The University of Rochester is committed to supporting your efforts to save and invest for retirement. The University, along with its investment consultant, continually monitors and reviews the investment options available under the University of Rochester Retirement 403(b) Program and Deferred Compensation 457(b) Plan. As a result of careful evaluation of many factors, such as long-term fund performance and core menu simplification, the University is making the changes set forth below to the plans’ investment options. Please review this notice carefully, to learn how your account may be affected. These modifications are intended to give you the investments, services and tools you need to help you pursue your retirement savings goals. On behalf of the University of Rochester, TIAA, our recordkeeper, will implement all of the following updates on or about March 5, 2021.
Highlights
- New Investment Option
- Replaced Investment Option
- Removed Investment Options
There is no action required unless you want to make changes to your account.
1. new investment option
On or about March 5, 2021, the MFS Institutional International Equity Fund (MIEIX) will be added to the 403(b) Retirement Program and Deferred Compensation 457(b) Plan.
Detailed information about the new investment opportunity is available in this fact fund sheet. Additional information on the other investment options offered under the plans are available at TIAA.org/rochester. This change requires no action by you unless you would like to start investing in this fund.
2. Replaced investment option
As a result of a careful evaluation, on or about March 5, 2021, the Dodge & Cox International Stock Fund (DODFX) will be replaced with MFS Institutional International Equity Fund (MIEIX).
Assets and future contributions:
If you’re currently contributing to the Dodge & Cox International Stock Fund, any assets and future contributions will be invested in the MFS Institutional International Equity Fund as shown below.
If you do not wish to have your existing balances and/or future contributions from the Dodge & Cox International Stock Fund allocated to the MFS Institutional International Equity Fund, you can make your allocation choices prior to March 5, 2021. Of course, you can also change your allocations after the changes to the retirement plan have been completed.
Detailed information about the investment options offered under the plans are available at TIAA.org/rochester, including fund fact sheets and prospectuses, as applicable.
Removed Investment Option
| Dodge & Cox International Stock Fund | DODFX |
Replacement Investment Option
| MFS Institutional International Equity Fund | MIEIX |
3. Removed investment options
As a result of a careful evaluation, on or about March 5, 2021, three funds will be removed from the core investment options. The fund names of those being removed can be found in the gray table below.
Assets and future contributions:
If you’re currently contributing to the investment options listed on the left-hand side in the gray table, any assets and future contributions will be mapped to the core investment option listed on the right-hand side in the blue table.
If you do not wish to have your existing balances and/or future contributions mapped to the core investment options as shown below, you can make your allocation choices prior to March 5, 2021. Of course, you can also change your allocations after the changes to the retirement plan have been completed.
Detailed information about the investment options offered under the plans are available at TIAA.org/rochester, including fund fact sheets and prospectuses, as applicable.
| Removed | Replacement | ||
| Investment Option | Ticker | Investment Option | Ticker |
| DFA U.S Targeted Value Portfolio Institutional Class | DFFVX | Vanguard Extended Market Index Fund Institutional Plan | VEMPX |
| Neuberger Berman Sustainable Equity Fund Institutional Class | NBSLX | Vanguard Institutional Index Fund Institutional Plus | VIIIX |
| Vanguard Total Stock Market Index Fund Institutional Plus | VSMPX | Vanguard Institutional Index Fund Institutional Plus | VIIIX |
learn more about these changes and how they will impact your account
Online:
To learn more about the investment options, go to TIAA.org. You can then enter the name or ticker symbol of the investment options in the search field.
To learn more about your plan and to update your retirement portfolio online, log in to the secure website at TIAA.org/rochester, where you can change the direction of future contributions, transfer existing assets and review your beneficiary election.
Phone:
If you prefer, you can update your retirement portfolio by calling TIAA at (800) 410-6497, weekdays, 8 a.m. to 10 p.m. (ET).
To schedule a virtual one-on-one session, call (800) 410-6497, weekdays, 8 a.m. to 10 p.m. (ET). You can also schedule a meeting online at TIAA.org/URschedulenow.
Important note: If you have a foreign mailing address on file, there may be restrictions due to international securities laws on investing in the new options, and TIAA may be restricted from processing certain mutual fund transactions on your behalf. If you have a legitimate U.S. mailing address in Puerto Rico, or an Army Post Office (APO), Diplomatic Post Office (DPO), or Fleet Post Office (FPO) box, the restrictions may not apply to you. Please call TIAA for more information at (800) 842-2252, weekdays, 8 a.m. to 10 p.m. (ET).
The University reserves the right to modify, amend or terminate the 403(b) Retirement Program and Deferred Compensation 457(b) Plan at any time. Please read the prospectus and consider the investment objectives, risks, charges and expenses carefully before investing. (02/21)