A retirement plan exclusively for Housing Authorities

Frequently Asked Questions

Who governs the Plan?

The Plan is governed by eight (8) individual Trustees who serve without compensation. Each Trustee is a Plan participant and is employed by a participating agency. All fiduciary decisions affect them in the same way as every other participant. Their goal is to provide employees of housing agencies with the best possible opportunities for a secure retirement plan.

Is the Plan available with or without life insurance?

Life insurance is an optional provision.

How often can new employees enter the Plan?

On the first day of any month after completing eligibility requirements, unless the Joinder Agreement of your agency specifies otherwise. For example, eligibility dates range anywhere from using the actual date of hire which would allow immediate entry into the Plan as compared to a one-month, three-month, six-month or one-year waiting period.

Does HART take care of IRS approval and file IRS-required forms?

HART files and has received IRS approval for the Plan Sponsor. Each participating agency has to decide whether it wants to file with the IRS when it adopts the Plan. If an agency does decide to file, HART will assist with the filing.

Who determines the vesting rate?

The employer.

What happens to forfeitures?

Forfeitures are first used to pay administrative costs and any remaining funds are returned annually to the agency.

Is there an annual fee? If so, how much?

Yes, the fee is $5 per month. At the direction of the agency, this may be paid from forfeitures.

Are there investment management fees?

No. All load fees and sales charges are waived for purposes of this Plan; however, there are expense ratio fees that are negotiated with each fund. These fees are included in the purchase price so that investment returns are reported net of investment expenses.

Will there be a contact person readily available to respond accurately to routine questions?

Yes, Monday thru Friday between 8:30 AM and 5:00 PM EST.

How can employees access their account information?

Primarily through the Web Site at www.hart-retire.com or by calling into the automated phone system at 888-801-3534.

Can features such as minimum benefits, excess contributions and Social Security integration be added to the Plan?

Yes, any feature that does not violate the Trust and IRS Regulations can be added, provided your agency has the available resources.

If life insurance is included, is it group term or ordinary life?

Group Term. If selected, this also allows for Retiree Life Insurance coverage. To be eligible for the retiree coverage you must be at least age 55 with a minimum of 10 years of consecutive service. For details refer to the Group Term Life Insurance page.

Does the Plan offer employee loans?

Yes. While the Plan offers loans, your agency must choose it as one of the provisions of their Plan.

Who determines the entrance age and service requirement for individual participation?

The employer. As approved by your employer’s Board of Commissioners, the agency elects all plan provisions. This is inclusive of the: Eligibility date, Contribution levels of the employer or employee, vesting schedule, normal retirement age and whether or not to provide life insurance or to offer loans. All of these provisions may be changed anytime at the discretion of your employer.

How often do contributions to the Plan change?

When a pay change occurs. Contributions are a percentage of pay so that when you either have an increase or decrease in pay, contributions are affected.

What is the ongoing plan administrative expense?

Five percent of mandatory employee and employer contributions. There is no charge on voluntary contributions, loan payments, rollovers-in or funds rolled over from a prior plan.

Is there an asset charge?


Is there a penalty imposed if we cancel the Plan and request monies to be transferred to a successor funding medium?


How often does HART provide reports?

A report is issued quarterly to the employer, and each participant receives a quarterly individualized statement. The most current seven years are retained on the Web Site for access or printing. There is also daily access to account information through the automated phone system and Web Site.

What’s New With HART?

HART News Flash
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Management Fee Reductions for Vanguard Target Retirement Funds
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Webinar from Financial Engines an Investment Advisory Service

Investing in a Volatile Market

Getting the Most from Your Retirement Plan

Important Plan Changes are coming to both the HART Retirement Plan and the 457(b) Deferred Compensation Plan. Fees and expenses will be revised effective January 1, 2020. Please read the Important Plan Change Notice for all the details.

Information about compliance with IRS Limits for 2022-2024 is now available. These amounts usually change each year, and you can refer to this document to find the correct limits for the years 2022 through 2024.

New Enrollment Kit – documents and forms can now be found in one place. Access them here.

Are you wondering how or where to invest your funds? HART is joining forces with Financial Engines to help you find answers and solutions. Read the official announcement.

Reinventing Retirement