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The following summarizes exciting enhancements to your University of Nebraska Retirement Plans. Please review carefully to understand all the changes and any action you may need to take.
The University of Nebraska System is pleased to announce changes to the University of Nebraska Retirement Plans investment lineup. These changes will offer you increased flexibility and greater convenience when managing your retirement plan accounts at Fidelity and/or TIAA.
The changes to investment fund choices were the result of an 8-month review of the current 200+ investment choices allowed in the University of Nebraska’s retirement savings plans. The review was conducted by a university-wide committee. They were assisted in their review by CAPTRUST, an industry leading 3rd party consultant. The committee determined that this course of action will benefit plan participants by offering lower administrative fees, simplifying the investment decision-making process, and making investment and administrative fees easier to understand. The state of the economy should not affect the benefits these changes will bring to plan participants.
There will be no changes to the 401(a) Basic Plan retirement contribution rates and you will continue to be 100% vested in those contributions.
Information regarding the plan enhancements can also be found on the 2022 Retirement Plan Enhancements Nebraska.edu website.
Investing involves risk, including risk of loss.
The third parties mentioned herein and Fidelity Investments are independent entities and are not legally affiliated.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
1039271.1.0
Key Dates | Plan Activity |
---|---|
August through December | Representatives from Fidelity and TIAA will be available for virtual and in person workshops and one-on-one appointments. |
August 15, 2022 | New core investment options and self-directed brokerage are available at Fidelity. You can now make investments elections or investment exchanges into the new core lineup or open a self-directed brokerage account at Fidelity.
The self-directed brokerage will be available at TIAA. You can now open a self-directed brokerage account at TIAA. |
On or about September 15, 2022 | New core investment options will be available at TIAA. You can now make investment elections or investment exchanges into the new core investment lineup at TIAA. |
October 1, 2022 | The fee changes are now in effect at Fidelity and TIAA. |
October 7, 2022 | Self-directed brokerage accounts must be established at Fidelity by this date to be included in the one-time transfer in-kind of mutual funds at Fidelity to self-directed brokerage. This means you must have completed all necessary BrokerageLink® account open steps for each plan prior to this date.
(TIAA investment options are not eligible for a transfer in-kind to a self-directed brokerage account.) |
November 7, 2022, at 3 p.m. CT | The core investment options become your total offering available in the University of Nebraska Retirement Plans at Fidelity and TIAA.
Future contributions and applicable account balances will transfer to a Vanguard target date retirement option, if you have not made prior elections in the new core investment lineup. The one-time transfer in-kind of mutual funds at Fidelity to a self-directed brokerage account takes place, provided you have established a self-directed brokerage account at Fidelity. |
November 8, 2022 | The new core investment lineup for the University of Nebraska Retirement Plans is complete.
New TIAA Retirement Choice and Retirement Choice Plus contracts are established for TIAA participants. The Roth In-Plan conversion feature is available in the 403(b) Supplemental Plans at Fidelity and TIAA. Contact your provider for assistance. The online administrative changes to enrolling, making changes to your 403(b) and 457(b) salary deferral election and/or your retirement provider election are in effect. |
Week of November 14, 2022 | TIAA mutual fund balances and collect investment trusts are transferred to new Retirement Choice and Retirement Choice Plus contracts. |
The dates shown are based on the timing and accuracy of a variety of factors, including the transfer of data, receipt of instructions, and receipt of assets. Changes in any of these factors may result in changes to the dates and timing, including the dates on which, and thus the prices at which, assets in your account are sold and/or reinvested.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
The new core investment lineup will become your total offering of available investment options in the University of Nebraska Retirement Plans effective as of the market close (generally 3 p.m. CT) on November 7, 2022. This means that applicable account balances and investment allocations not in the core investment lineup will be closed to new contributions or removed and directed to the University of Nebraska Retirement Plans default investment option, if you have not made prior elections in the new core investment lineup. You will have the opportunity to make elections in the new core investment lineup.
Core Investment Options Available in the 401(a) Basic Retirement Plan and 457(b) Deferred Compensation Plan at Fidelity and TIAA | Gross Expense Ratio^ | Ticker Symbol |
---|---|---|
TIAA Traditional Annuity (available at TIAA only*) | N/A | N/A |
Vanguard Cash Reserves Federal Money Market Fund Admiral Shares+ | 0.100% | VMRXX |
Vanguard Institutional Total Bond Market Index Trust | 0.024% | N/A |
Vanguard Institutional Total International Stock Market Index Trust | 0.059% | N/A |
Vanguard Institutional Total Stock Market Index Trust | 0.014% | N/A |
Vanguard Target Retirement 2020 Trust Select | 0.045% | N/A |
Vanguard Target Retirement 2025 Trust Select | 0.045% | N/A |
Vanguard Target Retirement 2030 Trust Select | 0.045% | N/A |
Vanguard Target Retirement 2035 Trust Select | 0.045% | N/A |
Vanguard Target Retirement 2040 Trust Select | 0.045% | N/A |
Vanguard Target Retirement 2045 Trust Select | 0.045% | N/A |
Vanguard Target Retirement 2050 Trust Select | 0.045% | N/A |
Vanguard Target Retirement 2055 Trust Select | 0.045% | N/A |
Vanguard Target Retirement 2060 Trust Select | 0.045% | N/A |
Vanguard Target Retirement 2065 Trust Select | 0.045% | N/A |
Vanguard Target Retirement 2070 Trust Select | 0.045% | N/A |
Vanguard Target Retirement Income Trust Select | 0.045% | N/A |
^A mutual fund expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage of the fund's total net assets. For other types of investments, the figure in the expense ratio field reflects similar information, but may have been calculated differently than for mutual funds. Mutual fund data comes from the fund's prospectus. For non mutual fund investment options, the information has been provided by the plan sponsor, the investment option's manager, or the trustee. When no ratio is shown for these options, it is because none was available. There may be fees and expenses associated with the investment option. Expense information changes periodically. Please consult NetBenefits.com for updates.
+You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to money market funds and you should not expect that the sponsor will provide financial support to the fund at any time.
Core Investment Options Available in the 403(b) Supplemental Plan (new group contract) at Fidelity and Frozen 403(b) Pre-90 Basic Plan at Fidelity and TIAA | Gross Expense Ratio^ | Ticker Symbol |
---|---|---|
TIAA Traditional Annuity (available at TIAA only*) | N/A | N/A |
Vanguard Cash Reserves Federal Money Market Fund Admiral Shares+ | 0.100% | VMRXX |
Vanguard Target Retirement 2020 Fund | 0.080% | VTWNX |
Vanguard Target Retirement 2025 Fund | 0.059% | VTTVX |
Vanguard Target Retirement 2030 Fund | 0.014% | VTHRX |
Vanguard Target Retirement 2035 Fund | 0.045% | VTTHX |
Vanguard Target Retirement 2040 Fund | 0.080% | VFORX |
Vanguard Target Retirement 2045 Fund | 0.080% | VTIVX |
Vanguard Target Retirement 2050 Fund | 0.080% | VFIFX |
Vanguard Target Retirement 2055 Fund | 0.080% | VFFVX |
Vanguard Target Retirement 2060 Fund | 0.080% | VTTSX |
Vanguard Target Retirement 2065 Fund | 0.080% | VLXVX |
Vanguard Target Retirement 2070 Fund | 0.080% | VSVNX |
Vanguard Target Retirement Income Fund | 0.080% | VTINX |
Vanguard Total Bond Market Index Fund Institutional Shares | 0.035% | VBTIX |
Vanguard Total International Stock Index Fund Institutional Shares | 0.080% | VTSNX |
Vanguard Total Stock Market Index Fund Institutional Shares | 0.030% | VITSX |
^A mutual fund expense ratio is the total annual fund or class operating expenses (before waivers or reimbursements) paid by the fund and stated as a percentage of the fund's total net assets. For other types of investments, the figure in the expense ratio field reflects similar information, but may have been calculated differently than for mutual funds. Mutual fund data comes from the fund's prospectus. For non mutual fund investment options, the information has been provided by the plan sponsor, the investment option's manager, or the trustee. When no ratio is shown for these options, it is because none was available. There may be fees and expenses associated with the investment option. Expense information changes periodically. Please consult NetBenefits.com for updates.
*New contracts are available on November 8 for TIAA only. No action is required to move to the new contracts.
+You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to money market funds and you should not expect that the sponsor will provide financial support to the fund at any time.
Self-directed Brokerage
A self-directed brokerage account combines the convenience of your retirement plan with the additional flexibility of an individual brokerage account. It gives you expanded mutual fund investment choices and the opportunity to manage your retirement contributions. A self-directed brokerage account offers investments beyond those in your plan’s lineup. The University of Nebraska System neither evaluates nor monitors the investments available through the self-directed brokerage. It is your responsibility to ensure that the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance.
Beginning August 15, 2022, a self-directed brokerage option will be available for you to invest in a broad range of mutual funds at both Fidelity and TIAA.
BrokerageLink includes investments beyond those in your plan's lineup. You should compare investments and share classes that are available in your plan's lineup with those available through BrokerageLink, and determine the available investment and share class that is appropriate for your situation. The plan fiduciary neither evaluates nor monitors the investments available through BrokerageLink. It is your responsibility to ensure that the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance.
Date of Birth | 401(a) and 457(b) Plan Default Option | 403(b) Plans Default Option |
---|---|---|
Before January 1, 1953 | Vanguard Target Retirement Income Trust Select | Vanguard Target Retirement Income Fund |
January 1, 1953–December 31, 1957 | Vanguard Target Retirement 2020 Trust Select | Vanguard Target Retirement 2020 Fund |
January 1, 1958–December 31, 1962 | Vanguard Target Retirement 2025 Trust Select | Vanguard Target Retirement 2025 Fund |
January 1, 1963–December 31, 1967 | Vanguard Target Retirement 2030 Trust Select | Vanguard Target Retirement 2030 Fund |
January 1, 1968–December 31, 1972 | Vanguard Target Retirement 2035 Trust Select | Vanguard Target Retirement 2035 Fund |
January 1, 1973–December 31, 1977 | Vanguard Target Retirement 2040 Trust Select | Vanguard Target Retirement 2040 Fund |
January 1, 1978–December 31, 1982 | Vanguard Target Retirement 2045 Trust Select | Vanguard Target Retirement 2045 Fund |
January 1, 1983–December 31, 1987 | Vanguard Target Retirement 2050 Trust Select | Vanguard Target Retirement 2050 Fund |
January 1, 1988–December 31, 1992 | Vanguard Target Retirement 2055 Trust Select | Vanguard Target Retirement 2055 Fund |
January 1, 1993–December 31, 1997 | Vanguard Target Retirement 2060 Trust Select | Vanguard Target Retirement 2060 Fund |
January 1, 1998–December 31, 2002 | Vanguard Target Retirement 2065 Trust Select | Vanguard Target Retirement 2065 Fund |
January 1, 2003, and after | Vanguard Target Retirement 2070 Trust Select | Vanguard Target Retirement 2070 Fund |
When the market closes (generally 3 p.m. CT) on November 7, 2022, investment options not in the new core investment lineup will be closed to new contributions or removed from the plans depending on your provider (Fidelity or TIAA). Applicable account balances and investment allocations will be directed to the University of Nebraska Retirement Plans default investment option, if you have not made prior elections in the new core investment lineup. Watch for additional details sent separately by your provider (Fidelity and/or TIAA).
Plan Provider | Account Type | What holdings will transfer to the age-based Vanguard Target Date Options? | What if I want to maintain my existing holdings? |
---|---|---|---|
Fidelity | 401(a), 457(b), and pre-90 403(b) | All holdings unless you take action. | You may participate in the one-time "transfer in-kind" to move existing balances to a self-directed brokerage account. |
403(b) | No transfer of assets will occur. | No action is required. | |
TIAA | 401(a), 403(b), 457(b), or pre-90 403(b) | Annuities (including variable annuities): No transfer of annuity assets will occur.
Non-Annuities: All non-annuity holdings unless you take action. |
Annuities (including variable annuities): No action is required.
Non-Annuities: You have the opportunity to individually transfer a portion of your account balances to a self-directed brokerage account. |
Refer to the Key Dates tab for details.
Plan Provider | Account Type | Where will my future contributions be directed? | How do I opt out of having my future contributions "defaulting" to the age-based Vanguard Target Date Options? |
Fidelity and TIAA | 401(a), 403(b), or 457(b) | Unless you take action, future contributions will be directed to the age-based Vanguard Target Date Options. | Make an investment election for your desired contributions in the new core investment lineup at Fidelity starting August 15, and/or at TIAA starting on or about September 15. This will ensure that future contributions will be allocated according to your desires. You may change your investment elections at any time. |
Refer to the Key Dates tab for details.
Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity or TIAA for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Investing involves risk, including risk of loss.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
For more information, .
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
New Transparent Recordkeeping Fees
The University of Nebraska has worked with each provider, Fidelity and TIAA, to establish a simple and more transparent fixed-dollar recordkeeping fee. Recordkeeping fees are charged to you by each provider for recordkeeping balances, investment tools and resources, and other administrative fees and expenses associated with maintaining the plan. The fees are generally deducted from your account on a quarterly basis. The University of Nebraska System believes the move to a fixed fee will provide significant savings in recordkeeping fees for many plan participants and will ensure continued excellent service for faculty and staff.
If you have a Fidelity account balance, your recordkeeping fee will be $29 per year. If you have a TIAA account balance under the new contracts, your recordkeeping fee will be $38 per year. If you have account balances with both TIAA (under the new contracts) and Fidelity, you will be charged $67 per year for recordkeeping expenses ($29 Fidelity plus $38 TIAA). How the fees are deducted may vary for participants with balances in TIAA legacy contracts. Watch for additional details to be provided by TIAA. Regardless of how many University of Nebraska plan accounts you have (i.e., 403(b) and 401(a) plan accounts), you will see only one recordkeeping fee per each provider you have an account with. Keep in mind that the plan investment options will be consistent across both providers and while the recordkeeping fees may be less expensive, you may want to consider consolidating provider accounts to lower costs even more.
Please be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.
Administrative Changes
Effective November 8, 2022, the University of Nebraska System will enhance the enrollment process, by offering online changes to your 403(b) and 457(b) salary deferral election and/or your retirement provider election. This means we will reduce the paperwork and forms needed to enroll or make changes in the Retirement Plans. Your current contribution amount and contributions to your chosen provider (Fidelity/TIAA) will continue without interruption. You will not need to re-enroll in the Retirement Plans. We believe that providing you with the online resources serviced by Fidelity will make managing your account even easier. Additional details will be forthcoming.
Roth In-Plan Conversion
Effective November 8, 2022, a Roth In-Plan conversion feature will be available in the 403(b) Supplemental Plans at Fidelity and TIAA. The Roth In-Plan conversion feature allows you the opportunity to convert pretax assets such as those currently in your plan or rolled-over from a former employer’s plan into a designated Roth account.± The decision to do a Roth In-Plan conversion depends on several factors that you should weigh carefully. You are encouraged to consult your tax advisor before deciding if this type of account is right for you.
± The sources available for Roth In-Plan conversion may vary at Fidelity and TIAA.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
Recent changes in the legal and regulatory environment provided the opportunity to review the current investment options. As part of the University of Nebraska’s goal to be an employer of choice, the University of Nebraska is committed to providing you with a competitive retirement program that helps you plan and invest for your future. During the review the University of Nebraska found the number of options offered through the retirement savings plans makes it increasingly difficult to provide the necessary comprehensive oversight of plan investments.
The changes are designed to:
For existing account balances that are not in the new core investment lineup or self-directed brokerage account, they will transfer to a target date retirement option based on your age as described in the Plan Changes Guide.
Click for the full list of FAQs.
Due to investment restrictions, balances in the following investments will not be transferred to a target date retirement option:
You will have an opportunity starting in August 2022 to change your investment allocation if you do not want your existing balances or future contributions to be directed to a target date retirement option based on your age. If you do not take any action your existing balances and future contributions transfer to a target date retirement option based on your age.
*A new supplemental 403(b) Plan group contract will be setup at Fidelity for future contributions to be directed the new core investment lineup.
CITs are like mutual funds in some ways and different in others. Like mutual funds, CITs pool the money of many investors who own a share of the trust. A fund manager invests assets on behalf of all the shareholders in accordance with the trust’s stated investment objectives.
Unlike mutual funds, CITs are only available to investors through their workplace savings plans. Because they are not publicly traded, some information, such as Morningstar ratings, is not available.
CITs are not registered with the Securities and Exchange Commission (SEC). They are generally governed by state banking laws and by federal agencies, such as the Internal Revenue Service and the Department of Labor.
See the Plan Changes Guide for details.
You are encouraged to take an active role in your retirement plans and choose investment options that best suit your goals, time horizon, and risk tolerance. The Vanguard Target Date Options have been selected as the “default” investment option. This means that if you do not select specific investment options in the new core investment lineup prior to 3 p.m. CT on November 7, your future contributions will be invested in the Vanguard Target Date Option with the target retirement date closest to the year you might retire, based on your current age and assuming a retirement age of 65, at the direction of the University of Nebraska. This also applies to existing balances not in the new core investment lineup.
Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date and beyond. Principal invested is not guaranteed.
See the Plan Changes Guide for details.
A self-directed brokerage account combines the convenience of your retirement plan with the additional flexibility of an individual brokerage account. It gives you expanded mutual fund investment choices and the opportunity to manage your retirement contributions. A self-directed brokerage account offers investments beyond those in your plan’s lineup. The University of Nebraska System neither evaluates nor monitors the investments available through self-directed brokerage. It is your responsibility to ensure that the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance.
Click for the full list of FAQs.
Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity or TIAA for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Investing involves risk, including risk of loss.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
Get answers to your questions, attend an Ask Fidelity workshop or schedule a one-on-one appointment.
Click here to register.
Get answers to your questions and schedule a one-on-one appointment.
Click here to register.
Understand the new core investment lineup and how your future contributions and existing balances may be affected. You can direct future contributions and existing balances to the new core investment lineup or open a self-directed brokerage account, if you choose.
Determine if the one-time transfer in-kind to Fidelity BrokerageLink is right for you. You must establish a self-directed brokerage account for each plan that you wish to keep your current investment options.
The new core investment lineup for the University of Nebraska Retirement Plans is complete. Now is a good time to see how your investments may have changed.
Log on to your account to sign up for any new products or services offered by your provider.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917