RCAB 401(k) Plan Changes and Employee Webinars Announced
TIAA sent notice of the changes below, either via email (if opted in) or US Mail to all employees with TIAA accounts on May 29, 2021 (scroll down for a copy of the notice). To assist with dissemination of this information and increase understanding, webinars will be hosted for employees (and interested F&Os) to explain the following and provide additional detail. The changes below will take effect on or about June 30, 2021:
- The JP Morgan target date funds, which is a suite of funds tied to the year in which the employee will turn age 65, will change to the American Funds target date funds. Any assets invested in the JP Morgan funds will automatically be moved to the appropriate American Funds fund.
- Fees charged to employee TIAA accounts will be the same % for everyone (0.153%), instead of amounts that vary based on the specific investments held inside each account