Upcoming Improvements to the NSHE Retirement Program
For almost two years the Retirement Plan Advisory Committee with the assistance of an independent consultant has been engaged in comprehensive review of the Plan. The goal of that review was to provide you with higher quality investment options at a lower administrative cost.
As a result of that review, the Chancellor has announced that a series of important enhancements are being made to the NSHE Defined Contribution Retirement Plan (“Plan”), which are specifically designed to meet the goals of the review, namely to improve the quality of the investment options available to participants and to lower each participant’s administrative costs.
Effective January 1, 2014:
- We will be rolling out a new tiered investment line-up which will result in lower cost investment options and provide for better oversight of the managers on the line-up.
- TIAA-CREF will become the sole administrative services provider for the Plan.
Contribution rates, eligibility requirements, immediate vesting, and all other aspects of the Plan’s design will remain the same. Those employees who are enrolled in the PERS will not be affected by this change and PERS will remain the mandatory retirement program for classified staff.
COMMENTS AND QUESTIONS
The Advisory Committee welcomes and encourages your comments or questions in the box below.