- May 17th, 2019
- in Benefits News
The University of Alabama System (UAS) is committed to providing our employees with competitive retirement benefits. A comprehensive review of the UAS voluntary retirement plans was recently conducted to identify opportunities to streamline and simplify plan participation and administration while reducing fees. As a result of this review, UAS plans will transition from two providers, VALIC and TIAA, to one plan provider, TIAA. TIAA will be the sole provider to administer the UAS voluntary retirement plans beginning in the fall of 2019. Participants may continue to contribute to plans under VALIC or TIAA until the transition takes place.
As a result of this change, participants will benefit from:
- Reduced plan fees
- Easier access to participant account information
- Simplified management of participant accounts
- Enhanced investment options and financial services
There are no actions you need to take at this time
When the transition occurs this fall, retirement plan assets currently invested with VALIC will be transferred to TIAA. TIAA will provide additional education and retirement plan services to help participants make informed decisions about their financial future. TIAA is working to ensure participants will have all the information needed regarding this change and how they will be affected. Later this summer, additional transition details, including investment option changes, will be mailed to participants’ home address.
We’ll help you through the transition
Retirement planning is important – to balance the desire to live well today, with the need to save and invest for tomorrow. As the transition moves forward, participants will be updated. TIAA will be onsite providing seminars and will be available to answer questions. Participants will continue to receive important information about these changes throughout the summer months. Please watch for and review all information you receive carefully so you can make the most of your retirement plan benefits. If you are not currently participating in a voluntary retirement program, we hope you will take this opportunity to consider your options.