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Vanderbilt University Medical Center Retirement Plan
Your Vanderbilt University Medical Center (VUMC) Retirement Plan offers a variety of benefits and investment options to help you save for your future.
Choose from the tiers of investments below. Tiers are distinct categories designed to simplify your investment choices. At any time, you may use investments from any and all tiers.
When and Why:
Depending on your plan, there are two options to consider: Target Date Funds which are based on an anticipated retirement date and Target Allocation Funds that are based on a risk tolerance and time horizon.
Note: The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate, therefore you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted. Click on an investment to view quarter end returns, risk, fees and expenses. 1,2,3,4.
INVESTMENTS | ASSET CLASS | CATEGORY | AVERAGE ANNUAL TOTAL RETURNS | CUMULATIVE RETURNS | ||||||
---|---|---|---|---|---|---|---|---|---|---|
1 Yr |
3 Yr |
5 Yr |
10 Yr |
Life |
3 Mon |
YTD |
As of Date |
|||
VANG TARGET RET 2025
Inception Date 10/27/2003 |
Blended Investments* |
N/A |
13.55% |
2.41% |
6.43% |
6.13% |
6.57% |
6.17% |
3.81% |
02/29/2024 |
VANG TARGET RET 2030
Inception Date 06/07/2006 |
Blended Investments* |
N/A |
15.16% |
3.08% |
7.18% |
6.67% |
6.63% |
6.92% |
4.54% |
02/29/2024 |
VANG TARGET RET 2035
Inception Date 10/27/2003 |
Blended Investments* |
N/A |
16.58% |
3.79% |
7.93% |
7.21% |
7.40% |
7.54% |
5.24% |
02/29/2024 |
VANG TARGET RET 2040
Inception Date 06/07/2006 |
Blended Investments* |
N/A |
17.95% |
4.51% |
8.67% |
7.72% |
7.34% |
8.11% |
5.85% |
02/29/2024 |
VANG TARGET RET 2045
Inception Date 10/27/2003 |
Blended Investments* |
N/A |
19.30% |
5.19% |
9.40% |
8.15% |
8.09% |
8.69% |
6.45% |
02/29/2024 |
VANG TARGET RET 2050
Inception Date 06/07/2006 |
Blended Investments* |
N/A |
20.15% |
5.51% |
9.63% |
8.26% |
7.67% |
9.09% |
6.86% |
02/29/2024 |
VANG TARGET RET 2055
Inception Date 08/18/2010 |
Blended Investments* |
N/A |
20.12% |
5.50% |
9.62% |
8.24% |
9.95% |
9.06% |
6.88% |
02/29/2024 |
VANG TARGET RET 2060
Inception Date 01/19/2012 |
Blended Investments* |
N/A |
20.11% |
5.52% |
9.63% |
8.24% |
9.72% |
9.06% |
6.87% |
02/29/2024 |
VANG TARGET RET 2065
Inception Date 07/12/2017 |
Blended Investments* |
N/A |
20.13% |
5.55% |
9.61% |
-- |
8.84% |
9.07% |
6.88% |
02/29/2024 |
VANG TARGET RET 2070
Inception Date 06/28/2022 |
Blended Investments* |
N/A |
20.18% |
-- |
-- |
-- |
14.89% |
9.11% |
6.88% |
02/29/2024 |
VANG TARGET RET INC
Inception Date 10/27/2003 |
Blended Investments* |
N/A |
9.46% |
0.86% |
4.14% |
3.99% |
4.86% |
4.23% |
2.17% |
02/29/2024 |
When and Why:
Investors may choose from a range of fund choices that reflect different styles and goals.
Note: The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate, therefore you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted. Click on an investment to view quarter end returns, risk, fees and expenses. 1,2,3,4.
You may lose money by investing in a money market fund. Not all money market funds operate the same way and depending on the fund, you may be subject to certain operating policies and risks not applicable to other money market funds. Please click on the name of the fund below for risks specific to that fund.
INVESTMENTS | ASSET CLASS | CATEGORY | AVERAGE ANNUAL TOTAL RETURNS | CUMULATIVE RETURNS | ||||||
---|---|---|---|---|---|---|---|---|---|---|
1 Yr |
3 Yr |
5 Yr |
10 Yr |
Life |
3 Mon |
YTD |
As of Date |
|||
VANG DIV GROWTH INV
Inception Date 05/15/1992 |
Stock Investments |
Large Cap |
15.88% |
11.13% |
12.32% |
11.25% |
9.15% |
8.20% |
6.01% |
02/29/2024 |
VANG FTSE SOC IDX IS
Inception Date 01/14/2003 |
Stock Investments |
Large Cap |
34.36% |
10.70% |
15.09% |
13.11% |
6.89% |
12.74% |
10.22% |
02/29/2024 |
VANG INST INDEX PLUS
Inception Date 07/31/1990 |
Stock Investments |
Large Cap |
30.43% |
11.88% |
14.75% |
12.69% |
10.50% |
11.97% |
10.55% |
02/29/2024 |
BOSTON TR SMID CAP
Inception Date 11/30/2011 |
Stock Investments |
Mid-Cap |
12.79% |
8.53% |
10.17% |
9.52% |
11.09% |
11.32% |
8.24% |
02/29/2024 |
VANG SM CAP IDX INST
Inception Date 10/03/1960 |
Stock Investments |
Small Cap |
13.15% |
2.89% |
8.86% |
8.45% |
10.55% |
13.61% |
7.52% |
02/29/2024 |
DODGE & COX GLB SK X
Inception Date 05/01/2008 |
Stock Investments |
International |
14.93% |
8.63% |
10.37% |
8.09% |
6.90% |
6.06% |
5.76% |
02/29/2024 |
HRDG LVNR INTL EQ IS
Inception Date 05/11/1994 |
Stock Investments |
International |
9.43% |
-0.39% |
6.30% |
5.64% |
6.10% |
5.10% |
1.62% |
02/29/2024 |
VANG TOT INTL STK IS
Inception Date 04/29/1996 |
Stock Investments |
International |
12.54% |
1.48% |
5.71% |
4.20% |
4.80% |
6.39% |
4.32% |
02/29/2024 |
PRINCIPAL FIXED ACCT
Inception Date 03/01/2016 |
Bond Investments |
Stable Value |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
LOOMIS CORE PL BD Y
Inception Date 11/07/1973 |
Bond Investments |
Income |
3.67% |
-2.78% |
1.28% |
1.92% |
6.46% |
2.87% |
-0.33% |
02/29/2024 |
VANG TOT BD MKT INST
Inception Date 12/11/1986 |
Bond Investments |
Income |
3.43% |
-3.12% |
0.61% |
1.43% |
5.12% |
2.04% |
-0.79% |
02/29/2024 |
VANG CR FED MM ADM
Inception Date 10/03/1989 7 day yield % as of 02/29/2024: 5.29 ** |
Short-Term Investments |
Other |
5.27% |
2.50% |
1.99% |
1.41% |
2.97% |
1.33% |
1.27% |
02/29/2024 |
A self-directed brokerage account allows you to make investments beyond those offered in your workplace retirement savings plan.
For more information or to open a self-directed brokerage account, first enroll in your Fidelity workplace retirement savings plan. Then visit www.netbenefits.com > Quick Links > BrokerageLink where you can open an account or review additional information, including the commission schedule for applicable fees and risks.
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.
Learn the plan basics - including eligibility - of each retirement savings plan offered by your employer.
Click on "Register" on the top toolbar to access or set up your account on Fidelity NetBenefits® and enroll in the Plan.
If you do not enroll prior to the date you become eligible to make mandatory contributions matched by VUMC, your contributions will be invested in the target date fund that has a target retirement date closest to the year you might retire, assuming a retirement age of 65. Your beneficiary will be your spouse, if you are married, or your estate if you are not.
It's important to make your elections before this eligibility date if you do not want to be enrolled at the mandatory contribution level in a target date fund with Fidelity.
All VUMC employees are eligible to participate in the Plan starting on the first day of the month following their start date, except:
The following categories of employees are eligible to participate in the Plan by making voluntary contributions, but are not eligible to receive matching contributions.
Employees are immediately vested 100 percent in their contributions and in VUMC's matching contributions. This means employees immediately own their own contributions and VUMC's contributions and may take them at the time they end employment with VUMC.
For complete eligibility details for the retirement plan, visit https://hr.vumc.org/benefits/retirement/eligibility and refer to the Retirement Plan Summary Plan Description.
The VUMC Retirement Plan includes two contribution levels:
-Mandatory: Once eligible, this level is required as a condition of employment and contributions must be made on a pretax basis (not Roth). The contribution is fixed at 3 percent (6.47 percent for VMG) of your salary and 3 percent is matched 100 percent dollar-for-dollar by VUMC.
-Voluntary: You may choose to make an additional pretax or Roth (after tax) contribution up to the annual limit set by the IRS. The first 2 percent of your voluntary contributions are matched 100 percent dollar-for-dollar by VUMC. You must take action to elect voluntary contributions to receive these matching dollars. Due to IRS regulations, any mandatory contribution amounts must be deducted from your salary before voluntary contributions (and any corresponding match) can be calculated. Voluntary contributions are then calculated on that resulting amount.
Through automatic payroll deduction, you may contribute up to 100 percent of your eligible pay, up to the annual IRS dollar limits.
This annual limit applies to all voluntary contributions you make to the VUMC Retirement Plan as well as any other employer-sponsored plan. For the VUMC Retirement Plan, mandatory and match contributions do not count towards the voluntary contribution limit.
You can indicate or change your contribution percentages online using NetBenefits.
Pretax contributions
These contributions are made as a percent of your salary, prior to any income taxes being withheld. Mandatory contributions, and VUMC's match on mandatory contributions, are made pretax.
Roth contributions
These contributions are made after-tax, and you can later withdraw those contributions tax-free (subject to the terms of the plan). Your earnings may also be withdrawn tax-free if you have a qualified distribution. A qualified distribution, in this case, is one that is taken five tax years after the year of your first Roth contribution and after you have reached age 59½, become disabled, or die. For more information, visit https://hr.vumc.org/benefits/retirement/roth.
"Catch-Up" contributions
If you are age 50 or will turn 50 during the calendar year Jan. 1 - Dec. 31 and are making the maximum plan or IRS pretax contribution, you may make an additional "catch-up" contribution each pay period. Going forward, catch-up contribution limits will be subject to cost of living adjustments (COLAs) in $500 increments.
All three contribution types are made through payroll deduction. You can modify your contribution types (pretax vs. Roth after-tax) using NetBenefits.
You have access to a range of investment choices in your plan, including conservative, moderately conservative, and aggressive funds. We encourage you to take an active role in your plan and choose investment options that best suit your goals, time horizon, and risk tolerance.
The VUMC Retirement Plan includes three tiers of investment choices designed to accommodate participants who want to be less to more involved in managing their investments:
Tier 1: Target Date Funds - funds that offer a blend of stocks, bonds, and short-term investments within a single fund.
Tier 2: Core Investment Options - for investors who want to divide contributions among a group of funds carefully selected and actively monitored by VUMC's Retirement Plan Oversight Committee. Core options include small-, mid- and large-cap; international; and bond funds, to help you build a balanced portfolio from a manageable set.
Tier 3: Self-directed Brokerage Option - for investors who desire the most investment flexibility and choice, the Plan offers a self-directed brokerage option, which gives you access to many other mutual funds. BrokerageLink includes investments beyond those in your plan's lineup. VUMC's Retirement Plan Oversight Committee 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. See the fact sheet and commission schedule for applicable fees and risks.
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.
Default Investment Option: If you do not elect specific investment options in the plan, your contributions will be invested in a Vanguard Target Retirement Fund.
The target date funds are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as it approaches the target date. The investment risk of each target date fund changes over time as its asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. Principal invested is not guaranteed at any time, including at or after the target dates.
When you are automatically invested in a Vanguard Target Retirement Fund, your contributions will be invested in the target date fund closest to the year you might retire, based on your date of birth and assuming a retirement age of 65, at the direction of VUMC. If you do not have a valid date of birth on file at Fidelity, your contributions may be invested in the Vanguard Target Retirement Income Fund.
When you are "vested" in your savings, it effectively means the money is yours to keep. You are immediately 100 percent vested in all contributions to the VUMC Retirement Plan (both your own and VUMC's matching contributions), as well as any earnings on them.
Your beneficiary or beneficiaries will inherit your account in the event of your death. You should designate a beneficiary when you enroll in your plan, and consider updating the information if you experience a life-changing event such as a marriage, divorce, birth of a child, or death in the family.
If you do not designate a beneficiary, your default beneficiary will be your spouse, if you are married, or your estate, if you are not married.
Fidelity's Online Beneficiaries Service, available through NetBenefits® offers a straightforward, convenient process that takes just minutes.
Go to 'Profile' in the navigation bar at the top of your NetBenefits® page and click on the 'Summary tab' and then 'Beneficiaries'.
You are generally allowed to withdraw money from your plan when you leave your employer, retire, or reach age 59½. Withdrawals may be subject to income taxes and, if they occur prior to you becoming age 59½, a 10 percent early withdrawal tax penalty.
The following is a list of eligible withdrawals and distributions:
-Faculty and staff who have terminated employment with VUMC can process withdrawals and distributions against their retirement account. You are responsible for paying applicable penalties (and income taxes for pretax contributions) on the withdrawal amount.
-Faculty and staff who have reached the age of 59½ can process withdrawals against their retirement account. You are responsible for paying applicable penalties (and income taxes for pretax contributions) on the withdrawal amount.
-VUMC does not have a mandatory retirement age. However, you must begin taking distributions from your account by April 1 of the year following your retirement or reaching age 72, whichever occurs later. Other distributions may be made according to the terms of the retirement plan document.
VUMC requires most former employees with balances less than $1,000 in the VUMC Retirement Plan to roll their savings over to another plan or account, or take the balance as a distribution. Click here to learn more.
To learn whether you qualify and request a withdrawal, call the Fidelity Retirement Services Center at 1-800-343-0860.
Faculty and staff working at VUMC, and under the age of 59½, are not permitted to take withdrawals from the Retirement Plan except in the case of a financial hardship as defined by the IRS. These may include:
Hardship withdrawals are limited to two per calendar year and can only be taken from assets held in accounts at Fidelity. You must submit appropriate supporting documentation to Fidelity with your application. If the distribution is approved, your voluntary contributions (and any associated match) will be suspended for a minimum of six months. You may choose to participate in the voluntary portion after this suspension period ends by logging on to NetBenefits and making a voluntary contribution election. Hardship withdrawals are subject to the terms of the applicable custodial agreement. Hardship withdrawals will be considered taxable income and are subject to a 10 percent penalty plus any applicable taxes.
To learn more about withdrawals or begin your request, call the Fidelity Retirement Service Center at 1-800-343-0860.
Although your Plan account is intended for the future, you may borrow from your Fidelity account for any reason. Account balances only held at Fidelity are eligible for a new loan.
Generally, the Plan allows you to borrow up to 50% of your vested account balance with the following guidelines:
-You can have only one outstanding loan at any time.
-The minimum amount you can request is $1,000.
-You may not borrow more than 50% of your total balance in your Plan accounts (or $50,000, whichever is less) reduced by your highest outstanding loan balance(s) during the one-year period ending on the day before your new loan is made.
-The interest rate is the prime rate plus 1% The prime rate is determined using the rate published by Reuters and is updated quarterly.
-The term for repayment of the loan may not exceed 5 years (15 years for home purchase loans), unless the loan is extended due to a leave of absence for military service.
-A $75 non-refundable loan application fee will be withdrawn from your account each time a loan is issued to you. A $25 loan maintenance fee ($6.25 per quarter) will also apply to each loan. These will be deducted from your retirement plan account.
-Loan repayments must be made monthly on a level repayment schedule through electronic debit from your personal bank or credit union account.
-If you fail to repay your loan (based on the original terms of the loan), it will be considered in "default" and treated as a distribution, making it subject to income tax and possibly a 10% early withdrawal penalty. Defaulted loans may also impact your eligibility to request additional loans.
To learn more, including the amount you may be able to take as a loan, or to start the process, call the Fidelity Retirement Services Center at 1-800-343-0860.
If you have retirement savings in another employer's plan or in an IRA, consolidating accounts may help make it easier to manage your savings but there are several options. Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.
If you're not sure about the best option for you, talk to a Fidelity representative today. They can explain each option in greater detail so you can make the best choice for your specific needs.
Online, on the phone, or in person, you have access to your account the way you want it:
-Log in online to NetBenefits® virtually 24/7.
-Call Fidelity at 1-800-343-0860 to speak with a representative between 7:30 a.m. and 11 p.m. Central time, or use the automated voice response system.
-Schedule an on-site meeting with a Fidelity representative.
Fidelity financial professionals provide complimentary one-on-one consultations for participants in your plan. You can also contact Fidelity for a statement of your account by calling 1-800-343-0860 or visiting NetBenefits®.
Each year, VUMC Human Resources provides fee disclosure information to participants in, and those eligible for, the VUMC Retirement Plan. The disclosure gives plan participants a complete, accurate picture of all the funds and associated expenses available. You can view the most recent participant fee disclosure at https://hr.vumc.org/benefits/retirement.
The disclosure is for informational purposes only; no action is required.
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Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
** The current yield of the money market mutual fund listed above reflects the current earnings of the fund, while the total return refers to a specific past holding period.
*** The yield without applicable waivers or reimbursements, whenever Fidelity is subsidizing all or a portion of the fund's expenses as of the current reporting period. Absent such waivers or reimbursements, the returns would have been lower. Waivers and/or reimbursements may be discontinued any time.
Investing involves risk, including risk of loss.
Footnotes 1, 2, 3 and 4 below pertain to the performance tables located on the Investment Options tab:
1 Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
2 Total returns are historical and include change in share price and reinvestment of dividends and capital gains, if any. These figures do not include the effect of sales charges, if any, as these fees are waived for contributions made through your retirement plan. If sales charges were included, returns would have been lower. Life of fund figures are from the inception date to the period shown. For unitized funds, the inception date shown may be that of the fund's underlying investment option. For non-mutual fund pools and trusts whose strategies may be offered to multiple clients, and whose returns may be based on a composite, the inception date shown may be the beginning date of the composite's returns.
3In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk, and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible.
4Target 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.
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