Important Changes to your Retirement Plan Benefit
Announcing Important Changes to the Cedarville University 403(b) Retirement Plan
Cedarville University is pleased to announce enhancements to your retirement plan effective March 31, 2016. There are important decisions that you will need to make. We have created this page to help you get all the information you need to make the best decisions for you and your family.
Who does this Affect?
Everyone. Whether you are just starting to work at Cedarville or you have been here for decades, everyone will be affected by this change.
TIAA will continue to provide investment management services and periodic reporting in addition to the web portal for the Cedarville University retirement plan. The investment options previously offered by TIAA will be replaced with lower cost, best-in-class investments from a variety of top notch financial firms. Millennium Advisory Services, a registered investment advisory firm, has been hired by the University to provide group and individual training sessions to coach participants through the transition process for the new plan. VALIC and Voya are no longer options.
Who is Millennium Advisory Services?
The University hired and is paying for Millennium Advisory Services (MAS) to provide independent advice to plan participants. MAS will take the time to meet with employees, as many times as necessary, to help guide you in the transition to the new plan and provide a complementary financial plan. Once the financial plan is in place and the transition is complete, employees can voluntarily retain MAS as an advisor for a fee, if they so desire.
What decisions will you need to make?
Review "Resources" below.
Decide on a beneficiary.
If you already have a beneficiary designation on file with TIAA, it will remain unchanged. If you haven't yet chosen a beneficiary, please don't put this off. Making your beneficiary designation takes a matter of minutes and will protect your family. You can designate a beneficiary by completing the Beneficiary Designation Form, available from the TIAA website. If you are unsure if you have done this already, you can verify using the TIAA website.
Decide your salary contribution amount.
If you already have voluntary contributions being sent to TIAA, you can skip this step. However if you are currently contributing to VALIC or Voya, you will need to complete the Voluntary Retirement Plan Contribution form or your deduction will stop. If you haven't started voluntary contributions, please consider starting your contributions today.
Decide how you wish to invest future retirement savings contributions.
The investment election window will be available starting the week of March 28, 2016. During this time, log on to the TIAA website to choose your future allocation. The default is the TIAA Lifecycle fund aligned closest to the year you turn 65.
Decide whether to transfer your old retirement plan assets to the new plan.
The new plan has lower administrative and investment fees. For most participants it will be beneficial to transfer your investments. How do you know if it will be beneficial for you? This is a perfect opportunity to attend a group or schedule an individual session with Millennium Advisory Services to get all the facts for your situation.
What if I don't make any decisions?
If you do not make any decisions, either during the transition or after, the University's contributions of 8% of your salary will be invested in the plan's qualified default investment option (QDIA), which is a TIAA Target Retirement date fund. Your date of birth and an assumed retirement age of 65 will be used to select the Target Date Fund. You can make a new election by signing in to your account at www.tiaa.org/cedarville at any time after March 28
- Week of February 15 through March 2 - Transition Seminars on Campus
- Week of March 14 - Transition Guide mailed
- March 28 - TIAA site open for investment election
- March 31 - Last semi-monthly contribution to old plan; Start of new plan
- April 8 - Last bi-weekly contribution to old plan
- April 15 - First semi-monthly contribution to new plan
- April 22 - First bi-weekly contribution to new plan
New Investment Options.
|Asset Class||Investment Lineup||Ticker|
||TIAA Traditional Annuity||
|TIAA Stable Value Annuity||n/a|
|Baird Core Plus Bond Inst||BCOIX
|Praxis Intermediate Income I
|Vanguard Total Bond Market Index Inst
|Templeton Global Bond R6||FBNRX
|Domestic Large Cap Equity|
Parnassus Core Equity Inst
|Ave Maria Rising Dividend
|Vanguard Institutional Index
|Domestic Small/Mid-Cap Equity|
|Vanguard Strategic Equity Inv||VSEQX|
|Vanguard Extended Market Index Adm
|TIAA Real Estate||QREARX
Brookfield Global Listed Real Estate
|Prudential Global Real Estate Q
|Vanguard Total Int'l Stock Index Adm
|American Funds EuroPacific Growth R6
|Steward Global Equity Income Inst
|TIAA Lifecycle funds
The default for those that do not choose an investment option, or for those that want others to manage your retirement savings, is the TIAA target date funds. The fund you will be invested in is nearest to the age you turn 65. While these funds were the default option in the old plan, the University was able to negotiate lower management fees in the new plan.
|Date of Birth Range||Target Date Fund Name|
|Before 1942||TIAA Retirement Income Fund|
|Before 1948||TIAA Lifecycle 2010 Fund|
|1949-1953||TIAA Lifecycle 2015 Fund|
|1954-1958||TIAA Lifecycle 2020 Fund|
|1959-1963||TIAA Lifecycle 2025 Fund|
|1964-1968||TIAA Lifecycle 2030 Fund|
|1969-1973||TIAA Lifecycle 2035 Fund|
|1974-1978||TIAA Lifecycle 2040 Fund|
|1979-1983||TIAA Lifecycle 2045 Fund|
|1984-1988||TIAA Lifecycle 2050 Fund|
|1989-1993||TIAA Lifecycle 2055 Fund|
|1994-Present||TIAA Lifecycle 2060 Fund|
Who do I call for help in making my decisions?
Millennium Advisory Services