Important Information About Upcoming Request for Proposal for UNC Retirement Plan Recordkeepers

The following is a message sent from the University of North Carolina (UNC) System.

The University of North Carolina (UNC) System is committed to periodically reviewing its retirement programs to make sure they continue to help you meet your retirement and financial goals. Among the things considered are the range of investment options available through the plans, investment option performance and value, recordkeeping costs, and whether the plans give access to services that complement your retirement plan accounts.

The UNC System has decided to explore moving from two recordkeepers (TIAA and Fidelity) to a single retirement plan recordkeeper for all five UNC Retirement Plans. These include:

• UNC Optional Retirement Program (ORP)
• UNC System 403(b) Plan
• UNC System 457(b) Plan
• UNC Senior Administrative Officer Retirement Program
• UNC Senior Athletic Employee Retirement Program

The purpose of this email is to provide you with advanced notice of the upcoming RFP just so you are aware of it.

To be clear, no changes have been made to our recordkeepers at this time. If you are enrolled in any of the retirement plans referenced above, you do not need to take any action.

Consolidating our retirement plan recordkeepers into a single recordkeeper offers many potential advantages to you as a plan participant. It will allow us to:

• Streamline the enrollment process
• Better leverage the University’s $10 billion in defined contribution retirement plan assets to reduce recordkeeping expenses
• Consider and possibly implement investment solutions that better fit the unique aspects of our employee demographics
• Provide you with a clear and consistent financial education and advice program

The UNC System Office expects to issue the RFP this week.

Our plan’s investment advisory firm, CAPTRUST, will be assisting the University with reviewing RFP proposals. The UNC System Office will report back to you when the RFP process has been completed. If a new recordkeeper is selected, the UNC System Office will communicate next steps and the implementation timeline.

If you have questions, please visit HR Now to submit your inquiry, and a team member will contact you, or contact the service center at 919-515-2151.