Do You Have Retirement Funds with Vanguard?

Posted: September 1, 2011

New! Visit the Fidelity web site for an interactive walk-through of what the change will mean to you.

In October 2011, the University of Virginia is changing its retirement investment options in order to provide our employees with better service. The University believes that changing its current structure will help to meet new federal regulations as well as deliver greater value to you.

First, U.Va. will be enhancing our investment menu at Fidelity, resulting in lower trading costs. This is referred to as a "lower share class". The move to a lower share class does not represent a reduction in the quality of funds available to you as an investor.

Fidelity Investments and TIAA-CREF will be our only approved retirement providers. However, UVa recognizes that we have many loyal Vanguard investors and remains committed to providing continued access to Vanguard investment options.Going forward, if you have invested with Vanguard, you will be able to keep these funds within the Fidelity Investments platform instead of through separate accounts at Vanguard. Because 96% of the current Vanguard investment options will be offered at Fidelity ongoing, there will be minimal interruption to your current investment holdings and it will cost you less. If you are currently invested with Vanguard, your account will be transferred to Fidelity in October.

The University is required to send detailed information on these changes to all current employees as well as anyone who has ever had the opportunity to invest their retirement funds through UVa, including separated employees and retirees. In addition to this letter, which is being mailed to your homes in late August and early September, additional information will go out in the mail later in September. You can also discuss your portfolio with UVa Benefits staff as well as Fidelity, TIAA-CREF, and Vanguard. If you wish to set up an appointment with a retirement vendor, visit our retirement plan web page or call TIAA-CREF at 1-800-732-8353 or Fidelity Investments at 1-800-343-0860. Questions about the Vanguard change can be directed to the HR Service Center at 434-982-0123 or Vanguard at 1-800-523-1188.

Still waiting for your packet?

Here are pdf copies of the enclosed materials mailed out in early September, including the brochure, the Transition Guide, and investment options fund descriptions.