Stetson University is committed to helping employees maximize retirement savings while minimizing the retirement plan’s fee structure. Over the course of this past year, the Benefits Advisory Committee and University administration undertook a study to best accomplish these two goals. As a result and in follow-up to an earlier communication, I am pleased to announce several changes to the Stetson University Retirement Program starting Nov. 30, 2015. To get the most out of your retirement plan, please read this and future communications carefully.
A comprehensive review
To ensure that Stetson University is providing you with competitive retirement benefits, as well as the services and tools you need to pursue your long-term savings goals, the university’s Benefits Advisory Committee worked with an independent investment advisory firm, The Bogdahn Group, to assist with our ongoing duties. These include periodically reviewing and monitoring plan investment options and fees, and evaluating the services provided by university’s platform and service provider, currently TIAA-CREF. The following updates are intended to give you the investments, services and tools you need to pursue your retirement savings goals.
Most aspects of the plan will stay the same
Please note, the basic design of the Defined Contribution Plan (contributions, eligibility and vesting) will not change.
What you need to know:
- TIAA-CREF will continue to be the university’s platform and service provider. With the assistance of The Bogdahn Group, the Benefits Advisory Committee evaluated proposals from several retirement providers, focusing on employee education, fees and overall value to employees. TIAA-CREF was selected for continuing to provide the best retirement services at a reasonable cost.
- New investment options. New investment options will be from a variety of mutual fund families and have been carefully selected for Stetson University employees, giving you the opportunity to create a diversified retirement portfolio that matches your investment goals and preferences.
- Lower investment management fees. The university and The Boghdan Group have negotiated lower fees with our provider and selected funds with a lower average fee cost.
- Increased transparency on fees. We will also introduce a new fee structure to make it easier to see the cost of each investment option and fees paid to the service provider.
- New Retirement Choice/Retirement Choice Plus contracts. This new contract will accept future retirement plan contributions, rollovers and transfers. These contracts make it easier for us to replace an investment if we see that it is underperforming.
- You can continue to receive personalized advice on the plan’s investment options at no additional cost. This service is part of your retirement plan and is available online, by phone or through a One-on-One Counseling Session.
- New services: Coming in 2016, the plan will offer a new Roth option and online salary deferral agreement.
|Week of November 1, 2015||You will receive a Transition Guide with detailed information about the changes.|
|November 9 – 20, 2015||On-site Transition Seminars begin.|
|November 30, 2015||New fund line-up goes into effect.|
|Week of December 7, 2015||You will receive a Welcome Kit with important information on your new contract with TIAA-CREF.|
|December 14, 2015||Payroll contributions directed to the new contracts with TIAA-CREF.|
|December 16, 2015||Existing mutual fund assets will be transferred to the new contracts. Assets in the annuities will remain in the existing contracts.|
Call TIAA-CREF at 800 842-2252. Financial consultants are available Monday through Friday, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m. (ET).
Stetson University is committed to providing the resources you need to help you prepare for retirement. Please review future communications to make the most of your retirement benefits.