Rice retirement plan adding Fidelity Investments Aug. 1

FROM RICE NEWS STAFF REPORTS

In a continuing effort to help employees meet their retirement needs, Rice University is adding Fidelity Investments and the 175+ Fidelity-branded mutual funds as a Rice Retirement Plan option effective Aug. 1. This option is in addition to the current, expanded choices available to employees through TIAA-CREF.

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Also starting Aug. 1, Fidelity Investments will be the default investment for the Rice Retirement Plan. All newly hired faculty and staff, newly benefits-eligible faculty and staff, and all rehired faculty and staff with a hire date of Aug. 1 or later will be defaulted into the age-appropriate Freedom Fund through Fidelity Investments, unless they elect otherwise.

Rice will refer to TIAA-CREF and Fidelity Investments as the plan ”administrators,” meaning that they administer the plans according to Rice’s rules.

Faculty and staff have the option to manage their funds within their administrators of choice, and those defaulted into Fidelity always have the option to elect TIAA-CREF — Rice is simply expanding the list of available choices.

Choosing Fidelity

Employees who elect to allocate all or a portion of their Rice Retirement Plan contributions to Fidelity Investments must complete the Administrator Selection Form, available at http://people.rice.edu/emplibrary/401a Administrator Selection Form.pdf. Send completed forms to Benefits at MS 92 or via fax to 713-348-5479. Note that as with the Salary Reduction Agreement, any elections are effective at the first of the following month. The first change will appear on the first paycheck thereafter.

For those electing future contributions to Fidelity Investments, Fidelity has established an online resource (http://enrollonline.fidelity.com/, use plan ID 95122) to use to set up the new Rice Retirement Plan account with them. Note that the Rice Retirement Plan funds are held in a separate account from any contributions employees make to their 403(b) plan.

Those who have stopped receiving contributions to their TIAA-CREF account can transfer their existing TIAA-CREF balances to Fidelity.

Choosing TIAA-CREF

No action is required by employees who wish to keep 100 percent of their contributions with TIAA-CREF. Their contributions will continue as is to TIAA-CREF.

Additional Retirement Planning

Rice encourages employees to think about their retirement plan goals and, if appropriate, meet with a retirement plan consultant through TIAA-CREF or Fidelity or by using Financial Engines, a free financial-planning tool available to benefits-eligible employees at Rice.

TIAA-CREF and Fidelity on Campus

Below are several dates, times and locations when either TIAA-CREF or Fidelity Investments will be on campus to assist employees during this transition:

Fidelity Investments Group Sessions (all held in McNair Hall, Room 218 – no appointment is necessary):

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