University of Vermont and State Agricultural College, Burlington, is consolidating record keepers for its $1.2 billion 403(b) plan, to Fidelity Investments and TIAA-CREF.
The university's 403(b) plan currently has Fidelity, Prudential and TIAA-CREF as the record keepers, according to materials on the plan's website.
The changes will be effective July 7. Participants with Prudential lineups will be defaulted to the target-date fund lineup managed by Fidelity.
A Feb. 7 memo to faculty and staff said the changes were designed to "help simplify your investment choices for retirement savings," and were completed following a review by the university's retirement plan oversight committee and investment consultant Cammack Retirement Group.
The plan is also streamlining the investment options lineup under TIAA-CREF. For that record keeper, the plan is removing 18 options, all managed by Nuveen, TIAA's money manager subsidiary. Eleven options and a target-date fund lineup managed by Nuveen will remain in that lineup.
Under Fidelity, the plan is also offering a new investment option lineup, but current materials do not provide further information about which specific investments are new to the plan.
Cammack Retirement Group is assisting.
Jeffrey Wakefield, university spokesman, could not be immediately reached for further information.
