University of Washington taps Fidelity as 403(b) plans’ bundled provider

University of Washington, Seattle, hired Fidelity Investments as bundled provider of its two 403(b) plans — UW Retirement Plan and Voluntary Investment Program — which have a total of $3 billion in assets, confirmed Kathleen Dwyer, executive officer, benefits office.

The university issued an RFP last year to consolidate to one provider. The previous providers were Fidelity, TIAA-CREF and Vanguard Group; the three firms and Diversified were the other finalists.

The change will be effective sometime in the fall, with an exact timetable yet to be determined.

The plans currently have 67 investment options, which are expected to be “significantly fewer” with the new provider, according to a news release from the university.