University of Nebraska faculty and staff are encouraged to review communication materials being sent this week regarding upcoming enhancements to the NU system’s retirement program.
TIAA, Fidelity and the university are sending communications via mail and email about the changes and employees’ opportunities to take action. Following a review by a committee of benefits and finance faculty and other experts from across the NU system, the university is transitioning its retirement program to offer a more streamlined, lower-cost investment menu that will automatically allocate participants’ investments based on the year they turn 65. The university is also adding a transparent recordkeeping fee structure.
Those who wish to customize their investments will be able to do so in the coming months. Details and deadlines are provided in the materials being sent to faculty and staff.
For those who choose not to customize their investments, the university will automatically transfer their retirement funds to the new, more streamlined menu in November. That means most plan participants will not need to take any action at any point during the transition process.
Faculty and staff are invited to upcoming Zoom forums where they can ask questions and learn more from representatives from TIAA and Fidelity. Details on the forums are as follows:
The forums will be recorded and posted on the NU system’s website for future viewing.
Additional resources are available on Fidelity’s website and TIAA’s website.
Complete information about the changes coming to the university’s retirement program, including a detailed announcement from February, Q&As and recordings of spring Zoom sessions, are available here. Faculty and staff may email the university benefits office with questions.
The Zoom forums are the first week of school for many. Please make sure you have a story with the link the following week.