UF-sponsored investment plans will transition to Fidelity as sole recordkeeper beginning in 2021

Earlier this fall, UFHR announced that all University of Florida-sponsored defined-benefit contribution plans would be moving to a single recordkeeper, Fidelity Investments®, beginning in January of 2021. The decision to make this change was based on the recommendations of a UF advisory group composed of university financial leaders and faculty experts from the Warrington College of Business, who worked with consulting firm LCG Associates to evaluate the competitiveness of UF’s plans. The plans affected include the College of Medicine’s AEF supplementary retirement plan and UF’s voluntary, or supplementary, 403(b) plans as well as the 401a plans that support OPS employees and leave cash-outs.

Fidelity recently mailed all UF employees a transition guide to help explain these changes. While the guide is designed especially for those UF employees who currently participate in a UF-sponsored plan, you may be interested in reviewing the information in the guide, even if you are not a current participant, to learn more about the new plan options that will be available to you beginning next year. However, If you do not participate in a UF-sponsored plan and are not interested in learning more, feel free to ignore the guide.

Importantly, while all retirement-eligible UF employees participate in a State of Florida-sponsored plan — either through the Florida Retirement System or the State University System Optional Retirement Program — not all UF employees have a UF-sponsored plan. Only those plans listed in the right-hand column in the image below, are affected by this change.

Faculty and staff who currently participate in the UF-sponsored plans are receiving regular communications from UFHR and Fidelity to help guide them through the transition. If you are uncertain about which plans you are currently participating in, you can review them by logging into myUFL and navigating to My Self Service > Benefits > Benefits Summary.

For your reference, here is a listing of all types of plans, as they are referenced in employees’ benefits summaries. As in the image above, only the UF plans highlighted in orange are affected by the transition. State plans, highlighted in blue, are not.

If you still have questions after reviewing your current elections, please reach out to the UFHR Benefits team at benefits@ufl.edu or (352) 392-2477.