Benefits

Single Recordkeeper

This website provides you with information about the changes effective April 2, 2018 to the University’s Contributory Retirement Plan (CRP), the Retirement Income Plan for Employees (ERIP), the Supplemental Retirement Plan (SRP) and the 457(b) Deferred Compensation Plan (collectively, the Retirement Plans)

Single Recordkeeper for the Retirement Plans

The Teacher Insurance and Annuity Association (TIAA) is the sole provider of recordkeeping services for the Retirement Plan accounts.

As the single recordkeeper, TIAA will be responsible for maintaining participant accounts, processing investment transactions, and providing participants with account-related information, functions that are currently provided to the Retirement Plans by both Vanguard and TIAA. 

Narrowed Investment Options with Lower Fees for Certain Options

The new investment options, selected and monitored by the University’s Investment Office, provide a mix of investments intended to fit the financial goals and preferences of plan participants. Participants may select investments outside of the new investment lineup through a new brokerage option offered by the Retirement Plans described below. The narrowed lineup comes with lower investment management fees for certain options, which continue to be reviewed by investment professionals. The new investment options include several Vanguard and TIAA options that are part of the current investment lineup, as well as options from other mutual fund families.

A detailed Transition Guide was sent to your mailing address on file with the University of Chicago on December 29, 2017.  Please refer to the Guide for key dates and details relevant to your retirement accounts and investments.

Investment Election Period

Beginning February 1, 2018, all contributing participants had the opportunity to select how their future contributions would be directed to the new investment lineup. Plan participants also had the opportunity to initiate a participant-directed transfer of existing balances from Vanguard and TIAA into the new investment options.

New Brokerage Option

The Retirement Plans will make available a TIAA Brokerage option with over 7,000 mutual fund options for experienced investors and those that desire more investment choices. If you are currently invested in certain TIAA or Vanguard mutual funds that will no longer be offered in the new investment lineup, you can elect to retain those investments by opening a Brokerage account with TIAA during the investment election period beginning February 1, 2018. Additional fees generally apply to the Brokerage account.  Please note, it may not be possible to invest in the same share classes of the TIAA and Vanguard investments that were previously available in the lineup. The TIAA brokerage account mutual funds will not be reviewed by the University’s Investment Office for the purpose of evaluating performance or fund expenses. 

Participants with Vanguard Accounts

If your retirement accounts were with Vanguard, and you did not take action during the investment election period to transfer your existing balance(s) to the new investment options, on the week of April 2nd, your balance(s) were automatically transferred to the new investment lineup and will be moved to accounts at TIAA, as detailed in the Transition Guide.

Participants with TIAA Accounts

If you did not take action to transfer your existing balance(s) to the new investment options during the investment election period, your balance(s) were automatically transferred to the new investment lineup the week of April 2nd, as detailed in the Transition Guide. These transferred balance(s) will be held in new retirement plan account(s) at TIAA. Any current fixed and variable annuity balances you had will remain in your existing legacy account(s) with TIAA.

Retired Participants and Former Employees

If you are a retired participant or former employee with an account in the Retirement Plans, it is important for you to review any information you receive regarding these changes. Please note:

  • If you are invested 100% in TIAA and/or CREF annuities, starting the first week of April 2018, several of the annuities will not accept rollovers or transfers, so you will no longer be able to transfer any of your investment balances into those annuities.

  • If you currently receive income or distribution payments from Vanguard and/or TIAA, there should be no change or interruption to your payments or payment schedule as recordkeeping of the plans moves to TIAA.

  • If you receive income or distribution payments from Vanguard by direct deposit into your bank account, you will need to provide your banking information to TIAA by completing, signing and returning the Direct Deposit Authorization form to TIAA as soon as possible. In January 2018, you were sent specific instructions by mail from TIAA for providing direct deposit information to TIAA. If TIAA did not receive your banking information by April 2, 2018, TIAA will mail you a check to the address on file with Vanguard according to your payment schedule. 
Key Dates
Date
Event

December 29, 2017

A Transition Guide was mailed to your home with details about these changes affecting the Retirement Plans.

February 1, 2018

Starting February 1st, you were be able to transfer your existing retirement account balances to the investment options in the new lineup or to a brokerage account. At that time, participants who currently contribute will be able to decide how future contributions will be allocated as well.  The Transition Guide provides information on how to select from among the new investment options. TIAA representatives will have an expanded one-on-one financial counseling schedule to provide help with selecting your investments within the new lineup. You can also engage or continue to work with your personal advisor at your own expense.

March 22, 2018

Blackout Period began for Vanguard participants. During this time, you are unable to modify your Vanguard account(s). Also, you are not be able to obtain a distribution or hardship withdrawal from your account. 

March 30, 2018

All payroll contributions will be directed into the new investment options through TIAA.  

** Please note, beginning March 15, Vanguard no longer appeared in Workday as a Retirement Plan allocation choice.

Week of April 2, 2018

All Vanguard balances in the Retirement Plan were transferred to accounts with TIAA. 

 

If you were invested with TIAA, mutual fund balances from your existing TIAA accounts will be transferred to the new Retirement Choice/

Retirement Choice Plus accounts.

Frequently Asked Questions

A list of frequently asked questions regarding the changes to the Retirement Plans is available for you under Related Documents.

TIAA

Investment advice from TIAA is available online, by phone or through a one-on-one financial counseling session. TIAA can be reached Monday - Friday, 7 a.m. - 9 p.m. (CT) and Saturday, 8 a.m. - 5 p.m. (CT) by phone at 800-842-2252.  When you call TIAA, remember to identify yourself as a University of Chicago Retirement Plan participant – TIAA will then route you to the University of Chicago Priority Service Team.  To request an appointment for a one-on-one advice session call 800-732-8353, Monday - Friday, 7 a.m. - 7 p.m. (CT) or sign up online at TIAA.org/schedulenow.