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TIAA Plan Updates

TIAA Plan Updates

This page is designed to keep TIAA participants up-to-date with plan information and investment portfolio changes.

Last Updated: March 12, 2020 at 2:00 p.m.

About Our TIAA Plans

TIAA is a defined contribution retirement plan sponsored by UNI. This plan is offered to eligible UNI employees. Employees who participate in TIAA are issued individually owned 403(b) retirement accounts. To assist with the plan’s investment portfolio and plan services, the university has two employee committees and a contract with an investment consulting firm (see below for more information). Since TIAA is a defined contribution retirement plan, the employee elects their investments from the managed portfolio and takes on the risk of the performance of the selected fund(s).

UNI TIAA Portal

About the Retirement Advisory Committee

The university's Retirement Advisory Committee provides feedback to the President and the university's Retirement Investment Committee on non-fiduciary matters related to the university's retirement plans. The committee’s responsibilities are to monitor employee groups and cohorts to ascertain if the university’s retirement plans are allowing plan participants to adequately position themselves as a whole for retirement, monitor the university's retirement plans for equity and balance (such as diversification across and within asset classes, varying degrees of risk and return, etc.), provide feedback regarding investment choices within the university’s retirement plans, provide feedback on education and communication plans to plan participants regarding retirement benefits, and share feedback from plan participants in regard to retirement benefits and communications.

Current Members:

Leslie K. Wilson College of Business Administration (Chair)
Dan Bumblauskas Associate Professor, Management
Brett Olsen Associate Professor, Finance
Dan Beenken Advance Iowa Program Director, CBGI & Regional Business Center
Shelly Hill Clerk III, Residence Administration
Tammy Hook Office Coordinator, UNI's School of Music
Lauren Nelson Head & Associate Professor, Communication Sciences & Disorders
Lee Nicholas UNI Emeritus Association

About the Retirement Plan Investment Committee

The primary purpose of the Retirement Plan Investment Committee is to oversee the TIAA investment portfolio and services provided by TIAA. They also have general responsibility and oversight for the administration and compliance of the plans. The Retirement Plan Investment Committee members have been designated as a “named fiduciary” within the meaning of Section 402(a)(2) and 402(c)(3)of the Employee Retirement Security Income Active of 1974 (ERISA). Although the university is not subject to ERISA, the Retirement Plan Investment Committee considers ERISA requirements as a guideline for industry best practices.

Current Members:

Michael Hager Senior Vice President for Finance & Operations
Michelle Byers Assistant Vice President & Human Resource Services Director
Patrick Pease Associate Provost for Academic Affairs & Professor

About CAPTRUST

Shortly after the Retirement Advisory Committee was formed, a request for proposal process (RFP) was conducted to select an impartial investment consultant for the university-sponsored TIAA retirement plan and assist the committees in monitoring the plan’s investment options. From the proposals, several firms were invited to participate in campus interviews. CAPTRUST Financial Advisors was ultimately selected.

Why CAPTRUST was selected:

  • CAPTRUST specializes in institutional retirement plans and is one of the largest 403(b) advisors in the country.
    • CAPTRUST serves as an advisor to 588 educational institution retirement plans, with client assets of $166.8 billion.
    • Over $85 billion in 403(b) assets advised upon (454 plans).
    • 97% of assets represent institutional clients.
    • Over 2,000 defined contribution plans representing almost $300 billion under advisement.
  • They have a local service team in Des Moines, with support from over 150 professionals in Raleigh, NC. CAPTRUST's Des Moines team was one of nine CAPTRUST teams to be named to Barron’s 2019 Top 50 Institutional Consultants list.
  • CAPTRUST is committed to the independence required for complete objectivity. Since their inception, it has been their policy to never accept so much as a golf ball from industry vendors. NO trips, NO meals, and NO "pay to play." Consequently, 100% of CAPTRUST’s revenue is derived from client advisory services.
  • As a leading advisory firm, CAPRUST has the leverage to gain significant advantages for their clients, including first-person access to investment managers and a strong position to negotiate better fees and services.

Our charge for CAPTRUST is to negotiate better fees and services with TIAA. Results were shared with both committees.

Our charge for CAPTRUST is to conduct an unbiased analysis of our current investments and bring us a best-in-class lineup of both TIAA and non-TIAA funds. Quarterly results are shared with both committees.

Changes to the University's TIAA Plan

The impact of the Retirement Advisory Committee, Retirement Plan Investment Committee, and CAPTRUST.

Effective October 2019

In early 2019, CAPTRUST conducted a benchmark analysis and compared UNI's administrative fees with similarly sized plans. The benchmark analysis showed that administrative fees of the other plans ranged from 0.105% to 0.12%; whereas, UNI’s was at 0.095%. Therefore, based on the plan demographic information, UNI's TIAA administrative fees were below the current benchmark range.

Although UNI’s administrative fees were below benchmark, CAPTRUST successfully obtained a fee reduction for TIAA participants from 0.095% to 0.065%! The negotiation also ensured that TIAA would continue to provide the same level of service to our participants. The reduction was effective on October 1, 2019.

Effective April 2020

We are pleased to announce investment lineup changes to UNI's TIAA retirement plan effective April 3, 2020. The Retirement Advisory Committee and Retirement Plan Investment Committee have been reviewing fund performance and their associated fees, and rigorously analyzed CAPTRUST's proposed investment lineup. After careful consideration, the Retirement Plan Investment Committee, with the support of the Retirement Advisory Committee, decided to make changes to the investment lineup within the TIAA plans (TIAA will continue to be the university's vendor). These changes will provide participants with a variety of mutual funds from TIAA and outside investment managers, and more enhanced investment choices across asset classes. These fund changes impact the university-sponsored retirement 403(b) plan and the TIAA tax-deferred annuity plans.

Summary Of Investment Fund Changes

The following investment fund changes simplify the plan and minimize the risk of choice overload. The following tables only reference changes; therefore, current investment funds not mentioned will continue to be an investment option.

Each of the following funds have been added to the lineup:

New Fund Mapped From Another Fund
American Century Emerging Markets Fund Class R6 (AEDMX) Yes
American Funds EuroPacific Growth Fund R6 (RERGX) Yes
American Funds Washington Mutual Investors Fund R6 (RWMGX) Yes
Carillon Eagle Mid Cap Growth R6 (HRAUX) Yes
Delaware Small Cap Value Fund Class R6 (DVZRX) No
John Hancock Disciplined Value Mid Cap Fund Class R6 (JVMRX) Yes
Loomis Sayles Small Cap Growth Fund Class N (LSSNX) Yes
Vanguard FTSE Social Index Fund Admiral Class Shares (VFTAX) No
Vanguard Institutional Index Fund Institutional (VINIX) Yes
Vanguard Mid-Cap Index Fund Admiral (VIMAX) No
Vanguard Small-Cap Index Fund Institutional (VSCIX) Yes
Vanguard Total Bond Market Index Fund Admiral (VBTLX) No
Vanguard Total International Stock Index Fund Institutional (VTSNX) Yes
Western Asset Core Plus Bond Fund Class IS (WAPSX) Yes
Table 1

Each of the funds being removed had minimal utilization and the investment exposure could be achieved through an existing option:

Current Fund Maps To Destination Fund
TIAA-CREF Emerging Markets Equity Index Fund (TEQLX) » American Century Emerging Markets Fund Class R6 (AEDMX)
TIAA-CREF High-Yield Fund (TIHYX) » Western Asset Core Plus Bond Fund Class IS (WAPSX)
TIAA-CREF Large-Cap Growth Index Fund (TILIX) » TIAA-CREF Large-Cap Growth Fund – Instl Class (TILGX)
TIAA-CREF Large-Cap Value Index Fund (TILVX) » American Funds Washington Mutual Investors Fund R6 (RWMGX)
TIAA-CREF Short-Term Bond Fund (TISIX) » TIAA-CREF Money Market Fund – Instl Class (TCIXX)
TIAA-CREF Social Choice Equity Fund (TISCX) » Vanguard Institutional Index Fund Institutional (VINIX)
Table Note: Existing dollars in the Current Fund will be mapped to the Destination Fund. All future contributions will be mapped to the Destination Fund.
Table 2

The following investment fund changes were made to diversify the fund managers available inside the plan and utilize best-in-class fund managers in each asset category:

Current Fund Maps To Destination Fund
TIAA-CREF Emerging Markets Equity (TEMLX) » American Century Emerging Markets Fund Class R6 (AEDMX)
TIAA-CREF Equity Index Fund (TIEIX) » Vanguard Institutional Index Fund Institutional (VINIX)
TIAA-CREF Growth & Income Fund (TIGRX) » TIAA-CREF Large-Cap Growth Fund – Instl Class (TILGX)
TIAA-CREF International Equity Fund (TIIEX) » American Funds EuroPacific Growth Fund R6 (RERGX)
TIAA-CREF International Equity Index Fund (TCIEX) » Vanguard Total International Stock Index Fund Institutional (VTSNX)
TIAA-CREF Large-Cap Value Fund (TRLIX) » American Funds Washington Mutual Investors Fund R6 (RWMGX)
TIAA-CREF Mid-Cap Growth Fund (TRPWX) » Carillon Eagle Mid Cap Growth R6 (HRAUX)
TIAA-CREF Mid-Cap Value Fund (TIMVX) » John Hancock Disciplined Value Mid Cap Fund Class R6 (JVMRX)
TIAA-CREF Quant Small-Cap Equity (TISEX) » Loomis Sayles Small Cap Growth Fund Class N (LSSNX)
TIAA-CREF S&P 500 Index Fund (TISPX) » Vanguard Institutional Index Fund Institutional (VINIX)
TIAA-CREF Small-Cap Blend Index Fund (TISBX) » Vanguard Small-Cap Index Fund Institutional (VSCIX)
Table Note: Existing dollars in the Current Fund will be mapped to the Destination Fund. All future contributions will be mapped to the Destination Fund.
Table 3

The following investment fund changes were made to utilize the lowest cost structure available for these investments:

Current Fund Maps To Destination Fund
American Funds EuroPacific Growth R5 (RERFX) » American Funds EuroPacific Growth Fund R6 (RERGX)
American Funds Washington Mutual R5 (RWMFX) » American Funds Washington Mutual Investors Fund R6 (RWMGX)
Western Asset Core Plus Bond I (WACPX) » Western Asset Core Plus Bond Fund Class IS (WAPSX)
Table Note: Existing dollars in the Current Fund will be mapped to the Destination Fund. All future contributions will be mapped to the Destination Fund.
Table 4

Finally, the following TIAA-CREF annuities will be frozen and no longer available for new contributions or transfers. Any existing dollars in these accounts will stay in the account unless transferred by the participant:

Current Variable Annuity Future Contributions Map To Destination Fund
CREF Bond Market R2 (QCBMPX) » Western Asset Core Plus Bond Fund Class IS (WAPSX)
CREF Equity Index R2 (QCEQPX) » Vanguard Institutional Index Fund Institutional (VINIX)
CREF Global Equities R2 (QCGLPX) » Age-based TIAA-CREF Lifecycle Index – Institutional Class (*Various Ticker Symbols)
CREF Growth R2 (QCGRPX) » TIAA-CREF Large-Cap Growth Fund – Institutional Class (TILGX)
CREF Inflation-Linked Bond R2 (QCILPX) » Western Asset Core Plus Bond Fund Class IS (WAPSX)
Table Note: Contract restrictions on CREF Annuities limit asset movement from the Current Annuity. Existing dollars will continue to stay invested in the old fund unless the participant chooses to move them. All future contributions will be mapped to the Destination Fund.
Table 5

Although the fund lineup will be effective April 3, 2020, there will be no changes to the plan provisions. You are not required to take any action as a result of the investment lineup changes, but we do encourage you to take this opportunity to re-evaluate your retirement investment strategy.

Learn More

  • Visit this page regularly for updates.
  • In March, you will be receiving a letter from TIAA outlining the changes to your investments options. While you are not required to take any action we ask that you review the letter carefully.
  • CANCELED Attend one of the 'New 2020 Investment Lineup Changes' group sessions to learn more about the changes and how they will impact you. (Sentence modified on 3/12/2020)
    • CANCELED Wednesday, March 25, noon-1 p.m.
    • CANCELED Thursday, March 26, 4-5 p.m.
  • Schedule a personalized investment consultation session for a date after April 3, 2020. You can schedule a virtual meeting using the online scheduler or by calling 800-732-8353 (available weekdays from 7 a.m. – 7p.m. CST). As a participant in a TIAA retirement plan, you can receive personalized investment guidance on the plan’s investment options from a TIAA financial consultant. This on-campus service is available as part of your retirement program and is at no additional cost to you.
  • Look for future communications in the monthly UNI Benefits & Well-being newsletter. This newsletter is sent to your UNI email address the first working day of each month.

Submit your questions about the TIAA changes to hrs-benefits@uni.edu.

Key Dates
Date Task/Responsibility
Week of March 1, 2020 You will receive a letter from TIAA outlining the changes to your investments options. Please read the letter carefully.
April 3, 2020 The new investment lineup changes will be viewable online through your tiaa.org account.
April 3, 2020 and ongoing Schedule a personalized meeting with TIAA financial consultant to review your new asset allocation; and/or use the online TIAA Retirement Advisor tool for fund-specific advice based on your goals and risk tolerance. You can schedule a virtual meeting using the online scheduler or by calling 800-732-8353 (available weekdays from 7 a.m. – 7p.m. CST). (Sentence updated on 4/1/2020)
Week of July 1 Your second quarter statement will reflect the asset transfers to the new menu.

Frequently Asked Questions

  1. 1Q: What actions am I required to take because of the changes to the TIAA investment lineup?

    No actions are required by UNI participants. TIAA will continue to be our 403(b) and TDA vendor (sentence added 3/10/2020).

  2. 2Q: What actions are recommended for TIAA participants?
    • Read this web page carefully and revisit for updates.
    • Review your current investments online through your tiaa.org account (see question #3 for instructions).
    • In March, read the letter from TIAA outlining the changes to your investments options. Please read the letter carefully.
    • After April 3, 2020, review the new asset allocations through your tiaa.org account or by scheduling an on virtual meeting with a TIAA financial consultant. You can schedule a virtual meeting using the online scheduler or by calling 800-732-8353 (available weekdays from 7 a.m. – 7p.m. CST).
    • After April 3, 2020, use the online TIAA Retirement Advisor tool for fund-specific advice based on your goals and risk tolerance.
  3. 3Q: With the fund changes, does it mean TIAA will not be administering the non-TIAA funds? Do I have to log into another vendor’s portal to manage funds? (Questions added 3/11/2020)

    No, TIAA is our vendor and the administrator of the university’s defined contribution 403(b) retirement plan. The changes made were to the university's TIAA investment lineup (menu), and all funds will continue to be administered by TIAA.

  4. 4Q: How do I create a tiaa.org account?

    If you are a first-time user:

    1. Go to tiaa.org/enrollnow
    2. From the Welcome to Enrollment with TIAA page, click the REGISTER NOW button to create your user ID and password.
    3. Follow the prompts and print out the confirmation page. You are now enrolled.

    If you are a returning user:

    1. Go to tiaa.org
    2. Click on the LOG IN button
    3. Enter your TIAA user ID and password.
    4. Click LOG IN button.
  5. 5Q: Do the changes impact my TIAA tax-deferred annuity plan(s)?

    Yes, the investment lineup changes will impact both the voluntary pre-tax and Roth after-tax annuity plans.

  6. 6Q: Do the changes impact terminated employees and retirees who still have money in their UNI TIAA account?

    Yes, the investment lineup changes impact all UNI TIAA participants.

  7. 7Q: When can I view the new investment lineup changes through my tiaa.org account?

    April 3, 2020.

  8. 8Q: When should I meet with a TIAA financial consultant to discuss the changes to the investment lineup and how it impacts my personal investments?

    Schedule a personalized meeting with a TIAA financial consultant for a date after April 3, 2020. You can schedule a virtual meeting using the online scheduler or by calling 800-732-8353 (available weekdays from 7 a.m. – 7p.m. CST).

  9. 9Q: How do I make changes to my investment lineup?

    After April 3, 2020, review and make changes to your asset allocations through your online tiaa.org account or by scheduling a personalized meeting with a TIAA financial consultant.

  10. 10Q: What factors did CAPTRUST use to determine their investment lineup recommendations?

    CAPTRUST used a due diligence selection process that included an evaluation of both quantitative and qualitative factors. When assessing quantitative factors, they reviewed: performance, risk, style purity, consistency of return, and expenses. When assessing qualitative factors, CAPTRUST evaluated a wide range of measures, including managers’ investment processes, corporate culture, compensation models, manager tenure, etc. CAPTRUST believes it is essential to consider both factors, as the qualitative measures have a direct impact on the quantitative outputs.

  11. 11Q: Why did CAPTRUST recommend less than 30 investment fund options?

    CAPTRUST took the following into account when making their recommendation:

    • CAPTRUST believes that every retirement plan is made up of three broad groups of plan participants; Delegators, Emerging Savers, and the Highly Engaged. The level of investment sophistication and corresponding needs of each of these groups vary widely. When consulting with a plan sponsor on the design of their investment menu, CAPTRUST believes it is important to take into account the needs of all three of these groups.
      1. Delegators prefer simplicity and will typically take advantage of the plan’s asset allocation option (the TIAA Lifecycle funds in the case of UNI).
      2. The Emerging Saver is starting to engage and is looking for more choice, but still needs help and will often utilize advice solutions.
      3. The Highly Engaged, often have outside investment advisors or are sophisticated enough to make decisions on their own.
    • CAPTRUST also considers the following investment influences:
      1. REGULATION – Retirement plans are heavily regulated by the state and federal government. They always want to make sure they are complying with regulatory requirements and maximizing regulatory protections where available.
      2. THEORY – Modern Portfolio Theory (MPT) recommends building a portfolio using investment options that behave differently based on risk, return, and correlation. MPT suggests diversification is maximized by offering the greatest number of distinct investment options possible.
      3. BEHAVIOR – Behavioral finance professionals have spent a significant amount of time studying the impact of “choice overload”. Choice overload suggests that the more options participants must choose from, the more likely they are to become overwhelmed and move towards inaction.
      4. ENVIRONMENT – The influence of the external environment suggests acknowledging best practices and industry standards. The environment is also shaped by any service provider constraints and limitations.

    When taking the above into account they believe an optimal investment menu will consist of the following:

    • At least one (1) asset allocation option (TIAA Lifecycle funds).
    • At least four (4) index investments (six Vanguard Index Funds).
    • No more than 30 investment fund options to avoid choice overload, but best practice in the retirement plan industry is between 11-20 options (The new lineup will consist of 23 options).
  12. 12Q: Who made the decision to make changes to the UNI TIAA plan?

    The Retirement Advisory Committee and Retirement Plan Investment Committee have been reviewing fund performance and their associated fees, and rigorously analyzed CAPTRUST’s proposed investment lineup. After careful consideration, the Retirement Plan Investment Committee, with the support of the Retirement Advisory Committee, decided to make changes to the investment lineup.

  13. 13Q: Who is my contact to learn how the funds were selected?

    Call Human Resource Services at 319-273-2423 and they will put you in touch with one of the CAPTRUST representatives.

  14. 14Q: Who is my contact for detailed investment lineup changes and to learn what funds are staying the same?

    TIAA is the contact.

    • In March, look for the letter from TIAA outlining your personal investments. Please read the letter carefully.
    • In March, attend a group session being led by TIAA. Pre-registration required.
    • Schedule a personalized meeting with a TIAA financial consultant for a date after April 3, 2020. You can schedule a virtual meeting using the online scheduler or by calling 800-732-8353 (available weekdays from 7 a.m. – 7p.m. CST).
    • After April 3, 2020, review the new asset allocations online through your tiaa.org account.
  15. 15Q: What questions can UNI Human Resource Services answer?
    1. Role of the retirement plan committees and CAPTRUST.
    2. Assistance with creating a tiaa.org account.
  16. 16Q: How do I stay up-to-date with TIAA plan information?
  17. 17Q: How can I see the financial impact of the reduction in administrative fee to my TIAA 403(b) retirement account?

    The administrative fee reduction will result in additional revenue going into the revenue credit account. Participants will not see the reduction until UNI reallocates the excess revenue to plan participants at the end of the year.

  18. 18Q: When will I see my asset transfers to the new menu?

    In July 2020, your second quarter statement will reflect the asset transfers to the new menu.

  19. 19Q: What is the future state of the TIAA investment lineup?

    Effective April 3, 2020, the TIAA investment lineup will be:

    Asset Class Ticker Future State Fund Menu Status
    Diversified Emerging Markets AEDMX American Century Emerging Markets Fund Class R6 New
    Foreign Large Blend RERGX American Funds EuroPacific Growth Fund R6 New
    Large Value RWMGX American Funds Washington Mutual Investors Fund R6 New
    Mid-Cap Growth HRAUX Carillon Eagle Mid Cap Growth R6 New
    Small Value DVZRX Delaware Small Cap Value Fund Class R6 New
    Mid-Cap Value JVMRX John Hancock Disciplined Value Mid Cap Fund Class R6 New
    Small Growth LSSNX Loomis Sayles Small Cap Growth Fund Class N New
    Large Blend VFTAX Vanguard FTSE Social Index Fund Admiral Class Shares New
    Large Blend VINIX Vanguard Institutional Index Fund Institutional New
    Mid-Cap Blend VIMAX Vanguard Mid-Cap Index Fund Admiral New
    Small Value VSCIX Vanguard Small-Cap Index Fund Institutional New
    Intermediate-Term Bond VBTLX Vanguard Total Bond Market Index Fund Admiral New
    Foreign Large Blend VTSNX Vanguard Total International Stock Index Fund Institutional New
    Intermediate Term Core Plus Fixed Income WAPSX Western Asset Core Plus Bond Fund Class IS New
    Money Market - Taxable QCMMPX CREF Money Market R2 No Change
    Allocation--50% to 70% Equity QCSCPX CREF Social Choice R2 No Change
    Allocation--85%+ Equity QCSTPX CREF Stock R2 No Change
    Real Estate QREARX TIAA Real Estate No Change
    Stable Value TIAA# TIAA Traditional Annuity No Change
    Large Growth TILGX TIAA-CREF Large-Cap Growth Fund – Institutional Class No Change
    TIAA-CREF Lifecycle Target Date Index Funds No Change
       Target-Date 2000-2010 TLTIX TIAA-CREF Lifecycle Index 2010 Fund – Institutional Class
       Target-Date 2015 TLFIX TIAA-CREF Lifecycle Index 2015 Fund – Institutional Class
       Target-Date 2020 TLWIX TIAA-CREF Lifecycle Index 2020 Fund – Institutional Class
       Target-Date 2025 TLQIX TIAA-CREF Lifecycle Index 2025 Fund – Institutional Class
       Target-Date 2030 TLHIX TIAA-CREF Lifecycle Index 2030 Fund – Institutional Class
       Target-Date 2035 TLYIX TIAA-CREF Lifecycle Index 2035 Fund – Institutional Class
       Target-Date 2040 TLZIX TIAA-CREF Lifecycle Index 2040 Fund – Institutional Class
       Target-Date 2045 TLXIX TIAA-CREF Lifecycle Index 2045 Fund – Institutional Class
       Target-Date 2050 TLLIX TIAA-CREF Lifecycle Index 2050 Fund – Institutional Class
       Target-Date 2055 TTIIX TIAA-CREF Lifecycle Index 2055 Fund – Institutional Class
       Target-Date 2060+ TVIIX TIAA-CREF Lifecycle Index 2060 Fund – Institutional Class
       Target-Date Retirement TRILX TIAA-CREF Lifecycle Index Retirement Income Fund – Institutional Class
    Prime Money Market TCIXX TIAA-CREF Money Market Fund – Institutional Class No Change
    Real Estate TIREX TIAA-CREF Real Estate Securities Fund – Institutional Class No Change
    Intermediate-Term Bond QCBMPX CREF Bond Market Account R2 Restricted (Frozen)
    Large Blend QCEQPX CREF Equity Index Account R2 Restricted (Frozen)
    World Large Stock QCGLPX CREF Global Equities Account R2 Restricted (Frozen)
    Large Growth QCGRPX CREF Growth Account R2 Restricted (Frozen)
    Inflation-Protected Bond QCILPX CREF Inflation-Linked Bond Account R2 Restricted (Frozen)
    Table 6

Submit your questions about the TIAA changes to hrs-benefits@uni.edu.

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