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

Department(s):

Division of Talent & Inclusion

Earlier this fall, Talent & Inclusion notified the community that the Retirement Plan Oversight & Investment Committee* selected TIAA to serve as our Record Keeper for the WPI Retirement Plan. Today, we are pleased to report the following progress has been made:

  • The Retirement Plan Oversight & Investment Committee has met to develop a plan and timeline for moving to TIAA as a single retirement plan record keeper by a target date of April 2025.
  • The Benefits Team has met with members of the TIAA implementation team to set milestones for our work aimed at meeting this target.
  • As a part of the implementation process, the Committee conducted a comprehensive review of review of available funds on the TIAA investment platform and is now working with TIAA and Fidelity to ensure the seamless transfer of funds to these new investments.
  • Over the course of the next several weeks, we will be finalizing changes to our plan documents, developing participant communication and education materials, and configuring system specifications and testing.
  • Throughout January and February, we will be working closely with Fidelity and TIAA representatives on many behind-the-scenes operational matters to ensure a smooth transition.

At this point, our tentative plan is to have individualized communications ready to distribute to participants by early March 2025. These communications will include important information about the transition. Please note: no action by employee participants is required at this time and additional notifications and communications will be provided over the coming months to keep the community informed.

 

* 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, Senior Director of Benefits & Wellness
  • Jane Clapp, Controller
  • Matthew Thaler, Interim 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