Retirement Plan Program
Fordham University offers eligible employees the Fordham University Retirement Plan. Read more in the Retirement Plan Summary Plan Description (SPD)
The Fordham University Retirement Plan Committee (the Committee) is excited to share that it has recently voted to implement changes to the Fordham University Retirement Plan’s (the Plan) investment options that it believes will be of great benefit to employees.
Working with its co-fiduciary, CAPTRUST, an independent financial advisor, the Committee is adding a number of new funds to the Plan portfolio, many of which come with lower fees and fit well with existing choices. It is also removing some funds that it believes are no longer necessary for an optimized investment lineup. In addition, the Committee will be organizing the Plan’s investment choices into groups, or “tiers,” which will help you to determine the most appropriate investment portfolio for you.
Please note that the core features of the Plan, such as the contribution rates, vesting schedule, loans, and eligibility requirements will remain the same.
No action is required at this time. At this preliminary stage, the Committee wants you to be aware of a few important points as these changes are introduced:
- The primary change is the new tiered investment menu, which includes a tailored selection of best-in-class options from a variety of mutual fund companies, including Fidelity, TIAA, and Vanguard – the tiers include a new, lower cost selection of target date options, a more robust selection of passively-managed mutual funds, as well as new funds that are targeted more specifically to certain asset classes; and,
- The new investment options became available on TIAA’s and Fidelity’s platforms on March 31, 2020. Beginning on that day, you have a 45-day window to consider these new options and update your allocations before your balances in certain existing investment choices are automatically transferred to the replacement investment choices on May 15, 2020 (some choices will not change and will therefore not be transferred to new funds).
Changes to the Retirement Plan Investment Options Presentation (Please start video at the 16 minute mark)