Single Record Keeper for WPI 403(b) Plan - Final Results of RFP

Department(s):

Division of Talent & Inclusion

Update on WPI 403(b) Retirement Plan Record Keeper Services

We are pleased to announce the WPI Retirement Plan Oversight & Investment Committee* recently met and unanimously agreed to consolidate our 403(b) retirement plan to a single vendor structure with TIAA. The transition to TIAA as the exclusive recordkeeper is anticipated to occur in the Spring of 2025. Transitioning to a single recordkeeper structure with TIAA will:

  • Reduce the administrative fees paid by participants. 
  • Simplify the overall participant experience by consolidating all plan assets with a single recordkeeper.
  • Enable WPI to better assess Plan effectiveness & participant retirement readiness to inform our overall benefits structure.
  • Reduce plan compliance & fiduciary risk.

Key factors that contributed to this decision included, but were not limited to:

  • TIAA’s competitive fee and services proposal.
  • TIAA’s experience, commitment, and brand recognition within the higher education community.
  • The Plan’s ability to accomplish a true single provider structure which will result in more efficiency and greater economies of scale. 

The Committee also looks forward to announcing future enhancements to the 403(b) plan’s fee structure and investment offerings as part of the consolidation process.

Please note no action by employee participants is required at this time and additional notifications and communications will be provided in the coming months. Also, as part of the transition process, WPI and TIAA are committed to providing significant educational opportunities and overall support in an effort to meet the needs of all plan participants.  The WPI Retirement Plan Oversight & Investment Committee will be working closely with TIAA and Fidelity to further define the transition plan in the coming weeks with a target implementation in Spring 2025/D-Term.  

* WPI Retirement Plan Oversight & Investment Committee

  • Michael Horan – Executive Vice President and CFO (co-chair)
  • Lauren Turner – SVP, Talent & Inclusion and Chief Diversity Officer (co-chair)
  • Joellen Andrews, Director of Benefits & Wellness
  • Jane Clapp, Controller
  • David Bunis, SVP and General Counsel
  • Lauren Mathews, Associate Professor Biology & Biotechnology (Faculty representative)

 

RFP Process- employee resources:

Update and Q&A: RFP Process for Retirement Plan Record Keeper Services

FAQ: Retirement Plan Recordkeeper RFP Process