As was shared previously, effective July 21, 2021, Fidelity will become the single service provider for receiving contributions and providing plan services for DePaul's 403(b) Retirement Plan.
This transition to a more focused approach for the administration of DePaul's 403(b) plan enables the university to pursue its goal of helping faculty and staff achieve a successful retirement.
To prepare for this transition, a “blackout period" for certain account activities will begin on July 16. Therefore, any action that you plan to take should be done before July 16.
What you need to do
All plan participants will receive information by mail in mid-May with details about how this change may affect you.
- For current Fidelity participants, no action is required during this transition. As a current Fidelity participant, your balance in the plan will remain at Fidelity and you will continue to manage your account as you do now. However, this is a good time to review your investment elections and retirement goals to ensure you are on track. Some investment options will be changing in order to provide lower expenses to all participants. An overview of any fund changes will be mailed to you in mid-May 2021 outlining any changes that may take place in your account.
- For current TIAA participants, no action is required for your mutual fund holdings to be transferred to Fidelity. All participants who do not already have an account with Fidelity will need to complete a beneficiary designation and an investment election. If you have no investment election on file at Fidelity, your balance will be invested in the appropriate Target Retirement Fund based on your year of birth until you make an affirmative election. You will receive a detailed fund change notice at your mailing address of record in mid-May 2021. This document will contain more detailed information about which holdings at TIAA will transfer to Fidelity and which will remain with TIAA.
How you can learn more
- Attend a virtual meeting on May 11 or 13 hosted by DePaul to learn more about the process and find answers to questions about how the transition will occur. Click here to register. If you are not able to join a live session, review the presentation here.
- Schedule a complimentary one-on-one meeting with representatives from Fidelity and/or TIAA to discuss how the change may or may not impact your retirement savings strategy.
All plan participants are encouraged to learn more about this change and take any steps necessary to support their individual retirement goals.