These Frequently Asked Questions (FAQs) have been developed to support Wake Forest University faculty, staff, retirees, and their beneficiaries during the transition of the University’s retirement plan recordkeeper from TIAA to Fidelity. These questions will be updated periodically.
Table of Contents
Why is Wake Forest University Making this Change?
What this Change Means For You
Preparing for the Transition
Contributions
Investments and Account Balances
Distributions (Loans, Systematic Payments)
Retirement Planning and Investment Advice
Who Should I Contact with Questions During the Transition?
Why is Wake Forest University Making this Change?
Wake Forest is committed to offering a retirement program that supports the financial wellbeing of faculty, staff, retirees, and their beneficiaries. The Retirement Plan Committee recently conducted a comprehensive review of its retirement recordkeeper options as part of its regular and ongoing commitment to enhance services to the University's retirement plans and its participants. Following this review, the committee unanimously decided to recommended changing to Fidelity. It is important to note that by making this change in retirement plan services providers, Wake Forest is not changing the amount of its contribution to your retirement.
Why was Fidelity Investments® selected?
After a thorough evaluation and extensive due diligence, the Retirement Plan Committee selected Fidelity based on its commitment to participant-focused solutions, transparent fee structures, best-in-class technology, and simplified administration. These enhancements are designed to improve your overall experience and support your long-term financial goals.
Were other retirement services vendors considered?
Yes. The University evaluated a competitive group of retirement plan recordkeepers capable of supporting a retirement program of our size and complexity. Fidelity was selected based on its ability to deliver overall value, service, and experience.
What can you tell me about Fidelity?
Founded in 1946, Fidelity is a trusted leader in financial services, known for its commitment to accuracy, cutting-edge technology, and retirement plan readiness. Fidelity has extensive experience working with higher-education institutions, which means they understand the unique needs of faculty and staff and how to help make the most of retirement planning, savings, and preparations.
What this Change Means For You
What is changing?
Effective January 2027, Fidelity Investments will become the retirement plan recordkeeper and custodian for Wake Forest University, replacing TIAA. At this time, you will access your plan account through Fidelity. Your plan accounts will transfer to Fidelity’s custody (with the exception of certain investments in TIAA contracts that will remain with TIAA), and you will make your investment elections through Fidelity’s platform. The current investment fund lineup will generally remain the same immediately after the transition, though there will be some changes due to the transition away from TIAA. The details of the change will be available later this fall.
What is staying the same?
Most plan features will not be changing as a result of this recordkeeper change including: the amount of Wake Forest’s contribution to your retirement, vesting requirements, eligibility to contribute, distribution rules, and loan guidelines.
Does this affect those who no longer work at Wake Forest University and still have assets in the plan(s) at TIAA?
Yes. This transition will affect all participants who have a balance in the Wake Forest University retirement plan(s) at TIAA. That includes current and former faculty and staff and beneficiaries. Everyone impacted will receive communications outlining the transition process and what to expect, ensuring they have the information needed to manage their accounts confidently.
What actions (if any) do faculty and staff specifically have to take before this change is made?
No action is required by plan participants prior to the transition, but there are a few important steps you should take to ensure a smooth experience:
- Review your investments. To better understand how your investments will or will not transfer to the investment lineup at Fidelity, please review the transition guide that you will receive in October 2026.
- Update your contact information. Double-check your mailing address and email in Workday to ensure you receive important plan updates.
Will my beneficiary designations transfer to Fidelity?
Your beneficiary information will transfer from TIAA to Fidelity if your beneficiary designation is complete (i.e., beneficiary name and SSN or DOB) and filed with the plan. You are encouraged to review your Fidelity account once everything has been transferred to confirm completeness and accuracy.
Can I still contribute to the plan through this transition?
Yes, and you are encouraged to do so. However, there are a few key dates to keep in mind:
- As part of the transition, there will be a required “Quiet Period” (dates will be shared October 2026), during the final transition from TIAA to Fidelity, during which you will not be able to make changes to your account, including deferral elections. Contributions made during this time will still be collected and invested according to your investment elections, but during the Quiet Period you will not be able to make changes to your account.
Please plan ahead if you anticipate needing to make changes to your deferral elections before the Quiet Period.
Important Note: December 2026 has a shortened pay cycle due to winter break. To ensure that any changes to your salary deferral elections in December are processed in the December payroll, make sure to submit your change(s) during the first week of December.
Will my current salary deferral election move to Fidelity?
Yes, your current salary deferral election(s) will be transferred to Fidelity. The specific details will be shared in the Transition Guide that will be available in October 2026.
- If your deferral election is a percentage of your compensation, it will automatically transfer to Fidelity.
- If your deferral election is a specific dollar amount, it will be calculated into a percentage based on your compensation and transferred to Fidelity.
Investments and Account Balances
Will my entire plan balance be moved to Fidelity?
Your plan accounts will be transferred to Fidelity’s custody and invested through investment options offered through the Plan at Fidelity, with the exception of certain investments in TIAA contracts that will remain with TIAA. The details of the change will be available later this fall.
A large portion of my account is invested in the TIAA Traditional. How are those balances affected with the Fidelity transition?
Existing balances in the TIAA Traditional Annuity will not transfer to your account at Fidelity, however, when you log into your Fidelity account you will be able to view your remaining balance in the Plan at TIAA. You may elect to transfer your existing balances from the TIAA Traditional Annuity to other Investment Options, subject to liquidity restrictions, but amounts in the TIAA Traditional Annuity will not be automatically transferred to Fidelity in the transition. If you want to learn more about your Investment Options, contact CAPTRUST by calling 800.967.9948 or visiting CAPTRUST at Work to schedule an appointment.
What happens if my preferred investment fund is not available in the new menu?
Most of the plan’s Investment Options will continue to be available to participants for investment after the transition, with the exception of TIAA’s proprietary funds. Details about the Investment Options that will be available under the plan will be provided later this fall.
If my assets are scheduled to move to Fidelity, can I leave my plan account at TIAA?
No. This is a plan-wide move to Fidelity. Once the transition is complete, all new contributions into the retirement plan will be directed to Fidelity Investments.
Distributions (Loans, Systematic Payments)
Will outstanding plan loan balances transfer to Fidelity?
Any non-collateralized outstanding retirement plan loan balances (loans secured by your own account balance) at TIAA will transfer to Fidelity. Collateralized plan loans (loans secured by the plan) held at TIAA will not transfer to Fidelity. You will continue to make payments on these loans directly to your TIAA account, with no changes to your repayment method. Any missed payments on non-collateralized loans during the Quiet Period will need to be made up at Fidelity immediately after the transition. A separate letter will be mailed to those who have loans, providing instructions on how to establish repayment information through Automated Clearing House (ACH) for loan payments to be deducted from your bank account. Note that loan payments will be made monthly, and you will have the option to select which day of the month your loan payment is deducted from your bank account.
How will existing systematic payments be affected?
Installment payments, including required minimum distributions, will continue as scheduled until the month of the transition. Once the transition is complete, you’ll have the option to establish a new installment payment schedule through Fidelity.
Can I take a withdrawal and/or loan before the move to Fidelity?
Yes. You can request an in-service withdrawal, a loan, or a Qualified Domestic Relations Order (QDRO) with TIAA until the Quiet Period begins. During the Quiet Period, no withdrawals, loans, or QDROs will be processed, so you’ll need to wait until the transition is complete to request a distribution, in-service withdrawal, loan, or QDRO through Fidelity.
Retirement Planning and Investment Advice
I’m retiring soon; does this impact me?
Yes. If you are retiring soon, you will need to consider when to initiate withdrawals and whether to set them up through TIAA before the transition — or wait until after the transition to set them up through Fidelity. To process a withdrawal with TIAA, your request must be submitted before 4 p.m. (EST) of the last business day before the Quiet Period begins. After that, withdrawals will need to be initiated through Fidelity once the transition is complete.
I currently have a financial consultant or Wealth Manager with TIAA. How will this change after the transition?
We appreciate that many participants have built strong relationships with their financial planners, and we want you to continue feeling confident and supported in your retirement planning. You may continue to work with your current financial planner at TIAA or any other firm subject to their terms and conditions. Fidelity will become the recordkeeper for Wake Forest University’s retirement plan, but your broader financial planning relationships are entirely up to you.
Will I still be able to meet one-on-one with a financial consultant?
Yes. In addition to CAPTRUST, Fidelity offers access to Workplace Financial Consultants who provide one-on-one support to help you manage your financial wellbeing. These professionals can help you with savings tips, asset allocation, income planning, and complex planning discussions, as well as with financial education at retirement or when you change jobs. Fidelity’s consultants take a comprehensive, holistic approach to retirement planning and are backed by industry-leading research and integrated online tools. More information on how to connect with a Fidelity Workplace Financial Consultant is forthcoming and the Transition Guide will be available October 2026.
When will more detailed information about this transition be available, and how will I access it?
In addition to these FAQs and Fidelity’s transition website, more detailed information, including key dates, the new investment lineup, added features, and services will be available October 2026 through a comprehensive Transition Guide. You’ll also have the opportunity to sign up for information sessions.
Who Should I Contact with Questions during the Transition?
|
Questions |
Who to Contact |
Support Timing |
Contact Information |
|
WFU-HR |
Ongoing |
|
|
CAPTRUST |
Ongoing |
Virtual Option: Call 800.967.9948 or visit CAPTRUST at Work.
In-person Option: Schedule an in-person appointment with CAPTRUST’s Senior Financial Advisor, Matt Leggett. Matt is also available for virtual appointments. |
|
TIAA |
Through early December 2026 |
Call 800.842.2776, visit TIAA, or schedule an appointment |
|
Fidelity |
Beginning October 2026 |
Available Fall 2026 |
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.
The frequently asked questions provide only a summary of the main features of the Wake Forest University Retirement Plans, and the plan documents will govern in the event of any discrepancies.
These frequently asked questions will be updated periodically throughout the transition.