Why Change?

The BU Retirement Savings Program enables you to build a strong foundation for retirement security and represents a significant portion of your total reward package from the University. From time to time, the University may make changes to the Program to ensure it performs in your best interest and reflects the best practices of the industry.

The University regularly reviews service provider performance. In the spring of 2018, the University began an in-depth review to re-evaluate the Program. As part of this review, the University determined that using Fidelity as the Program’s sole service provider would provide the majority of participants with lower service provider costs, simplified administration, and best in class service.

Specifically, moving to Fidelity as the Program’s sole service provider offers you the following advantages:

• Lower and more transparent service provider costs. The Fidelity annual service provider fee of $56 was lowered to $46 per year effective April 1, 2021. Participants with an account held under a TIAA-CREF annuity contract pay variable amounts up to $178 year for providing service.
• Best in class service. The University had growing concerns regarding TIAA’s services. In contrast, Fidelity is a leader in the higher education market, with top-quality service provider and retirement planning capabilities.
• Simplified Program administration. Moving to one service provider will make operations more effective and the allocation of service provider expenses more equitable for the majority of participants

In addition, you have the option to invest in the New York Life Guaranteed Interest Account (GIA) through the investment menu at Fidelity, giving you a stable investment group annuity option to secure a guarantee of principal and accumulated interest.