TIME SENSITIVE INFORMATION
Kent State University is pleased to announce updates to the Alternative Retirement Plan (ARP) and 403(b) and 457(b) plans, including new low-cost options.
Opportunities to plan and save for your financial future are critically important. That’s why, as part of a state-wide project, Kent State University (KSU) has been working with the Inter-University Council of Ohio and a retirement committee, consisting of faculty and staff representatives, to update and modernize the ARP, 403(b) and 457(b) plans. We also have collaborated with CAPTRUST, an independent investment advisor, to streamline the number of approved vendors, reduce plan and investment expenses, and simplify investment options. This process has led to KSU offering new lower cost investment options, which will improve the retirement savings opportunities for employees.
While the basic design of the retirement plans remain the same, including contribution rates, eligibility and vesting requirements, the following changes will take effect in May 2022.
- Retirement plan vendor choices
Vendor choices will include AIG, Equitable, TIAA, and Voya.
- New investment options, many with lower costs
New lower-cost mutual fund Investment options from several leading financial providers have been carefully reviewed and selected by the retirement committee to help you create a diversified retirement account that matches your investment goals and preferences. There will also be a new self-directed brokerage option that provides access to a broad range of mutual funds beyond the plans’ investment lineups.
- Changes to retirement plan fees
Costs for some investments will be significantly lower, and a new transparent fee structure will make it easier to understand plan costs, which will be included on your quarterly statements.
While more information is being mailed to the home address of current plan participants from their respective vendors, including details about any actions that may be needed, the HR Employee Benefits Office has created a Retirement Plan Transition webpage that houses the general and vendor-specific informational meetings to be held in March and April, FAQ’s, contact information for our continuing vendors, and more.
We recommend that plan participants carefully review this Retirement Plan Transition page, along with information being mailed to their residence, for key dates and specific action steps. We also encourage current participants, and potentially new participant employees, to register for a general CAPTRUST presentation as well as any vendor specific sessions that you may want to attend. General information meetings led by CAPTRUST will be held the week of March 21 and vendor-specific meetings will be held the week of April 4. A recording of the CAPTRUST general meeting for future viewing will be posted on the webpage by the week of March 28.
In addition to the virtual meetings, vendor one-on-one sessions can be arranged by contacting the vendor phone number listed on our Retirement Plan Transition page. If you have questions regarding your retirement options, we recommend that you work with your individual vendor. Please note that these developments have no impact on the retirement plans administered by OPERS or STRS.
For all other general questions, you may contact the Employee Benefits Office at 330-672-3107 or benefits@kent.edu.