March 17, 2020
Vanguard Participants: Important Update Regarding the Transition to TIAA
As communicated in February, Carnegie Mellon University will be consolidating administration of the retirement plans to one recordkeeper relationship with TIAA. 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. Until we set a new date to transfer balances, you should direct any questions about your current Vanguard account or requests for assistance to the existing Vanguard phone number and/or website.
Other parts of the transition are proceeding according to the original timeline and as previously communicated in the Transition Guide [pdf]:
- New Retirement Choice/Retirement Choice Plus accounts with TIAA will be set up on March 23 for participants who are currently contributing and/or hold a mutual fund balance. Once your account is set up, you may review your beneficiary designations and adjust your investment allocations.
- Vanguard investment options are being added to the TIAA platform as planned.
- All future contributions will be directed to your new accounts at TIAA starting March 26. Plan participants with balances in Vanguard will need to log into their accounts through both Vanguard and TIAA to view complete account information: Vanguard for current balances and TIAA for contributions after March 26.
Learn more about the Transition to Single Recordkeeper, including available support resources.