TIAA will act as the sole record keeper beginning Jan. 18, the university said in a transition guide for employees on TIAA's website.
The decision followed a review of the plan by consultant CAPTRUST Financial Advisors, which also was hired to provide plan participants with advisory services in person and by phone.
The university selected TIAA because it "provided the best overall value for the plan," the transition guide stated.
As part of the change, the university revamped its investment lineup, streamlining the plan's mutual fund and annuity contract options. Several of the investments, it said, were removed and replaced with new ones. Which are new could not be learned immediately. The new lineup includes five tiers of investment options.
The first tier, known as the allocation tier, offers two CREF variable annuity options and a Vanguard target-date family.
The second, active, tier offers a total of 12 options from Capital Group's American Funds, Carillon Tower Advisers, Goldman Sachs Asset Management, MFS Investment Management, Prudential Financial, T. Rowe Price Associates (TROW), TIAA, Vanguard and Victory Capital Management.
The third, passive tier, offers nine Vanguard index funds.
The fourth tier offers 24 GuideStone options, including target-date funds, that are screened "to allow faith-based investors the opportunity to align their personal investments with biblical values and principles," the transition guide said.
The fifth tier is a TIAA brokerage account.
In addition to the CAPTRUST advice service, the plan introduced an optional fee-based retirement plan portfolio manager service from TIAA, which reviews participants' portfolios quarterly and provides investment advice for an annual fee of 30 basis points.
A Baylor spokeswoman declined to disclose how much the 403(b) plan has in assets.