TIAA Transition

Important Update Regarding UNC Retirement Plan Recordkeepers

In the spring of 2023, we communicated that the UNC System was exploring a move from two recordkeepers (TIAA and Fidelity) to a single retirement plan recordkeeper for the UNC Retirement Plans. In September 2023, with assistance from the plan’s investment advisory firm, CAPTRUST, the UNC System completed the RFP process and announced that the contract to manage all participant retirement plan assets was awarded to TIAA. This impacts the following UNC Retirement Plans:

• UNC Optional Retirement Program (ORP)

• UNC System 403(b) Plan

• UNC System 457(b) Plan

Employees with a balance in one or more of the UNC System retirement plans (ORP, UNC 457(b), UNC 403(b) plans) were mailed detailed transition information to their home address via US Mail on January 26, 2024.
The Transition Guide, Transition Guide Insert, and Blackout Period Notice are also available here.

Why Is This Happening?

The move to a single retirement plan recordkeeper will offer many potential advantages. It will allow us to:

• Streamline and simplify the enrollment process.

• Better leverage the University’s $10 billion in defined contribution retirement plan assets to reduce recordkeeping expenses.

• Consider investment solutions that better fit the unique aspects of our employee demographics.

• Provide employees with a clear and consistent financial education and advice program.

FAQs

1. When will my payroll deducted retirement contributions stop going to Fidelity and start going to TIAA?

 

• All contributions previously going to Fidelity have been directed to TIAA as of February 2024. Participants can register for a TIAA account at by clicking “log in” and then “Need online access?” to see contributions made since that date.

 

2. I logged into my Fidelity account and my balance is $0? Where did my money go?

 

• The process to transition funds from Fidelity to TIAA has begun and initiated a blackout period in which participants will not be able to make any changes to their accounts.
  The blackout period is expected to last until April 15, at which time participants will be able to view their account balances through TIAA.
   
  Participants can register for a TIAA account here by clicking “log in” and then “Need online access?”.

 

3. How can I learn about TIAA’s investment options?

 

• Details about TIAA’s investment performance and current fund options are available on the TIAA website. Many investment options available through Fidelity are the same in the investment lineup with TIAA. These investments will be transferred in kind. An in kind transfer means your holdings will not be sold and repurchased, they will simply transfer from Fidelity to your new account with TIAA and will remain fully invested during this transition. However, a select few do not have in kind TIAA investment funds. These funds will be transitioned to a replacement fund. Participants in these plans will typically receive two confirmations: one from Fidelity showing the transfer of the balance of the account, and a second from TIAA showing the balance applied to the new TIAA account. The crosswalk showing the specific TIAA investment fund that correlates to each Fidelity investment fund begins on page 17 of the Transition Guide available here.

 

4. Does this change impact terminated or retired employees enrolled through Fidelity?

 

• Yes, all plan assets with Fidelity will be transitions to TIAA as part of this change. This includes terminated or retired employees who have a plan balance with Fidelity.

 

5. What if I don’t want TIAA as my retirement vendor?

 

• Participants in the ORP plan will be required to use TIAA as their vendor under this change. Participants in a supplemental retirement plan – 403(b) and 457 – may choose to stop contributions to these accounts, but the existing funds will be transitioned to TIAA as part of this change.

 

6. Can I transfer my supplemental retirement plan funds to Empower?

 

• If you participate in the 457 plan with Fidelity or TIAA, you can move your funds to Empower’s 457(b) plan through a direct transfer with the vendor. If you participate in the 403(b) plan with Fidelity or TIAA, you may be eligible to move your funds to Empower’s 401(k) plan if you experience a triggering event as defined by the IRS (such as reaching age 59.5, separating from employment, etc) and you are currently participating in either the TSERS or ORP retirement accounts.

 

7. Does this change impact TSERS or Empower participants?

 

• No, TSERS and Empower plans are managed by the Office of State Treasurer and are not part of the UNC System’s retirement plans.

Where can I find more information?

The Transition Guide, Transition Guide Insert, and Blackout Period Notice are also available here.

Employees with additional questions are encouraged to contact our dedicated representative with TIAA, Kellen Lipscomb, to schedule a meeting. Kellen can be reached at 704-988-5146 or via email at Kellen.Lipscomb@tiaa.org.