Skip to main content
UNC Retirement Plan Recordkeeper Transition

UNC Retirement Plan Recordkeeper Transition

This web page provides details about the UNC System Retirement Plan’s transition to TIAA as its single recordkeeper.

The Selection of a Single Recordkeeper

In April 2023, University Human Resources sent an email to employees that announced the University of North Carolina System was considering moving from two recordkeepers — TIAA and Fidelity — to a single recordkeeper for the following retirement plans:

  • UNC Optional Retirement Program (ORP).
  • UNC System 403(b) Plan.
  • UNC System 457(b) Plan.
  • UNC Senior Administrative Officer Retirement Program.
  • UNC Senior Athletic Employee Retirement Program.

The UNC System initiated a request for proposal process to explore whether to move to a single recordkeeper for the above plans. The UNC System announced Aug. 24 that TIAA will serve as the recordkeeper for the retirement plans. The UNC System provided the information below regarding its change to a single recordkeeper for the plans.

Employees

Employees who participated in a Fidelity-managed UNC System Retirement Plan have been transitioned to TIAA as of April 1, 2024. . Payroll contributions changed to TIAA for the ORP, 403(b) and 457 plans on the February 2024 payroll. All Fidelity assets were mapped to TIAA on April 1, 2024.Details regarding the fund mapping process are included in the transition guide linked below.

The UNC System mailed a comprehensive transition guide to participants with a plan balance the week of January 26th. The transition guide provided details about the fund lineup available through TIAA, the fund mapping process, key dates and decision-support resources for employees.

Special communications were  mailed to Fidelity participants who are currently repaying loans, receiving periodic payments, and investing in self-directed brokerage.

Split Participants

ORP participants who split their employer and employee contributions between Fidelity and TIAA transitioned to TIAA beginning Jan. 1, 2024. Split participation ended for new ORP participants on April 1, 2019. Employees who split contributions between the two vendors prior to this date were “legacied” and could continue until a change in ORP carriers occurred.

Participants of the 403(b) or the 457(b) plans who split their voluntary contributions between vendors transitioned to TIAA beginning Jan.1, 2024.

Why Is This Happening?

The UNC System issued the request for proposal for a single recordkeeper to create greater efficiencies and economies of scale. A single recordkeeper will allow the UNC System to:

  • Streamline the enrollment process.
  • Better leverage the university’s $10 billion in defined contribution retirement plan assets to reduce recordkeeping expenses.
  • Consider and possibly implement investment solutions that better fit the unique aspects of our employee demographics.
  • Provide you with a clear and consistent financial education and advice program.

Consolidating to one recordkeeper offers many potential advantages for plan participants, including:

  • Lower-cost investment options, including mutual funds and collective investment trusts.
  • The consideration of plan pricing structures that further optimize investment returns for participants
  • Contribution planning and investment selection advice.
  • Better participant engagement on issues related to financial planning.
  • The customization of retirement income solutions.
  • Consistent messaging about how various plans work.

FAQs

No, TSERS and the Empower (formerly Prudential) plans are managed by the Office of State Treasurer and are not part of the UNC System’s retirement plans.

Log in to your new account with TIAA at TIAA.org/UNC to get started. From this one location, you can:

  • Make investment changes to your current balance or future contributions
  • Review or change your beneficiary information
  • Use the online Retirement Advisor tool. Visit TIAA.org/retirement advisor and log in to your account.

Please review pages 14-18 of the transition guide for details on how your assets were mapped to TIAA.

Active employees payroll contributions were transitioned to TIAA on the February 2024 payroll.. All Fidelity assets were mapped to TIAA on April 1, 2024.

The UNC System mailed a  comprehensive transition guide to participants the week of January 26th. The transition guide shared more information about this change, including details about the fund lineup available through TIAA, the fund mapping process, key dates and decision-support resources for employees.

Participants in the ORP plan with Fidelity must transition payroll contributions to TIAA effective the February 2024 payroll. Fidelity assets were mapped to TIAA for anyone with a balance in the UNC System managed plans in April of 2024. This applies to current, former, and retired participants.

If you actively participate in the voluntary savings plans — 403(b) and 457 — you may choose to end your voluntary deductions by completing the appropriate Change Form and emailing it to hrsbenefits@ncsu.edu.

If you participate in the 457 plan, yes you can move your assets to Empower’s 457(b) plan through a direct transfer with the vendor. 

Because the 403(b) plan falls under a different IRC Code, you cannot move 403(b) funds from Fidelity (or TIAA) to the NC 401(k) plan unless you experience a triggering event as defined by the IRS. These events include turning age 59.5, separating from employment, etc. If you do experience a triggering event, you must also be eligible to contribute to the 401(k) plan which is only available to those who participate in TSERS or the ORP.

Details about TIAA’s investment performance and current fund options are on the UNC System’s website.

In January, the UNC System shared more information, including a transition guide that provided details about the fund lineup available through TIAA, the fund mapping process, key dates and decision-support resources for employees.

The easiest way to determine your retirement plan vendor is to view the deductions on your most pay stubs by going to My Pack Portal and clicking “Payroll” and “Paychecks.”

Yes. All plan assets with Fidelity transitioned to TIAA in April as a part of this change. This includes terminated or retired employees who had a plan balance with Fidelity.

TIAA participants have access to personalized advice from a TIAA financial consultant at no additional cost to you. To schedule a one-on-one consultation, by calling 800-732-8353, weekdays 8 a.m. to 8 p.m. (ET) or visit TIAA.org/schedulenow-unc. During your session, you can get answers to your questions and develop a retirement action plan tailored to your financial situation.

TIAA is committed to providing the support you need on your path to and through retirement. If you have any questions and do not wish to schedule a consultation, please call TIAA at 866-681-0594. 8 a.m. to 10 p.m. (ET).

For further assistance, you may also submit a case in HR Now and a member of the benefits team will follow up with you.

Communications

Employees with a balance in one or more of the UNC System retirement plans (Optional Retirement Program, UNC 457(b), UNC 403(b) plans) were mailed detailed transition information to their home address via US Mail on January 26, 2024. This information is also available here:

Additional Communications: