UW 403(b) Supplemental Retirement Program Updates
February 2, 2022
The UW 403(b) Supplemental Retirement Program (SRP) has recently undergone a transition, and here are some updates that may be of interest.
Revenue Returned in November/December 2021
As a result of fee negotiations undertaken by the University of Wisconsin, T. Rowe Price, Fidelity and TIAA returned revenue to participants in November and December 2021. Participants may see this categorized in recent quarterly statements in the following ways:
It’s the goal of the University of Wisconsin System and the SRP Advisory Committee to offer the lowest cost program while providing the best possible services and investments. The return of revenue to participants reflects our work towards this goal.
Transfer of Assets from T. Rowe Price to Fidelity or TIAA Completed
In 2022, T. Rowe Price is no longer a provider in the UW 403(b) Program, and in January T. Rowe Price balances were transferred to either Fidelity or TIAA. Balances were moved to Fidelity during the first week of January and to TIAA in the second week of January. With these transfers now complete, all accounts are out of “black out†mode and can be accessed. Fidelity and TIAA have sent notices of completion to affected participants.
Elimination of Minimum Contribution
With the UW 403(b) SRP transition, the minimum contribution of $8 per pay period has been eliminated. This means you can reduce your online contribution to as low as $1 while keeping your contribution active.
As a reminder, you can easily adjust your current contribution amount by logging into the MyUW portal for UW System institutions or for UW-Madison and clicking “Launch full app†on the “Benefit Information†tile. At the bottom of the screen, click “Update 403(b) Deduction†and edit your deduction.
To start or completely stop a deduction you must use a Salary Reduction Agreement. Remember to monitor your contributions on your earnings statements.
Want to learn more about the program? Visit the UW 403(b) Supplemental Retirement Program webpage.
Source: UW System Office of Trust Funds
Categories: Supplemental Retirement Program