NEW! TIAA Retirement Program Updates - COMING OCTOBER 2024
NEW! TIAA Retirement Program Updates - COMING OCTOBER 2024
UA has partnered with TIAA to provide two new features - RetirePlus Select and Retirement
Plan Portfolio Manager (RPPM) - to help TIAA participants plan and save for their
retirement. Please read through the notice below to get a high-level overview of the
changes and who they affect.
- Webinars NOW AVAILABLE ON DEMAND - two (2) live informational webinars were held in early September detailing the
plan changes. If you were unable to attend, you can still watch a webinar on-demand.
- Details - a Transition Guide (digital copy provided) has been mailed out to participants. This contains detailed
information on the enhancements including key dates and other available resources.
- Action - these enhancements do not require participants to take any action unless they would like to opt out of the RetirePlus Select program before the official launch in October. RPPM is an optional service provided and participants would need to actively opt in to participate.
UA and TIAA will work to keep participants informed throughout the upcoming transition.
If there are questions in the meantime, please visit TIAA.org/alaska or call TIAA at 800-842-2252, weekdays, 4 a.m. to 6 p.m. (AKDT).
New Plan Default - Introducing TIAA RetirePlus Select®
- What is RetirePlus Select?
RetirePlus Select is a new kind of Target Date Fund. It is designed to automatically adjust investment allocations during a participant's career based on their time horizon to retirement. Different from a regular Target Date Fund, however, TIAA Traditional Annuity is included in the RetirePlus Select model to provide enhanced retirement options and guaranteed income in retirement through these annuities.
- What does RetirePlus Select mean to UA retirement plans?
RetirePlus Select will become the new plan default replacing the Nuveen Lifecycle Index Funds default. (Reminder: TIAA Lifecycle Index Funds were recently rebranded to Nuveen Lifecycle Index Funds.) After the launch of RetirePlus Select in October, the Nuveen Lifecycle Index Funds will no longer be available. - What does it mean to say RetirePlus Select will be the new plan default?
A plan default investment is for participants who do not select an investment lineup themselves after they select to invest funds in any TIAA account(s). For example, if a new employee selects TIAA for their UA Pension Plan contributions, but does not select their own investment line up with TIAA, contributions will automatically be routed to RetirePlus Select - the default investment option. Participants can update their default investments at any time.
- What plans will RetirePlus Select be available on?
RetirePlus Select will be available on the Optional Retirement Plan (ORP), UA Pension Plan, and Voluntary 403(b) plans. - Who does this change affect?
This change will affect any participant - either a current or former employee - who has any amount of funds invested in a Nuveen Lifecycle Index Fund in the ORP, UA Pension Plan, and/or Voluntary 403(b).
- Who does this not affect?
Participants who only have funds invested with another vendor (i.e. Fidelity, Lincoln, Corebridge (VALIC), etc.) or the State of Alaska Public Employees Retirement Plan (PERS) or Teachers Retirement Plans (TRS) will see no change.
Additionally, participants invested with TIAA but are not currently invested in Nuveen Lifecycle Index Funds will see no change. However, these TIAA participants are free to reinvest their funds on their own to the RetirePlus Select model any time after OCTOBER 17.
UA employees can also redirect applicable contributions that they have in the ORP, UA Pension Plan, or Voluntary 403(b) to TIAA from another vendor if they would like to take advantage of the new RetirePlus model. Please reach out to ua-benefits@alaska.edu or (907) 450-8242 if you have questions on how to update current vendor(s) on these plans. - What does this mean for participants invested in the Nuveen Lifecycle Index Funds?
Since the RetirePlus Select model will be the new plan default, if a participant has a current investment of any amount in any of the Nuveen Lifecycle Index Funds, they will see their funds automatically redirected to the RetirePlus Select model the week of OCTOBER 21. - What if a participant does not want their Nuveen Lifecycle Index Funds mapped over to the RetirePlus Select model?
If a participant does not want their funds automatically mapped over to the RetirePlus Select model, other investment options (a non-Nuveen Lifecycle Index Fund) can be actively chosen by the participant at any time before the changes begin on OCTOBER 17 but no later than OCTOBER 22.
Funds that remain in the Nuveen Lifecycle Index Funds after OCTOBER 22 will be automatically mapped to the RetirePlus Select model. Participants can reinvest their RetirePlus Select funds at any time after the transfer is complete. - What is not changing?
Participant login information will remain the same. Account balances will transfer in full from Nuveen Lifecycle Index Funds to RetirePlus Select (although participants may see market fluctuation in the days after the transfer). Annuity account balances will not be changing.
Retirement Plan Portfolio Manager (RPPM) - A New Optional Fee Based Service
Participants will be able to choose a new service as part of these changes – Retirement Plan Portfolio Manager (RPPM) on or after OCTOBER 17. RPPM is a fee based service that offers professional management of your account.
Remember, participants can continue to receive investment advice from a TIAA financial consultant at no additional cost to the participant just like it is provided today! RPPM is a new additional service provided on top of TIAA’s current financial consulting.
Webinars to Discuss Changes - NOW AVAILABLE ON DEMAND
These enhancements (RetirePlus Select and RPPM) provide an opportunity for participants to review their accounts and retirement goals to see how the program changes may benefit them.
Two informational webinars will be held in September detailing the plan changes. A Transition Guide with more detailed information will be mailed to participants in mid-September.
Two live webinars were held on (1) Wednesday, September 4, 2024 at 12pm Alaska and (2) Friday, September 6, 2024 at 12pm Alaska. If you were not able to attend, you can still watch the videos on-demand here.
Meet with a TIAA Consultant
A TIAA financial consultant is available to meet one-on-one with plan participants
to discuss the upcoming changes in more detail, at no additional cost to you. To schedule a one-on-one counseling session, please contact:
Scott Rethford
775-527-8578
Scott.Rethford@tiaa.org
TIAA.org/schedulenow
Emailed via benefits newsletter on 8/13/2024, 8/27/2024, 9/3/2024, 9/10/2024, 9/17/2024,
10/2/2024.
Published in UA News 8/23/2024.
Contact Benefits: (907) 450-8242 | ua-benefits@alaska.edu | schedule one-on-one time