Lehigh University is providing a new defined contribution retirement plan to its employees, according to the Bethlehem, Pa.-based university’s website.
Starting Jan. 1, 2014, the new $600 million 403(b) Lehigh University Retirement Plan will replace both the previous $460 million Lehigh Pension Plan funded by the university and the $140 million Voluntary 403(b) Retirement Savings Plan.
TIAA-CREF will serve as Lehigh’s record keeper, but it will not be the sole provider of investment options for the retirement plan.
The full list of funds in the plan has funds by TIAA-CREF, Vanguard Group, Loomis Sayles, Morgan Stanley Investment Management, Ivy Funds, First Eagle Investment Management, MFS Investment Management, Champlain Investment Partners, Parnassus Investments and RBC Global Asset Management.
The university’s existing voluntary retirement savings plan will be closed to new contributions, also effective Jan. 1.
The school is transitioning to a base contribution of 8%. Previously, employees under the age of 30 received a base contribution of 5%, while employees 30 and older received a 10% contribution. The new plan is being phased in over four years.
Calls to Timothy Hinkle, human resources associate at Lehigh University, were not returned at press time.
