Voluntary 403(b) Savings Plan Project

USF and the Division of Human Resources are taking strides 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. This project will strengthen its Voluntary 403(b) Savings Plan for the benefit of participants through vendor consolidation, improved communication, and technology enhancements.

The University has engaged CAPTRUST Financials, an external consultant, to assist with this comprehensive review of service providers, investment options, technology, and education opportunities for the future financial wellbeing of our participants. USF has recently formed a Retirement Plan Investment Committee that has been charged to periodically review USF’s 403(b) plan and providers, and this committee will work closely with CAPTRUST to make decisions based on their review.  At this time, the Request for Proposal (RFP) process has begun with all of USF’s current vendors.

Key initiatives to the Voluntary 403(b) Savings Plan project that will happen over the next 6 – 8 months:

How and Why this Project Impacts Active and Retired Participants

  • Reduction in Service providers; to only those that can provide the best products, services, investment education and fee structures making it easier for you to make well informed financial decisions
  • Ensuring a diversified Investment fund line up for best in class offerings based on performance and cost
  • Simplify investing by utilizing a tiered structure
  • How you enroll by utilizing new technology improvements
  • Enhancement of Participant Education and Financial Guidance
  • Ensure participant fees and expenses are competitive

What Will Not Change as Part of the Project

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

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 Division of Human Resources, along with CAPTRUST, will keep you updated throughout this process.  As the project progresses, updates will be made to the DHR Retirement website, and webinars and town hall meetings will be held to communicate the forthcoming changes.  

Please check back often for updated information on this important project.