The deal marks the first time a public university system will retain one provider to serve as master recordkeeper across a multi-vendor retirement program, according to Fidelity. The UC, the ‘s largest employer, currently has 260,000 participants, both employed and retired, in its programs.
“This new master recordkeeper model allows us to improve member services and helps us better position ourselves to meet future needs, while also ensuring that we continue to meet our fiduciary oversight responsibilities,” said Judy Boyette, vice president of human resources and benefits at the University of California in a press release.
“We were limited in our ability to satisfy members’ requests for increased retirement investment services because our systems were at maximum capacity,” she added.
The University of California system spans 10 campuses, five medical centers and three national laboratories. In addition to consolidating plan information and other benefits, Fidelity will provide investment education to the plan participants.