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TIAA retirement plan updates

March 10, 2020

Marquette’s retirement plan is one of the best deals around for saving for your retirement. In addition to the tax benefits, the plan remains a very cost effective way to save for your future.

The Marquette University Retirement Plan Committee works hard to reduce fees and continually monitor fees to make sure they remain competitive. Recent negotiations with TIAA, the university’s retirement plan administrator, have resulted in the following:

  1. A new fee structure that lowers the plan’s overall cost for participants
  2. Increased transparency of costs
  3. Allocates expenses more equitably among all participants

Effective April 1, 2020, plan participants with a balance of more than $1,000 will be charged $10 per calendar quarter for record keeping and statement preparation. The remainder of the plan’s operating expenses will continue to be allocated as a percentage of plan balances (approximately 0.009% of balance quarterly, or 0.036% per year).

Participants can access the transaction history to view the new fee allocation as soon as it has posted to their account. Please note that overall fee levels were reduced last year and are not changing now. Rather, the method of assessing the fees has been changed to increase transparency and equitability among all participants.

TIAA is sending all participants a letter via mail or electronically (for those who elected electronic communication with TIAA). Employees are encouraged to carefully review this letter. If you haven’t recently reviewed your retirement plan savings and allocations, note that TIAA is scheduled to be on campus in the coming weeks.

Visit the Human Resources website to sign up for a meeting with a TIAA counselor.

Filed Under: For Faculty/Staff, HR News, News

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