Ball State University, Muncie, Ind., hired Fidelity Investments as sole record keeper of its 403(b) and 457 plans.
Fidelity was selected after a review that began in 2019 to ensure the plans "continue to meet industry best standards and practices," said Alan Finn, vice president for business affairs and treasurer, in a letter to employees posted on the university's website.
Fidelity will take over effective Nov. 2, according to the letter.
The university's human resources website shows the current record keepers are Equitable, Lincoln Financial Group, One America, TIAA-CREF and Voya Financial along with Fidelity Investments. Whether an RFP was issued and other record keepers were included in a search, as well as the asset sizes of the plans, could not be immediately learned.
Mr. Finn in the letter also says a streamlined investment menu will be offered beginning Nov. 2, and details will be provided in a transition guide to be released in October.
Mr. Finn, Rose Costello, associate vice president for human resources, and Kate Stoss, director of university human resource services, could not be immediately reached for further information.