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Guiding you through exciting LSU 403(b) Supplemental Retirement Plan changes ahead

The following summarizes exciting enhancements to your LSU 403(b) Supplemental Retirement Plan. Please review carefully to understand all the changes and any action you may need to take.

What's Changing and Why?

On September 1, 2018, MetLife and Voya will no longer be available vendors in the LSU Supplemental 403(b) Plan.

  • Contributions directed to MetLife or Voya will end with the last payroll in August.
  • Those with a MetLife or Voya contribution only will need to enroll via MyRetirementManager.com. Through My Retirement Manager, you may elect to enroll with one of the available providers: Fidelity, TIAA and VALIC. Your contributions will be effective with the first payroll following your enrollment. Please note that you can change your contributions to any desired allocations as soon as the new funds are available.
  • If you have balances with MetLife or Voya they will remain unless you initiate an individual transfer to an available vendor(s): Fidelity, TIAA and VALIC.

A new investment option lineup will be offered at Fidelity, TIAA and VALIC.

  • Many of the current investment options will no longer be available. As a result, all eligible existing balances and future contributions will be transferred to a Vanguard Institutional Target Date Fund.
  • Review the investment options that will be available in the LSU Supplemental 403(b) Plan. The investments chosen provide lower overall investment fees and expenses and will continue to be monitored by the LSU Benefits Administration.
  • Representatives from Fidelity, TIAA and VALIC will be available to help you with these changes. To view a schedule of events visit netbenefits.com/LSU.

Below are the the new recordkeeping fees and average investment management costs*.

Fee/Cost Type TIAA VALIC FIDELITY
Effective Fall 2018 NEW Recordkeeping Cost % 0.125% 0.38% 0.13%
Effective Fall 2018 NEW Investment Cost %* 0.17% 0.17% 0.17%
Effective Fall 2018 NEW Total Cost % 0.295% 0.55% 0.30%

Prior to 9/5/18 Average Recordkeeping & Investment Management Cost 0.93%

*Unweighted average.

Why is LSU making these changes?

The changes will result in lower costs to you, as a participant, which means improved retirement savings in your accounts. In addition, the changes will help in making the selection of your investment choices easier.

Questions?

To learn about the plan, enroll on-line, or schedule a one-on-one appointment with a licensed representative. Visit your chosen provider's website.

Here is what you need to do

  • Review all the Investments available to you.
  • Understand how your current investment options will move to the new investment lineup.
  • If you are not already participating in the LSU 403(b) Supplemental Retirement Plan, now is a good time to enroll.

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