University Makes 403(b) Investment Menu Improvements
In a letter to employees, the GVSU Retirement Plan Investment Committee said these changes, prompted in part by recent Internal Revenue Service and Department of Labor regulatory guidance, reduce overall fund expenses, introduce new investment options and streamline the overall menu of choices into Core Fund Menus. “All of these changes are intended to help make the plans easier to use, with the ultimate goal of improving your ability to appropriately save for retirement,” the letter stated.
There will be a change in share class for certain funds offered by the current approved investment providers, Fidelity and TIAA-CREF, reducing investment costs. In addition, a number of new mutual funds from outside investment firms will be added to the current investment menu and some current funds will be frozen to new deposits.
The University is also adding self-directed mutual fund windows to each provider program to allow employees to select from the broad array of funds available within the Fidelity and/or TIAA-CREF networks.