Tulane University, New Orleans, hired TIAA-CREF as the single record keeper for its three 403(b) plans and 457 plan.
The transition to TIAA-CREF as the single-record keeper is expected to be complete in the first quarter of 2022, according to a transition guide on the university's website.
The change is the result of an RFP process and extensive review of the program with the assistance of investment consultant Aon Investments USA, according to an FAQ included with transition guide materials.
TIAA is currently a record keeper for the plans along with Fidelity Investments. The notice and FAQ did not say whether Fidelity was included in the RFP process.
The change includes revisions in November to the investment options lineup for participants already signed with TIAA, which includes options currently offered by Fidelity Investments.
As of June 30, 2020, the Tulane University Faculty and Administrative 403(b) Retirement Plan, Tulane University Tax Deferral 403(b) Retirement Plan and Tulane University Staff 403(b) Retirement Plan had $600 million, $371 million and $222 million, respectively, in assets, according to the plans' most recent Form 5500 filings.
Further information on the 457 plan's asset size was not available.
Officials at Tulane University could not be immediately reached for further information.