Thomas Jefferson University, Philadelphia, is freezing its $414 million defined benefit plan and switching to a 403(b) plan, according to a letter from Pam Teufel, chief human resources officer, obtained by Pensions & Investments.
Employees can contribute up to 6% of their base pay to the new plan. TIAA-CREF will administer it and provide many, but not all, of the investment options.
The DB plan will be frozen on Dec. 31; the new plan will be effective Jan. 1.
Jacqueline Kozlowski, a university spokeswoman, wasn't available for comment.