Like most employer-sponsored retirement plans, FHLBSF employees can select investments from an employer-selected list of funds. However, the FHLBSF plan also allows employees the option to invest in additional funds through a “self-directed” 401(k) account. The FHLBSF self-directed option is available through Schwab’s Personal Choice Retirement Account (PCRA) and employees can allocate to the default account, the PCRA account, or any combination.
FHLBSF employees can open a self-directed account by following the steps below:
Login to existing 401(k) account site and click link to open PCRA account. After completing the online form, Schwab will open an account and provide a PCRA account number.
Call Schwab at 800-724-7526, request to speak with Retirement Plan Services, and request a transfer of assets from the existing plan account to the PCRA account. Both accounts are within the 401(k), so moving the assets is not a taxable event.
Employees can begin investing in the PCRA themselves or hire a professional investment advisor such as MFA to do it for them.
Due to the number of FHLBSF employees that we have as clients, we are able to offer our investment advisory services at a reduced minimum account size of $100,000 and a discounted group rate of .85% on the first $2MM of invested assets. If you are interested in learning more and moving forward, please schedule a introductory meeting or call with us below.