Carnegie Mellon University, Pittsburgh, hired TIAA-CREF as the sole record keeper for its 403(b) and 401(k) plans.
The university is consolidating to a single record keeper following an RFP process and review of "record-keeping capabilities and features," according to a transition guide on the university's website.
Currently, the plans has two record keepers: TIAA-CREF and Vanguard Group. A blackout period originally scheduled to begin March 26 has been postponed due to "market volatility concerns stemming from the coronavirus" and for the time being, participants in the Vanguard plan will not have their balances transferred, according to a notice on the plans' website. Future contributions will still be directed to the TIAA-CREF accounts on March 26, the notice said. The investment options lineups will be combined, the transition guide said. Further information on investment options changes was not immediately available.
As of Dec. 31, 2018, the Carnegie Mellon University Faculty and Staff Retirement Plan had $1.8 billion in assets, and the Carnegie Mellon University 401(k) Plan had $20 million in assets, according to the university's most recent Form 5500 filings.
University spokesman Jason Maderer, could not be immediately reached for further information.
