Drexel Selects TIAA as Single Retirement Plan Record Keeper
Announcing the transition to TIAA as the single record keeper for the Drexel University Defined Contribution Retirement Plan, beginning December 2021
The opportunities you have to plan and save for your financial future are important. That’s
why the Drexel University Retirement Investment Committee and Newport Capital Group, an independent financial consultant, recently conducted a review of the University’s retirement plan and recommended consolidating our plan administration with one record keeper, TIAA. This change is designed to provide streamlined administration, easier retirement planning, lower fees, and enhanced services and education. The change will occur in December 2021 and does not require you to take any action at this time. A detailed Transition Guide, educational sessions and one-on-one financial consulting will be provided in the fall.
In December 2021, we’ll introduce:
- TIAA as the single retirement plan service provider
TIAA has been selected to deliver comprehensive retirement plan services at a reasonable cost. As a result of this change, any retirement account balances you may have with Fidelity Investments and Vanguard will automatically transfer to TIAA in December 2021. You will be notified in advance of this transfer date. If you are new to TIAA, new plan accounts will be automatically created for you. You will receive instructions for accessing and managing your new accounts, as well as information on any changes to investment options.
- New investment options
As a part of these enhancements, we will introduce an updated investment menu for all plan participants. Investment options from several leading financial providers will be carefully reviewed and selected to help you create a diversified retirement account that matches your investment goals and preferences. In addition, the self-directed brokerage option at TIAA will continue to provide access to a broad range of mutual funds beyond the plan’s investment lineup.
- New online services
A new TIAA online enrollment platform will replace the DrexelOne enrollment site, so the changes you select can be made faster and easier. You will also have the option to set up a self-directed auto increase to help build your savings faster. You can choose when to automatically increase your contributions, the rate of the increase (percentage), and when to start and stop the automatic increase.
Benefits of the enhancements:
The move to TIAA as the single recordkeeping provider for the retirement plans provides several important benefits, including:
- Easier to invest, manage and track Drexel University retirement accounts through a single recordkeeper.
- Easier to enroll and save with online enrollment and online salary deferral, with the option to opt in to an auto-save feature, which allows you to choose when to increase contributions, the rate of the increase, and when you would like to start and stop an automatic increase.
- Integrated quarterly statements that provide comprehensive account information.
- One place to maintain beneficiary and personal information.
- One participant services phone number for plan inquiries and assistance.
- One website to manage all retirement plan investments.
- Easy access to the entire investment lineup, as well as other plan information and features (e.g., plan highlights, quarterly statements, loans, online tools, and resources) through one recordkeeper.
- Additionally, for those participants wanting more choices than the new diversified menu will provide, Drexel University will continue to provide a self-directed brokerage window within the plans.
- TIAA financial consultants are available to help you select retirement plan investment options at no additional cost.
What to expect next:
The upcoming changes provide an excellent opportunity for you to revisit your retirement program options. A Transition Guide with additional information will be mailed to you in mid-October. Carefully review the guide for more details on key dates, specific action steps, informational webinars and resources available to you.
In addition, webinars and one-on-one financial consulting sessions will be made available this fall to help answer any specific questions you may have regarding the changes.
It’s our goal to keep you informed throughout the upcoming transition. If you have questions or need assistance, visit TIAA.org/drexel or call TIAA at 800.842.2252. Consultants are available weekdays, 8 a.m. to 10 p.m. (ET). You can also contact the Drexel HR Service Center at firstname.lastname@example.org or 215.895.2850.