University of Massachusetts System, Boston, rehired Fidelity Investments and TIAA-CREF as record keepers of its defined contribution plans, said Matt Wamback, human resources operations manager, in an e-mail.
Fidelity will be master record keeper and TIAA will be secondary record keeper, Mr. Wamback said.
The system issued an RFP in April 2015 to narrow the number of record keepers to one provider who could offer “an overlay record-keeping service that supports an additional record keeper and synthesizes the dual offering to provide plan participants with a uniform plan experience,” the RFP said.
Fidelity and TIAA were incumbents, along with VALIC. All rebid for the services. Ameriprise, MetLife and Vanguard Group were legacy providers who were no longer under contract.
The largest of the defined contribution plans is the $715 million 403(b) Elective Deferral Savings Plan. Eight other DC plans have combined assets of $102 million.
