidate or purchase assets within your Plan account such as loans, hardship withdrawals, in-service withdrawals, or distributions.
- Change investment elections for future contributions or make exchanges among investments.
- Change your contribution amount.
- Access your account for balance or other inquiry.
To make changes to your account at Empower prior to the start of the blackout period, contact Empower at:
Phone: 866-467-7756
Website: empowermyretirement.com
Note: You will not have access to your account at Fidelity until the blackout period ends.
12. Can I still contribute to the current Plan through this transition?
Yes. Contributions to the Plan are still accepted (and encouraged) during the transition, so please continue to save. Your account balance and contributions will continue to be invested during the blackout period and continue to gain or lose value depending on market conditions, but you will not have access to your account to make changes. Now is a good time to review your investments to ensure you are in the right asset allocation for your time horizon and risk tolerance.
13. Will my beneficiary election move to Fidelity?
Beneficiary information may transfer from Empower to Fidelity. After the transition, it is important that you go online and verify or designate your beneficiary at Fidelity on NetBenefits. You can designate your beneficiaries on NetBenefits, call Fidelity for help, or request a beneficiary form.
14. What will happen to my outstanding Plan loan because of this transition?
Any outstanding loan balances in the Deborah 401(k) Plan will transfer to Fidelity; however, loan payments will no longer be repaid through payroll deduction.
After the transition, your repayments must be made monthly from your personal bank account through an Automatic Clearing House (ACH) deduction (or “automatic payment”) directly from your bank to Fidelity. You will need to establish your banking information with Fidelity to continue repaying your loan once the transition is complete.
Loan payments will not occur during the blackout period, and the terms of your loan will not change, however your loan will be re-amortized based on a new monthly pay frequency and a new payment amount will be calculated. If you do not follow the process to set up your loan payments, you may miss loan payments, and your loan may become delinquent. A new loan may not be initiated until all prior loan(s) have been repaid.
If you currently have an outstanding loan, you will receive a separate notice with instructions on setting up loan repayments when the blackout period has ended.
In addition, once the transition is complete, team members will be allowed one loan at a time.
If you currently have two loans at Empower, both loans will transfer separately to Fidelity, and you will have to set up a separate loan payment for each.
15. How can I access my account at Fidelity after the transition is complete?
Once the blackout period is over (expected to be during the week of August 9, 2026), you can start managing your account on Fidelity NetBenefits® at NetBenefits.com/atwork. You will also be able to call Fidelity at 800-343-0860 for assistance. Keep in mind that representatives at Fidelity will not have information specific to your account until the blackout period has ended.
16. How will I receive my account statements from Fidelity?
At Fidelity, electronic account statements are available on demand virtually any time. You can view reports for any date, month, quarter, or custom date range. Compare Fidelity’s statement with your final account statement from Empower and contact Fidelity with any questions.
Account statements will not automatically be sent to your home unless you update this option online to have the statements mailed to your home.
17. I’m retiring soon–how does this impact me?
If you are retiring soon, you will need to consider when to initiate withdrawals and whether or not to set these up through Fidelity or with Empower before the blackout period start date. More details are provided in the transition guide on final dates to request or initiate transactions at Empower. Once the blackout period ends in August 2026, you can initiate a transaction at Fidelity.
18. I have installment payments due to me during the transition. What will happen to my payments?
If you are currently receiving installment payments or required minimum distributions (RMDs) from your Plan at Empower, these payments will continue following the transition to Fidelity. If your installment payment or RMD is scheduled to be paid to you during the blackout period, it may be processed at Empower in advance of the blackout period or at Fidelity as soon as possible after the transition. Payments due after the blackout period will begin processing at Fidelity as soon as administratively possible after the transition is complete.
19. How will I know when the blackout period has ended?
The blackout period will begin at 4 p.m., ET on Tuesday, July 14, 2026, and is expected to end during the week of August 9, 2026. During this time, you can determine whether the blackout period has started by contacting Empower at 800-467-7756 or ended by returning to this site or calling Fidelity at 800-343-0860. You will receive an email or postcard when the blackout period has ended which will include the steps to access your Plan account at Fidelity.
20. How can I learn more about the transition and get answers to my questions?
In the coming weeks, you will receive a transition guide with important information, including key dates, investment information, and Plan features.
Deborah will host Fidelity onsite in late June and early July offering informational meetings and help desks for team members. Fidelity will also offer virtual information sessions and an on-demand recording of our “Get Ready for the Move to Fidelity” presentation available to current and former team members.
The schedule is available on the “Meet with Fidelity” tab on this site.
The frequently asked questions provide only a summary of the main features of the Deborah Heart and Lung Center 401(k) Plan. The Plan documents will govern in the event of any discrepancies.