General FAQ

What is transitioning and why?

As part of our ongoing commitment to deliver a benefits package that promotes the financial well-being of our employees, the university’s Retirement Investment Advisory Committee, composed of staff and faculty representatives, completed a comprehensive review of our retirement plans and conducted a request for proposal (RFP) with five vendors. The goal was to align our Retirement Plans with industry-best practices, save employees money, and provide transparent fee information.

Starting November 1, 2025, the committee selected Fidelity Investments® to be the sole administrative services provider for the Tufts University-Funded Retirement Plan (401(a)) and the Self-Funded Retirement Plan (403(b)) for their excellent customer service, lower fees, advanced technology, and simplified administration. Currently, there are two administrative service vendors for the Plans—Fidelity and TIAA.

How will I benefit from this?

With Fidelity as the sole administrative services vendor, all employees who participate in a Tufts University Retirement Plan will enjoy the same benefits, including:

  • Lower Fees: Reduced participant fees, saving you money.
  • Simplified Access: The NetBenefits website and mobile app provide easy access to manage your account.
  • Convenient Resources: Online planning tools, videos, and workshops to help you make decisions for your future.
  • Proven Reliability: Continuity with a trusted service team and dedicated representatives to help you understand and maximize your benefits.
  • Retirement Planning Advice: Fidelity’s Workplace Financial Consultants are financial professionals backed by industry-leading research and analysis, with the skills to help address your needs and help you plan holistically.

What is the reduction in the annual fee?

Moving to a single retirement plan provider enables us to reduce administrative and investment fees. Today at Fidelity, each participant pays a fixed annual recordkeeping fee of $85. At TIAA, the fee is bundled, meaning the cost to run the Plans (investment management, recordkeeping, and administration) is included in the investments you choose and paid for by your investment returns. Each year, the total cost you paid is reflected in the Participant Fee Disclosure. With Fidelity as the sole administrative services provider, the current annual fee per participant will be $65. Even if you have multiple Tufts University Retirement Plans at Fidelity, each participant will annually pay $65 total.

What is NOT changing?

The Plans' designs are not changing. This means the following:

  • 401(a) Plan: Same university contribution, eligibility, vesting and distribution rules.
  • 403(b) Plan: Same eligibility, loan and hardship availability, distribution rules, and Roth option.

We will continue to provide a robust retirement program that supports your financial wellness planning and retirement readiness.

Are there any tax consequences associated with this transition?

No.

Have other higher education institutions made a similar transition?

Yes. Since 2009, many colleges and universities have chosen to use a single vendor for their retirement plan administrative services.

Where can I go to learn more?

Additional information will be provided throughout the transition period (now through October 31, 2025), including a Transition Guide that will be available in September.

If I’m currently contributing to a Tufts University Retirement Plan, what immediate steps do I need to take?

If you are contributing exclusively to Fidelity and do not have an account balance at TIAA, there is nothing you need to do. However, we encourage you to review your current investments at Fidelity to ensure they meet your retirement needs. Here are some steps you can take to do that.

If you have an account balance at TIAA and/or are making contributions to TIAA, please find information about the actions you will need to take at the links below:


If I’m planning to retire soon, how will this impact me?

If you are planning on retiring soon, you will need to consider when to initiate withdrawals and whether or not to set these up through Fidelity or TIAA prior to the transition. 

I don’t know if I’m investing in TIAA or Fidelity or what investment I have. How can I find out?

If you have questions about your investments or which vendor you are using, log into NetBenefits and click on “Tufts Univ. 403(b)” or “Tufts Univ. 401(a)” for details on the balances held at each vendor for each Plan. To see your investment details, log into the vendor’s website at Fidelity and/or TIAA. Or you can call to confirm your vendor and/or investment details: Fidelity at 800 343-0860 and/or TIAA at 800-842-2776. 

Who can I expect to receive communications from regarding the transition to Fidelity?

You will receive communications from Tufts University and Fidelity Investments. Please note that Tufts University has not authorized communications to be sent from any other firm.

TIAA-Specific FAQ

For active employees with an account balance at TIAA and/or making current contributions to TIAA.

I’m not sure what I’m invested in at TIAA. How do I find out? 

To review your current TIAA balances, log into NetBenefits and select “Tufts Univ. 403(b)” or “Tufts Univ. 401(a)” for plan-specific details. To see your TIAA investment details, visit tiaa.org/tuftsuniversity or call 800-842-2776.  See the fund mapping to confirm which of your investments are annuities and which are mutual funds.

Can I keep my current investments at TIAA?

If you have a balance in TIAA Traditional, CREF Stock, CREF Money Market^, or another TIAA or CREF annuity, it will not transfer to Fidelity as part of this transition. Balances in TIAA annuities will remain at TIAA unless you affirmatively act to move them to Fidelity. If you are interested in transferring your annuity* balance from TIAA to Fidelity or want to learn more about the process and timing, you may schedule a one-on-one consultation with a Fidelity representative. You may also want to consult with your financial and/or tax advisor. 

If you have a balance in a Nuveen Lifecycle, Vanguard Cash Reserves Federal Money Market^, or Vanguard Balanced Index Inst through TIAA and you want to keep your current mutual fund balances at TIAA, you can move your balance into an available annuity* ( limited to TIAA Traditional, CREF Stock, or CREF Money Market) by October 31, 2025. See a complete list of annuities in the university’s Plans.

If you take no action by October 31, any existing balances in mutual funds at TIAA will transfer to Fidelity based on the fund mapping. 

To review your current TIAA balances, log into NetBenefits and select “Tufts Univ. 403(b)” or “Tufts Univ. 401(a)” for plan-specific details. To see your TIAA investment details, visit tiaa.org/tuftsuniversity or call 800-842-2776.

*Please note that there are liquidity restrictions only for TIAA Traditional invested in the 401(a) Plan. Contact TIAA for more details.

^You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

If my mutual fund investments at TIAA are scheduled to move to Fidelity, can I leave them at TIAA?

No. This is a plan-wide move to Fidelity. However, if you want to keep your current mutual fund balances at TIAA, you can move your balance into an annuity (including but not limited to TIAA Traditional, CREF Stock, or CREF Money Market) before October 31, 2025. See a complete list of annuities in the university’s Plans. Please note that there are liquidity restrictions only for TIAA Traditional invested in the 401(a) Plan. Call TIAA for more details.

Why are the fixed and variable annuities at TIAA not moving to Fidelity?

Unlike401(k) plans, where employers and trustees can direct existing investments to be mapped or transferred to replacement funds, 403(b) plans are generally not invested in trusts, but in fixed or variable annuity contracts and/or custodial accounts (mutual funds). Some of these contracts may not permit mapping of investments to replacement investments without obtaining individual consent from participants. In those situations, the employer may direct all future contributions toward the replacement investment, but existing assets must remain in the replaced investment unless the participant elects to transfer their assets out of it.1

If I’m currently directing my 403(b) contribution to TIAA, will that move to Fidelity?

Yes, your employee deferral contribution percentage for the 403(b) Plan will automatically carry over to Fidelity. The last payroll contribution that will be sent to TIAA for investment will be as follows:

  • If you are paid weekly: Pay issued on October 31, 2025
  • If you are paid semi-monthly: Pay issued on October 30, 2025

If I’m currently directing my 401(a) contribution to TIAA, will that move to Fidelity?

Yes, the university’s contribution will automatically carry over to Fidelity after the transition. The last payroll contribution that will be sent to TIAA for investment will be as follows:

  • If you are paid weekly: Pay issued on October 31, 2025
  • If you are paid semi-monthly: Pay issued on October 30, 2025

What will happen to my outstanding 403(b) Plan loan because of this transition?

Any outstanding 403(b) Plan loan balances at TIAA will transfer to Fidelity. If this affects you, you will be notified by Fidelity regarding details on where to send your loan payments.

Will my beneficiary election at TIAA automatically move to Fidelity?

No. Current beneficiary designations on file at TIAA are not being transferred to Fidelity. If you are exclusively using TIAA, you will need to designate your beneficiaries at Fidelity. You can do so at any time by logging on to your account at netbenefits.com/tuftsuniversity, then navigating to “Profile,” then “Beneficiaries.”

What is an annuity and why do I have one?

The TIAA and CREF investments offered through the Plans today are funded through annuity contracts, which was a common investment vehicle in the 401(a) and 403(b) Plans for many years. The annuity investments at TIAA include the following current investments: the TIAA Traditional, CREF Stock, and CREF Money Market. See a complete list of annuities in the university’s Plans. This should not be confused with the ability for a participant to annuitize a portion of their account at retirement. Participants can annuitize an annuity or mutual fund investment.

For inactive employees or beneficiaries with an account balance at TIAA

If I no longer work at Tufts University and still have assets in the Plan at TIAA, does this change impact me?

Yes. This will affect all participants (current and former employees, beneficiaries, alternate payees, etc.) that have a balance in the Tufts University-Funded Retirement Plan – 401(a) and/or Self-Funded Retirement Plan – 403(b). All participants will receive communications detailing the transition and what they can expect.

Questions?

Fidelity phone: 1-800-343-0860

Fidelity website: www.netbenefits.com/tuftsuniversity

Schedule a One-on-One Appointment with Fidelity: www.fidelity.com/schedule

TIAA phone: 800-842-2776

TIAA website: www.tiaa.org/tuftsuniversity

 

The frequently asked questions provide only a summary of the main features of the Tufts University-Funded Retirement Plan – 401(a) and the Self-Funded Retirement Plan – 403(b).  Plan documents will govern in the event of any discrepancies.

Investing in a variable annuity involves risk of loss, investment returns, contract value, and, for variable income annuities, payment amounts are not guaranteed and will fluctuate.

TIAA and Fidelity Investments are independent entities and are not legally affiliated.

The frequently asked questions will be updated periodically throughout the transition.

1 Can 403(b) Plan Annuities Be Mapped to Replacement Funds?