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February 15, 2012

Important retirement program changes start this spring

This spring, managing your University retirement contributions should be easier—thanks to a new online recordkeeping platform, a new streamlined menu of funds, and quick tools to help you make smarter investment decisions.

While the fundamental design of the plan remains the same—the University’s contribution formula (the amount funded to your plan each pay period) and eligibility requirements remain unaffected—you’ll want to watch your home mailbox for a more detailed preview (and timeline) of the coming transition, including steps you’ll need to take starting in April.

Below is a brief highlight of changes to come:

  • A more user-friendly investment structure (including tools and resources to help you discover which “type” of investor you are, determine your long-term financial goals, etc.).
  • A streamlined menu of investment choices, as the University replaces its current list of 320-plus investment options with a smaller group of funds that have gone through a screening process and will be reviewed on an ongoing basis.  (Experienced investors who enjoy having a vast choice of funds can retain their flexibility by enrolling in self-directed brokerage accounts.)
  • One recordkeeper, providing a single logon and password for managing all the funds in your account—regardless of which firm manages them.

More information is available in the mailer that’s been sent to your home. Check @Rochester and Currents in the coming weeks for more detailed information (including times and dates of upcoming information seminars). In the meantime, the Benefits website (www.rochester.edu/working/hr/benefits/retirement) is the place to go for the latest updates regarding the program, pending improvements, and a preview of the new fund lineup.

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