UCF is consolidating and simplifying its voluntary 403(b) retirement savings plan, which is available to all employees.
After considering the services, fees and resources of UCF’s nine current 403(b) providers, the university selected three of the companies to continue offering plans. Beginning April 1, all employees can choose from Fidelity, TIAA, or VALIC to oversee contributions to individual retirement accounts. By streamlining the number of providers, the university will be leveraging the plan size and scale to reduce participant costs.
Retirement account holders who are not already with one of the three companies will have the option of keeping existing account balances with their current provider, or transferring them to Fidelity, TIAA or VALIC. The account balances will not automatically transfer. Future contributions beginning April 1 can only be directed to one of the three providers. Participants who do not make an active election to one of the three remaining providers will have their contributions directed to a default account with TIAA.
This consolidation of providers does not have any effect on the State University System Optional Retirement Program (ORP).
During the next few months, UCF’s Human Resources office will distribute information about the three companies and how to transfer accounts. UCF also has partnered with independent retirement-advisory firm CAPTRUST to help advise employees on retirement choices and investments.
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