The University is committed to providing you with competitive retirement plan benefits. Based on this commitment and recent regulatory changes, the University conducted an 18-month strategic review of the University of Delaware Retirement Program. (The Retirement Program refers to the Primary Retirement Plan, the Voluntary Retirement Plan and the 457(b) Deferred Compensation Plan.) The goal was to determine the best way to enhance services to participants, reduce costs where possible and increase administrative efficiency. The University is making the following enhancements to these plans to better help you save for retirement:
- To make investment elections visit www.tiaa.org/udel
- Streamlined, best-in-class investment options with lower costs. The Retirement Program currently offers more than 150 investment options. A new streamlined investment lineup was carefully selected to give you the opportunity to choose a mix of investments based on your financial goals and preferences. Several of the investment options may have reduced fees compared to other investments in their peer groups.
- UD's new investment menu
- New brokerage option. For participants who are experienced investors, we are adding a brokerage option to provide the opportunity to build and adjust an investment portfolio based on your goals. With the brokerage account you can choose from over 4,000 mutual funds from a number of well-known firms. You can invest on your own, take advantage of help or have it managed for you.
- Simplified investing. TIAA will become the single administrative services provider to simplify the investment process. If you invest with Fidelity, you will have the option to keep your current balance(s) with Fidelity, but all future contributions will be directed to TIAA.
- Consolidating the Primary Retirement Plan and the Voluntary Retirement Plan. The University will combine these plans into a single plan called the University of Delaware Retirement Plan to simplify your choices. Please note: The 457(b) plan will remain a separate plan under the Retirement Program.
- New 403(b) Roth after-tax contribution option. 403(b) Roth option, you contribute after-tax money and it potentially grows tax free. In retirement, you don’t pay taxes if you withdraw your money after age 59½.
- Online salary reduction agreements. You can easily update your salary reduction agreements online if you wish to make changes to your retirement plan.
In November of 2017, a comprehensive transition guide with details about the changes and steps you can take will be sent to your mailing address on file with the University.
The University of Delaware remains committed to offering you a leading retirement plan with resources and services to help you create the future you want.
For more information on the upcoming changes:
- Transition Guide
- Frequently asked questions and key dates
- Changes to your University of Delaware retirement program
- TIAA Brokerage Services overview and account setup