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

Department(s):

Division of Talent & Inclusion

This past spring, Talent & Inclusion shared information with the community pertaining to a Request For Proposal (RFP) the university’s had solicited to explore shifting the WPI retirement plan to a single record keeper model. Currently, WPI utilizes both TIAA and Fidelity Investments as record keepers. Following these community meetings, a comment period was provided to collect feedback from faculty and staff as part of the process.

The primary responsibilities of a retirement plan record keeper include:

  • Provide document services and audit reporting information 
  • Complete required non-discrimination testing and tax filings 
  • Offer investment vehicles via their platforms for participant utilization 
  • Track employee investment holdings 
  • Process participant enrollments and transactions (e.g., investment changes, loans, distributions, etc.) 
  • Create and deliver account statements and required notices to participants 
  • Offer technology platforms (e.g., websites, apps, etc.) for participants to manage their accounts with cybersecurity measures in place to protect participant data and assets 
  • Provide participant support (e.g., investment advice, retirement planning guidance, etc.)

Members of the WPI Retirement Plan Committee* will soon be making a decision following careful review of the proposals from record keepers and would like to offer one final opportunity for employee feedback.  A summary of the process and key findings from the RFP process is available for employee review. Talent & Inclusion staff will offer a Zoom drop-in session for any employees who have questions or would like additional information about this process. Please join us:

  1. Tuesday, September 17, 10:00 AM, OR
  2. Thursday, September 19, 2:00 PM

Employees are invited to submit feedback via email to benefits@wpi.edu by September 20th.

*Retirement Plan Committee Voting Members

  • 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)