To DePaul 403(b) Plan Participants:
As a participant in the DePaul University 403(b) Retirement Plan, you may soon be impacted by an important change. The Investment and Plan Administrative Committee (IPAC), acting in their fiduciary capacity for the DePaul University 403(b) Retirement Plan, has made the decision to choose Fidelity as the sole service provider for receiving all future employee and employer contributions. The Investment and Plan Administrative Committee (IPAC) includes members of DePaul’s staff, faculty, and administration. As a fiduciary body, the IPAC has an obligation to protect the plan’s assets for the benefit of plan participants based on careful monitoring, analysis, and evaluation of information. The decision of IPAC has been approved by DePaul’s Board of Trustees and is expected to occur on or around July 1, 2021. This change will take effect for active employees, and for retired and non-active participants who still retain a balance in the Plan.
The IPAC has been closely monitoring and evaluating Fidelity’s ability to meet the needs of all the participants in our plan since new enrollments with TIAA were halted in October of 2017. Fidelity has demonstrated their ability to operate our plan and to do so at materially lower participant costs, all in service of our goal of helping faculty and staff achieve a successful retirement. Going forward, all eligible custodial mutual funds will move from TIAA to Fidelity. All annuity holdings will be retained at TIAA.
We anticipate that you will have many questions; therefore, you will have access to resources to consult and assist you before the change occurs on or around July 1. This microsite has been developed to host detailed information about the change and to answer many of the questions you may have. The site will be updated throughout this transition as needed.
DePaul will also host a number of web meetings to explain the process and to answer questions about how the transition will occur. To register for one of these sessions, visit the Webinars and Counseling tab.
You may also schedule individual time with representatives from Fidelity and TIAA to discuss how the change may or may not impact your retirement savings strategy. During and after the transition, Fidelity Retirement Planners and TIAA Financial Counselors/Consultants will be available for complimentary one-on-one meetings with DePaul faculty and staff.
While these changes will not require any action on your part, we encourage all participants who are impacted to learn more about the process and to take any steps necessary to support their individual retirement plan.
Sherri Sidler Stephanie Smith
Interim Executive Vice President Vice President, Human Resources
Investment Chair Administrative Chair
403(b) Investment & Plan 403(b) Investment & Plan
Administrative Committee Administrative Committee