Retirement

Voluntary 403(b) Savings Plan Project

USF and the Division of Human Resources have taken steps to improve the retirement options for USF’s employees by embarking on a project to significantly enhance the Voluntary 403(b) Savings Plan to gain best in class investment options for plan participants. The project will strengthen its Voluntary 403(b) Savings Plan for the benefit of participants through vendor consolidation, improved communication, and technology enhancements.

New Scroll

Where we are now

 

 

Effective February 19, 2020, University employees will have a single source for enrolling in the Plan, changing your payroll contributions, and choosing your investment services provider for the 403(b) Plan.

Those available service providers will be Fidelity and TIAA for new enrollment and contributions after February 19, 2020. 

  • Review email communications from USF and Fidelity. Updates and information will be sent to your email address.
  • Prior to the effective date, current 403(b) participants will receive important communications and a Transition Guide to explain these enhancements in detail. The Transition Guide will also include information about the Town Hall meetings taking place on all USF campuses which will offer employees the opportunity to ask questions of Fidelity, TIAA and CAPTRUST representatives. 
  • Attend a Town Hall Meeting - Learn more about the important updates to the Plan from CAPTRUST, Fidelity and TIAA representatives and get answers to your questions. Any changes or additions to the schedule will be available at www.myfidelitysite.com/usf. A campus map for Tampa or Health Town Hall locations is located online: https://www.usf.edu/administrative-services/parking/documents/campus-map-directory.pdf.
Townhall Meeting Schedule
Date Location Time
January 22, 2020

Sarasota
8350 N. Tamiami Trail, Room A217
Sarasota, FL 34243

10am to 11:30am
January 28, 2020 USF Health
Tampa Campus
 
Carol and Frank Morsani Center, 13330 USF Laurel Dr., Room 1013 A & B, Tampa, FL 33612
3pm to 4:30pm
January 28, 2020 Tampa Campus
4202 E. Fowler Ave, Student Services Building, SVC 2070, Human Resources Training Room, Tampa, FL 33620

9am to 10:30am

OR

12pm to 1:30pm

January 30, 2020

Harbor Hall Community Center
(HBR Community Center) 1000 3rd St. S.
St. Petersburg, FL 33701

10am to 11:30 am

OR

2pm to 3:30 pm

January 31, 2020 USF Health
Tampa Campus 
Carol and Frank Morsani Center, 13330 USF Laurel Dr., Room 1013 A & B, Tampa, FL 33612
9am to 10:30am
February 4, 2020 Tampa Campus
4202 E. Fowler Ave, Student Services Building, SVC 2070, Human Resources Training Room, Tampa, FL 33620

9am to 10:30am

OR

2pm to 3:30pm

February 6, 2020 Tampa Campus
4202 E. Fowler Ave, Student Services Building, SVC 2070, Human Resources Training Room, Tampa, FL 33620

12pm to 1:30pm OR

3pm to 4:30pm OR

6pm to 7:30pm

The Division of Human Resources, along with CAPTRUST, will keep you updated throughout this process.  Please check back often for updated information on this important project.

Want to Know More? Click Below

Rocky Question

The How and Why

The University engaged CAPTRUST, an external consultant, to assist with the comprehensive review of service providers, investment options, technology, and education opportunities for the future financial wellbeing of our participants. USF also formed a Retirement Plan Investment Committee that is charged to periodically review USF’s 403(b) plan and providers.

As part of the project, a Request for Proposal (RFP) process was initiated with all USF’s current vendors, and a thorough review and evaluation of the RFP responses was performed by CAPTRUST and the Committee. The University is happy to announce the process is complete.

USF is not alone in taking steps to improve our financial and compliance positioning, as many SUS and other universities have taken on this same effort. The Florida Department of Financial Services and Bureau of Deferred Compensation recently announced a reduction in the Investment Providers with the state’s Voluntary 457 Plan. Click here for additional information on those efforts. 

 

What's Changing

Key enhancements to the Voluntary 403(b) Savings Plan that will be implemented in late February 2020 include:

  • Plan investments will be offered through a tiered, diversified menu of best-in-class investment options. These new investment menus will be available through two providers, Fidelity and TIAA.
  • The new investment options will be grouped into tiers: Target Date Funds, Passively Managed Funds, Actively Managed Funds and Self Directed brokerage account.
  • USF will introduce a single online web-based page for enrollments and changes, including resources that encompass tools and financial guidance.
  • A Roth option will be added, which will allow an employee to make voluntary 403(b) contributions on an after-tax basis.  A Self-Directed Brokerage option will be available to invest in any mutual fund not offered within the core investment menus of the two providers. 

What Will Not Change as Part of the Project

  • Eligibility and Overall Plan design
  • Contribution Limits

This project does not include the Retirement Plans managed by the State of Florida Division of Retirement:

  • State Retirement Plans or Providers (FRS Pension, Investment or SUSORP)
  • State 457 Deferred Compensation Plans or Providers