Important Information About Upcoming Request for Proposal for UNC Retirement Plan Recordkeepers
The University of North Carolina (UNC) System is committed to periodically reviewing its retirement programs to make sure they continue to help you meet your retirement and financial goals. Among the things considered are the range of investment options available through the plans, investment option performance and value, recordkeeping costs, and whether the plans give access to services that complement your retirement plan accounts.
The UNC System has decided to explore moving from two recordkeepers (TIAA and Fidelity) to a single retirement plan recordkeeper for all five UNC Retirement Plans. These include:
- UNC Optional Retirement Program (ORP)
- UNC System 403(b) Plan
- UNC System 457(b) Plan
- UNC Senior Administrative Officer Retirement Program
- UNC Senior Athletic Employee Retirement Program
The purpose of this email is to provide you with advanced notice of the upcoming RFP just so you are aware of it.
To be clear, no changes have been made to our recordkeepers at this time. If you are enrolled in any of the retirement plans referenced above, you do not need to take any action.
MOVING TO A SINGLE RETIREMENT PLAN RECORDKEEPER WOULD CREATE GREATER EFFICIENCIES AND ECONOMIES OF SCALE
Consolidating our retirement plan recordkeepers into a single recordkeeper offers many potential advantages to you as a plan participant. It will allow us to:
- Streamline the enrollment process
- Better leverage the University’s $10 billion in defined contribution retirement plan assets to reduce recordkeeping expenses
- Consider and possibly implement investment solutions that better fit the unique aspects of our employee demographics
- Provide you with a clear and consistent financial education and advice program
WHAT’S NEXT?
We expect to issue the RFP this week.
Our plan’s investment advisory firm, CAPTRUST, will be assisting the University with reviewing RFP proposals. We will report back to you when the RFP process has been completed. If a new recordkeeper is selected, we will communicate next steps and our implementation timeline.
If you have questions, please contact your University Benefits Administrator.