University of St. Thomas, St. Paul, Minn., hired Transamerica Retirement Solutions as the sole record keeper for its consolidated defined contribution plan, said a letter to plan participants posted on the university’s website.
The university administers two DC plans — the University of St. Thomas Voluntary Retirement Plan, to which employees contribute, and the University of St. Thomas Retirement Plan, to which the university contributes. TIAA-CREF and Fidelity are the plans’ record keepers.
The University of St. Thomas Retirement Plan had $201 million as of Aug. 31, 2013, according to its most recent Form 5500. Assets of the voluntary plan could not be learned by press time.
Starting in April, all new contributions will be directed to the consolidated plan under Transamerica. A new fund lineup will be offered, but additional information could not be learned by press time.
Moving to a single plan and record keeper will simplify participants’ experience and reduce fees, the letter said.
The university’s investment committee unanimously selected Transamerica as its sole record keeper because of its open architecture platform, transparency, experience, among other reasons, the letter said. Fidelity and TIAA-CREF were also considered.
Michelle Thom, associate vice president of human resources, could not be reached for additional information by press time.