Dear faculty and staff colleagues,

The opportunities you have to plan and save for your financial future are important. That’s why, at the recommendation of our retirement plan consultant, the Retirement Plan Advisory Committee recently conducted a review of the university’s retirement plans which led to the approval of important updates to the investment menu to better align with market standards, diversify our fund choices, and ease participant decision-making. While the basic design of the retirement plans (including contribution rates, eligibility, and vesting requirements) remains the same, starting on or about May 31, 2022:

  • Existing mutual fund balances in the Retirement Annuity (RA), Supplemental Retirement Annuity (SRA), or Group Supplemental Retirement Annuity (GSRA) account(s) will be transferred to Retirement Choice (RC) and/or Retirement Choice Plus (RCP) account(s). Please note that this plan-level transfer of mutual fund account balance(s) may supersede any individual transactions you request. Submit all requests (e.g., transfers or withdrawals) by 1 p.m. (PT) on Friday, June 3, 2022, to ensure they are complete before the plan-level transfer.
  • If you have existing mutual fund balances in RA, SRA, or GSRA accounts but do not yet have RC or RCP account(s), you will be enrolled in new RC and/or RCP account(s).
  • Certain current investment options will be replaced by other options.
  • Certain new investment options will be added to the menu. Additionally, a new fund option is being added to the plan's default investment.

You will soon receive more detailed information about these plan changes and new fund options directly from TIAA, the university’s record-keeper for our retirement plans.

TIAA will also be offering the following on-campus in-person and virtual opportunities to provide more information about these changes and help you consider your investment options:

Meeting Type Date and Time Location
Webinar

Wednesday, April 27
9–10 a.m. (PT)

Virtual/Online
Register Now
In-person, on-campus workshops Thursday, April 28
9–10 a.m. (PT)
Noon–1 p.m. (PT)
2:30–3:30 p.m. (PT)		 McCormick Room, Room 303
Collins Memorial Library
In-person Help Desk Thursday, April 28
10 a.m.–noon (PT)
1–2 p.m. (PT)		 McCormick Room, 303
Collins Memorial Library
One-on-one investment advice session with a TIAA financial consultant Call 800.732.8353, Monday–Friday, 5 a.m.–5 p.m. (PT). You also can schedule a meeting online at TIAA.org/schedulenow. Virtual

 

Make the most of your retirement benefits
The upcoming changes provide an excellent opportunity for you to revisit your retirement plan options. Access your account at TIAA.org to review your current investments. First time users, select “Need online access?” and follow the on-screen directions to access your account.

If you have questions or need assistance, call TIAA at 800.842.2252. Consultants are available weekdays, 5 a.m. to 7 p.m. (PT).

Sincerely,

Ian Dowling
Director of Compensation and Benefits