The University of Miami’s 403(b) investment structure for the Retirement Savings Plan, Retirement Savings Plan II, Faculty Retirement Plan, and Supplemental Retirement Annuity is changing, effective January 2017. Over time, market performance, fund fees, and fund management are prone to change. The UM 403(b) Investment Committee, with assistance from independent investment advisors, has the fiduciary responsibility to oversee the investment options in Tiers 1, 2, and 3 of the 403(b) investment structure. The committee monitors the performance of funds, reviews fees and investment managers, and retains or replaces funds and/or investment managers as needed.

The following changes will occur in January:

• There will be a new, lower cost share class suite of target date funds.
• Six new mutual funds will be added, while four of the existing funds will be removed.
• Six TIAA variable annuities will be frozen to new contributions, with four remaining open.
• View details.

Fidelity Investments will continue to serve as the Master Administrator of the University’s 403(b) retirement plans, with TIAA remaining as the annuities vendor. There will be no change to Tier 4, Brokerage Link, through which any mutual fund may be purchased.

Current 403(b) participants will receive communications via email and U.S. mail from Fidelity Investments and TIAA regarding the changes. Representatives from Fidelity Investments and TIAA also will be onsite throughout the next several months to answer your questions through one-on-one consultations and at the ’Canes Total Rewards Benefits Fairs in October.

If you have any questions regarding the changes to the investment structure, please contact Fidelity Investments at 1-800-642-7131 or TIAA at 1-800-842-2252. One-on-one consultations may be scheduled online at netbenefits.com/um.