We are pleased to announce several changes to the Lafayette College Retirement Plan (the “Plan”) related to the administration of the Plan.
As you may recall, the Retirement Plan Committee (the “Committee”) was appointed last year by the Board of Trustees to oversee the operation of the Plan. That Committee includes faculty and staff who represent a cross-section of the College’s constituencies, and is advised by the College’s investment consultant, Fiduciary Investment Advisors (“FIA”), now part of Dimeo Schneider & Associates. That Committee is responsible for overseeing the administrative aspects of the Plan including the available administrative platforms offered by our two Plan administrators (“record keepers”), TIAA and Fidelity, and the investment options available on those platforms.
The Committee, with the assistance of FIA, has been working to complete a thorough review of the record keepers and investment options. A subcommittee, which included members from the Committee and our investment advisor, FIA, reviewed the investment options and made recommendations to the full Committee. The Committee has completed the review process and determined that there will continue to be two record keepers for our Plan (TIAA and Fidelity). As a Plan participant, you are currently able to utilize TIAA and/or Fidelity as your record keeper, and you will continue to be able to do so. The Committee was also able to obtain favorable pricing for the administrative services provided under the Plan, which will inure to the benefit of Plan participants.
Going forward, the TIAA and Fidelity platforms will include a parallel lineup of ten (10) mutual funds, and TIAA will also include (5) TIAA and CREF annuity investments. Investments will include a mix of index and actively managed funds, mutual funds and annuity offerings, and a selection of investments from various well-known organizations across the industry, including names like Vanguard, TIAA and CREF, MetWest, and The Hartford. A suite of Vanguard Target Date Funds have been added to each line-up.
In December, you will have the option to review the new fund options and make selections during an enrollment window. Effective January 6, 2021, if you do not select new funds, some existing investment funds will remain and the current balances and new contributions to them will continue in those funds, while other funds will close and contributions will be redirected seamlessly into the designated new replacement funds. (Further details on the mapping of funds will be included in the communication from your current record keeper, TIAA and/or Fidelity.)
For further detailed information on this transition and the Retirement Plan changes: