403(b) Retirement Plan Provider Survey
As previously announced in the last email, the Vassar College Retirement Committee decided earlier this year to change our 403(b) retirement plan vendor structure.
Because you hold a balance at both retirement plan providers, Fidelity Investments and TIAA, we are requesting that you complete the Provider Survey. You have the option to choose to have your future contributions and eligible plan balances mapped to either Fidelity Investments, TIAA or you may remain split between both providers.
If you have not done so already, we strongly recommend that you review the Retirement Plan Provider Decision Guide linked below. The guide can assist you with making an informed decision. We encourage you to review your options carefully, consider the applicable fees and features of each, understand any restrictions that may apply to specific investments, and consult your tax advisor before making your final decision.
You will have until November 17th, 2023 at midnight to submit the survey.
Please Note: Should you not complete the Provider Survey, you will be defaulted to Fidelity as your provider.
Following your response to the Retirement Plan Provider Survey, you will receive a Transition Guide in December 2023 that contains key dates and important transition information based on your decision.
The changes to the plans are:
- As of August 1st, 2023, Vassar College chose Fidelity to be the default retirement plan provider for all employees hired after August 1st.
- As of July 1st, 2022, the annual recordkeeping fee at Fidelity was reduced to $63 annually, in addition as of January 1st, 2024, the fee will be reduced further to $60.
- Effective July 1st, 2023, the annual recordkeeping fee for assets held at TIAA was reduced to $86.
Key aspects of the plans will remain the same:
- Your payroll deduction contribution rate.
- Eligibility to participate.
- Vassar College employer contributions, if applicable.
Please email firstname.lastname@example.org with any questions or concerns.