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Vassar College

Updates to the 403(b) Retirement Plan – Self Directed Brokerage Window

posted

Available as of August 19, 2025 
Self Directed Brokerage Window for the 403(b) Retirement Plan 

On Behalf of the Retirement Committee 

Why are we making changes?

In the Fall of 2023 the Retirement Committee at Vassar College held open forums to discuss whether or not the College should be offering only one Retirement Provider for the 403(b) plans or remain with two Providers. As part of those discussions we were asked to consider adding a Self Directed Brokerage Window. Part of our due diligence is to review and discuss with advisors the potential benefits and risks for the employees. We recently completed this work and wanted to share an update on the implementation of a Self Directed Brokerage Window. Self Directed Brokerage Window allows employees to independently research and select from a variety of investment choices. The Self Directed Brokerage Window will be available under both providers, Fidelity and TIAA by August 19, 2025. You will begin to receive information from the provider you are invested with via email or standard post within the next week.

The use of the Self Directed Brokerage window is fully optional and does not impact the investments of those who choose to not use it. For those who do choose to use it, there are many things to consider when utilizing a Self Directed Brokerage Window that the Committee would like to highlight below.

Many of you have asked about the optional provisions included in the Secure 2.0 Act. As we complete our due diligence and determine which provisions will be enacted we will send communications.

What you should consider before choosing to open a Self Directed Brokerage Account?

  • You will need both a legitimate U.S. residential address and a mailing address. (P.O. boxes are not acceptable as a residential address but may be used for mailing, if a residential address exists.)
  • You will need an established retirement account in Retirement Plans for each brokerage account you want to open.
  • There’s an initial minimum transfer of $1,000 up to 50%, from your retirement account (employee contributions only) to establish the brokerage account.
  • There will be a minimum initial investment of $500 or the required prospectus minimum, whichever is greater, and additional minimums apply for subsequent investments.
  • This account is self-directed. The investments in the brokerage account are not monitored by TIAA, Fidelity or Vassar College.
  • There’s no annual fee or maintenance fees; however, some mutual funds do have investment minimums.* Carefully read through all of the investments before choosing so that you are well informed before making your decisions. 
  • Transaction fees may apply. See the Commissions & Fees section of your Customer Account Agreement for complete details.
  • Returns for mutual funds and other securities are not guaranteed, and you assume all the risks associated with your investment choices. 

Both Fidelity and TIAA will be providing additional information as well as trainings in the near future.

Best,
Sonja Krekun
Director, Benefits and Leaves Administration