Important Update Regarding UNC Retirement Plan Recordkeeper Transition

Colleagues,

We hope this message finds you well. In August, we informed you that the University of North Carolina System had decided to transition from Fidelity and TIAA as the recordkeepers for its retirement plans to TIAA as the sole recordkeeper. As a part of our ongoing commitment to keep you informed about that change, we have several important updates to share.

• The week of Jan. 8, 2024, active and inactive participants in UNC System-managed retirement plans who have a balance will receive a postcard to let them know they will receive a transition guide in the mail. The retirement plans are 401(a), which is the UNC Optional Retirement Program, and 403(b) and 457, the voluntary retirement plans.
• In late January 2024, active and inactive participants who have balances in the above plans will receive a copy of the transition guide in the mail. The transition guide will include details regarding the fund lineup available through TIAA, the fund mapping process and support resources for impacted participants.

• Fidelity participants currently repaying loans, receiving periodic payments and investing in self-directed brokerage will receive a special communication via mail.

Effective Feb. 1, 2024:

• If you participate in the Optional Retirement Program and your plan vendor is currently Fidelity, your payroll contribution will automatically transition to TIAA. You don’t need to take any action.
• If you participate in one of the voluntary retirement plans — 403(b) or 457 — and your plan vendor is currently Fidelity, your payroll contribution will go to TIAA. The contribution amount will be the same as the amount that will go to Fidelity in January 2024.
• If you want to change your contribution to your voluntary retirement plan or no longer contribute to a voluntary retirement plan, you must submit an updated Salary Reduction Agreement to the benefits office in University Human Resources. You can submit the agreement via email at hrsbenefits@ncsu.edu, fax at 919-513-2528 or campus mail by sending it to Campus Box 7215.
• The deadline to submit the agreement and for your request to take effect for January payroll is Jan. 10, 2024. No exceptions will be made if you submit your request after the deadline.
• Requests received by UHR after the January deadline will take effect during February payroll if you submit the agreement by Feb. 10, 2024.

• In February 2024, TIAA will conduct webinars to discuss the transition to a sole recordkeeper, the transition of funds, investment options and other topics and to answer your questions. Registration details will be available in January.

• In early April 2024, all Fidelity assets will be mapped to TIAA through an in-kind plan transfer. The transition guide you will receive in January will provide detailed information about the fund mapping process.

• Please note that contribution limits for the 403(b) and 457 plans have changed for 2024. More details are on the UHR website.

• We understand you may have questions after reading about the changes to the retirement plans. We have developed a webpage with an FAQ section to help you understand the upcoming changes. If you need further assistance, send your questions to unc-retirement-plans@ncsu.edu.

Thank you for your attention to this important information. We are here to support you through this transition and will continue to provide updates as we receive more information.

Sincerely,

University Human Resources