Helping employees plan and save for the future is important. The University of Alabama System is pleased to announce updates to the voluntary retirement plans. The changes do not require you to take any action at this time. Here are some important things to know:
- Introducing Target Date Plus model portfolios
These new model portfolios, available through the TIAA RetirePlus Pro® service, will serve as the new default investment option for the plans, replacing the current age-based TIAA-CREF Lifecycle Index Institutional funds. The new Target Date Plus model service may make it easier to plan and save for retirement by providing you with a professionally managed model portfolio that will be rebalanced every 90 days. They are a convenient alternative to making and managing your own choices from the retirement plans’ investment lineups and offer an option for monthly income payments for life once you retire. - New TIAA accounts
As a part of the model portfolio enhancement, for those who do not already have one, a new plan account(s) with TIAA will be created for you. Your account access information will remain the same. - Share class changes
Some of the investment options will be replaced by a lower-cost share class of the same investments. - Program fee reduction
Fees are being reduced in an effort to help reduce the overall cost of participation in your retirement plan.
Make the most of your retirement benefits
The upcoming enhancements provide an excellent opportunity for you to revisit your retirement plan options. The TIAA Transition Guide with additional information was mailed to participants in early March 2024. Carefully review the guide for more details on key dates, specific action steps, upcoming informational webinars and resources available to you. You should be aware of the following dates for anticipated changes and events. No action is required at this time.
Key dates
|
Expected 2024 date |
Change/Event |
| March 19 | Live webinar session with Q&A at the end, 10-11 a.m. Click here to register. |
| March 21 | Live webinar session with Q&A at the end, 12-1 p.m. Click here to register. |
| March 27 | Pre-recorded webinar session with live Q&A at the end, 3-4 p.m. Click here to register. |
| March 18-29 | One-on-one session to schedule a retirement advice and education session with a TIAA financial consultant, visit TIAA.org/schedulenow or call 800-732-8353, weekdays from 7 a.m.-7 p.m. |
| On or about April 3 | Enrollment in new accounts as needed and subscription to the new Target Date Plus model service begins. |
| April 3-May 3 | Window for personalization of or unsubscribing from the model service. |
| First payroll in April | First contribution into the new model portfolio. |
| Week of May 6 | Existing balances transfer to the new accounts (if applicable) and model portfolio. |
If you have questions or need assistance throughout the upcoming transition, visit TIAA.org/uasystem (UAB), TIAA.org/uabllc (LLC), or call TIAA at 800-842-2252. Consultants are available every weekday from 7 a.m. to 9 p.m. Or contact the UAB Benefits Office.
— Updated March 6, 2024