New Retirement Plan FAQ
Will my benefit change under the new plan?
When will the new plan begin?
I currently voluntarily contribute money to the plan and receive matching funds from the University. Do I need to do anything for this University provided match to continue into the future?
Will there by any changes to the vesting rules of the plan?
What will my investment choices be in the new plan?
Can I continue to invest in Voya or VALIC under the new plan?
What will happen to my current investments?
Will I be able to move my current investments to one of the new investments offered?
Will someone be available to help me with the transition?
Yes, the University hired Millennium Advisory Services (MAS) to provide independent advice tailored to participants' specific needs and situations during the transition. Both TIAA and MAS will provide ongoing advice, at the participants choosing, during and after the transition.
What is TIAA's role in the new plan?
TIAA will now be the record-keeper for the new 403(b) retirement plan. All funds will be sent to TIAA and then invested according to your investment selections. You will be able to view all of your investments on one statement or website.
How can I find out more information about the new plan?
Why is the pension plan changing now?
How do I view how much I am contributing right now?
Should I continue "Retirement Planning" with my current vendor knowing it could change in the near future?
You may work with anyone you choose. Millennium Advisory Services has unique expertise in these types of transitions, and we encourage you to meet with them at least once. TIAA will continue to have an advisor visit campus monthly.
How does this affect my taxes?
I'm invested in TIAA Traditional and CREF Stock, will there be any changes with these investments?
I'm invested in the TIAA-CREF Lifecycle funds already, is there any benefit to moving my investments to the new plan?
What are Biblical Responsible Investments (BRI) and why isn't Guidestone one of the investment options?
BRI's are investments that attempt to not invest in industries in conflict with Biblical principles. Guidestone was considered but their investments are not available on TIAA's record-keeping platform.
Who will benefit the most from a single record-keeper? Is there one type of participant who stands to gain more than another?
The transition to a single record-keeper should benefit all employees. The University was successful in negotiating lower fees paid by employees by consolidating the recordkeeping function. The amount of benefit will vary depending on current and future investment choices. All employees will benefit from more focused education and communication from the service providers. There will be greater access to individual and group meetings on-campus with representatives from Millennium Advisory Services and TIAA.
Will our service level change when we have a single record-keeper under the new arrangement?
Will I continue to have access to the annual fee disclosure documents?
Why was TIAA chosen as record-keeper?
After receiving bids from multiple record-keeping companies, TIAA became the clear choice because their fees were highly competitive, the University and plan participants have received good services in the past, it will be less disruptive for plan participants, and we have a high trust in the firm.
Who are Sageview and Millennium Advisory Services? Will they increase my cost?
Who is going to monitor the plan fees and how often?
Does the University save money with this change?
About how much will participants save with the new agreement? Is there a way to quantify the amount?
While it is hard to quantify savings as each participant invests differently and will incur different expenses in various investments, the record-keeping costs are being reduced by at least 35%.