Loyola University, Chicago, hired Transamerica Retirement Solutions as the sole record keeper for its $650 million 403(b) defined contribution plan, a letter to plan participants said.
Starting in December, all new employer and employee contributions will be directed to Transamerica. The retirement plan currently uses three firms: Fidelity Investments, TITIAA-CREFvestments, TIAA-VALICand VALIC.
Participants will be able to keep their pre-December balances invested in the funds they chose with Fidelity, TIAA-CREF or VALIC, or transfer them to TransameVALIC or VALIC, or transfer them to Transamerica.
“Using Transamerica will make it easier for faculty and staff to manage their retirement savings and get the help they need. It will also streamline administration of the plan and allow Loyola to offer a more focused fund lineup with solutions for every type of investor,” the letter said.
The university chose Transamerica as its sole record keeper because “they administer retirement plans for other institutions of higher education across the country, and have spent the last 75 years working with plans of every size in every industry,” the letter indicates. Fidelity, TIAA-CREF and VALIC were among the firms consideVALICand VALIC were among the firms considered.
As a result of the changes, a new fund lineup will be offered. Additional information on the new fund options could not be learned by press time. However, four select funds from TIAA-CREF will be among the funds in the lineup. “The lineup will also include the opportunity to contribute to four select funds at TIAA-CREF,” the letter said. “These are among the funds offered today through TIAA-CREF and will continue to be offered beginning in December.” A brokerage window will also be available as part of the new lineup.
All inquiries were directed to Deborah Meister, director of benefits, compensation and human resources information system. Ms. Meister could not immediately be reached for additional information by press time.