Transition to Single Recordkeeper
Starting on March 26, 2020, the CMU Retirement Plans — the Faculty and Staff Retirement Plan (FSRP) and the 401(k) Plan — will all be administered by TIAA, and TIAA will become the single recordkeeper for the plans. Note that university contribution rates, eligibility and vesting requirements will remain the same.
Beginning on Saturday, March 21, 2020, TIAA sent email notifications to announce automatic enrollment in the new Retirement Choice and Retirement Choice Plus accounts (one for the university contributions and one for your own contributions) if you currently contribute to plans or hold a balance in mutual funds as part of the transition to a single recordkeeper for retirement savings. Your beneficiary information will be applied to these new accounts, but you should take this opportunity to review and confirm this information.
- Due to market volatility concerns stemming from the coronavirus, CMU has decided to postpone the transfer of balances from Vanguard to TIAA and therefore there will be no blackout period at this time. For those with balances in Vanguard, your balance will remain with Vanguard for the near-term. All future contributions will be directed to your new accounts at TIAA starting March 26. View the announcement to learn more.
View the informational webinar to learn about the changes to the plans. You may also contact TIAA to schedule a one-on-one virtual appointment for assistance.