Important Changes for Penn's Retirement Plans |
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September 4, 2012,
Volume 59, No. 02 |
Investing for retirement can be overwhelming, especially when there are so many choices. But it’s important to have the freedom to choose what’s best for your financial goals. That’s why we’re making some changes to our Tax-Deferred Retirement (TDR) and Supplemental Retirement Annuity (SRA) plans this fall—to help you build a portfolio that best meets your needs.
In October 2012, you’ll see the following changes to the TDR and SRA plans:
We’re organizing Penn’s investment fund lineup into four investment tiers to help you more easily meet your retirement goals.
We’re reducing the number of Vanguard investment funds offered directly through the TDR and SRA plans.
The streamlined fund lineup was carefully selected to continue to provide a diverse mix of options while making it simpler for you to make investment choices. You’ll still have access to the closed funds through the Vanguard brokerage option (#4 below).
- We’re adding three new funds to the TIAA-CREF investment fund lineup in order to more closely align the fund options for TIAA-CREF and Vanguard.
- We’re introducing a brokerage option for both TIAA-CREF and Vanguard. This gives more experienced investors access to hundreds of additional investment funds, including those Vanguard funds that are being removed from Penn’s direct investment lineup.
Keep in mind these changes will only affect your investment fund choices—not the design of our retirement plans. Penn will continue to contribute the same amount to your TDR plan (if you’re eligible for contributions).
And you don’t have to do anything unless you’re invested in one of these Vanguard funds.
For complete details on our upcoming retirement plan changes, see www.hr.upenn.edu/Benefits/Retirement/FundChanges.aspx. You can also visit TIAA-CREF (www.tiaa-cref.org/) and Vanguard (https://retirementplans.vanguard.com/ekit/sites/upenn/index.html) online for more information, or make an appointment for free one-on-one retirement counseling (www.hr.upenn.edu/Benefits/Retirement/RetirementCounseling.aspx) to talk about what choices might be right for you.
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