After carefully reviewing our current retirement plans offered at Tulane, we’re consolidating our offering to one single retirement source—TIAA. Although no action is required at this time, we will be transitioning all current Fidelity retirement accounts to TIAA in 2022.
Please review the most current updates below regarding limited changes to accounts:
Fidelity participants: Former Fidelity participants who did not have an account at TIAA have now been enrolled in a new TIAA Retirement Choice (RC) and/or Retirement Choice Plus (RCP) account. If you were enrolled in a new account, you will be receiving an enrollment confirmation and Welcome Kit from TIAA within the next week. Former Fidelity participant’s accounts at TIAA will show a zero balance until the first contribution is sent in January or after the account balances transfer from Fidelity later this month. To facilitate the transfer of assets from Fidelity to TIAA, Tulane retirement plan accounts at Fidelity remain in blackout until the week of January 31, 2022.
All TIAA accounts: Tulane University retirement plan accounts at TIAA are currently unavailable for enrollment or contribution changes while system updates are being made. The plans will again be available for contribution changes beginning January 14, 2022. Watch for more information on how to access your accounts and the new services when the system becomes available.
We’ll be continuing communications and keeping you up-to-date on key milestone dates for when you can take action. The Retirement Plan Transition Guide is now available online. If you have questions, visit TIAA.org/Tulane/plan-changes or call TIAA at 800-842-2252. Consultants are available weekdays, 7:00 AM - 9:00 PM (CT).
We’re always looking for ways to bring savings and financial security to our Tulane community. The change to TIAA as the sole retirement administrator and recordkeeper will reduce overall plan management costs. And lower plan fees mean more of your savings can work for you.
While there will always be costs to operate our retirement plans to cover reporting, communications, investment consulting, and legal advice, this transition allows us to enhance our level of retirement support from TIAA while reducing costs and removing duplicative services from Fidelity. Importantly, you will now see fees broken out on your new quarterly statements from TIAA to cover the cost of plan administration.
The vast majority of Fidelity plan members should not experience any impact other than now going to the TIAA platform to access and manage your account. In most cases, your balances and future contributions in the plans will remain in, and continue to be directed to, your same investment options. You can see a preview of the investment lineup and how investments will be transferred to TIAA for Fidelity participants.
A faster, simplified online experience. A new online platform will replace the existing retirement plan enrollment site to make plan changes faster and easier. As part of the enhancements, you will have the option to set up automatic contribution increases to your Tulane University Tax-Deferral Plan to help build your savings faster.
Help finding relief from student loan debt. TIAA has joined forces with Savi, a social impact technology company, to offer eligible Tulane employees the opportunity to take advantage of loan forgiveness programs and determine optimal repayment plans.
No action is required at this time. A transition guide with details about the changes is available online and will be mailed to your home address in December. The guide includes information on key dates, specific action steps, and resources. We will also offer webinars and on-demand information sessions for you to learn more about these changes. Look for a detailed schedule in the guide and in future communications.
To log into your account at TIAA, click here and enter your Tulane user ID and password.
To help simplify the management of your account, you can go to the same place to start or make changes to your contribution, as well as your investment options.
We're preparing a number of resources to help support this transition. You can also look out for your Retirement Transition Guide in the mail later this year.