Comprehensive Institutional Change Record

Campus Retirement
Archive of Campus Decisions

This archive serves as a centralized repository for verified changes to university retirement plans. Each entry is meticulously cross-referenced with official institutional documents and follows our established editorial framework to ensure accuracy and transparency.

Confirmed Institutional Actions File Reference: MIT-2024-001

Massachusetts Institute of Technology

Subject Matter Details:

Amendment to Automatic Enrollment and Employer Match Provisions

— Previous State

Enrollment was optional for newly hired employees, requiring manual selection to begin deferrals. The employer match was fixed at 5% for all participants, with no adjustments based on length of service or other criteria.

— New Development

The plan now includes an automatic enrollment feature set at 3% of salary for all newly eligible employees. Additionally, there is an automatic annual increase of 1%, which will continue until contributions reach a maximum cap of 15%. Alongside this, the matching contribution formula has been revised to provide greater incentives for employees who contribute higher percentages, encouraging increased participation and savings rates.

— Evidence

According to the MIT Human Resources department’s official document titled "2024 Plan Design Changes Summary," dated October 2023, these updates are scheduled to take effect starting January 1, 2024. This document outlines the specifics of the new enrollment and matching policies as part of the university’s retirement plan enhancements.

— Industry Context

These changes align with the SECURE Act 2.0 guidelines, which recommend best practices for large institutional retirement plans to increase employee participation. By implementing auto-enrollment with gradual escalation and enhanced matching incentives, the plan reflects a broader industry trend aimed at improving retirement readiness among employees.

— What to Watch

Going forward, it will be important to monitor how these changes impact long-term participation rates, particularly among lower-income employee groups on campus. Additionally, the potential for adjusting or raising the auto-escalation cap beyond 15% remains an area to watch as the university evaluates the program’s effectiveness over time.

Decision Confirmed Reference File: DUKE-2023-009

Duke University

Subject Matter Details:

Duke University has moved to select a single provider to streamline its 403(b) retirement plan administration. This decision aims to simplify the plan’s structure and improve service delivery by consolidating multiple vendors into one primary recordkeeper.

— Previous State

Previously, Duke operated a multi-vendor setup with four active recordkeepers—TIAA, Fidelity, Vanguard, and VALIC. This arrangement resulted in fragmented participant data and challenges with fee transparency, complicating plan oversight and participant experience.

— New Development

The university has now chosen Fidelity to serve as the sole master recordkeeper for new contributions and administration. TIAA will continue to manage existing legacy annuity assets within a "frozen" tier, meaning no new contributions will be accepted there, but existing balances remain accessible under the previous terms.

— Evidence

This change is documented in Duke Benefits’ official Retirement Plan Consolidation Notice #C-23, confirmed by a campus-wide memorandum issued in June 2023. The notice details the rationale and timeline for the transition to a single recordkeeper model.

— Industry Context

The consolidation is intended to standardize administrative processes, reduce overall plan costs through economies of scale, and enhance transparency for participants and fiduciaries alike.

— What to Watch

Additionally, procedures have been established to facilitate the portability of legacy TIAA Traditional account holders who wish to transfer their assets to Fidelity’s platform, ensuring a smooth transition for affected participants.

Confirmed Institutional Actions Reference File: BROWN-2024-002

Brown University

Subject Matter Details:

Brown University has opted to consolidate its retirement plan recordkeeping exclusively with TIAA, moving away from a multi-provider model to simplify plan management and participant experience.

— Previous State

Previously, plan participants had the option to direct their contributions to both TIAA and Fidelity across various tiers of the retirement plan, including 403(b) and 401(a) accounts, resulting in multiple active recordkeeping relationships.

— New Development

Under the new arrangement, TIAA has been selected as the sole recordkeeper for all future contributions. Fidelity accounts will be designated as "legacy," meaning no new contributions will be accepted, but existing balances will remain under Fidelity’s administration.

— Evidence

This transition is outlined in Brown Human Resources’ official Retirement Plan Transition Guide, published in the first quarter of 2024 and set to take effect in July 2024. The guide provides detailed instructions and timelines for participants and administrators.

— Industry Context

The move toward a single recordkeeper model is intended to enhance fiduciary oversight, reduce administrative complexity, and streamline communications with plan participants by offering a more unified and consistent experience.

— What to Watch

A fee credit program has been introduced for participants who choose to transfer their account balances from Fidelity to TIAA during the designated voluntary transfer period. This initiative aims to provide financial incentives that offset certain administrative fees, encouraging smoother transitions and potentially enhancing participant engagement in the retirement plan.

Registry Module: RFP-TRACK, a system designed to monitor and manage requests for proposals related to campus retirement plan decisions.
Pre-Decision Phase Tracking, a process for monitoring all activities and developments before final decisions are made on campus retirement plan changes.

Active Requests for Proposals (RFP)

Institution, referring to the specific university or college involved in the retirement plan decision or proposal.

Michigan State University, a higher education institution currently engaged in evaluating or updating its retirement plan service providers or plan features.

RFP Scope, outlining the specific services or aspects covered by the request for proposals in the retirement plan review process.

Fiduciary Advisory Services, which encompass professional consulting focused on ensuring retirement plan decisions comply with fiduciary responsibilities and optimize participant outcomes.

Status, indicating the current stage or progress of the retirement plan decision or proposal under review.

Finalist Selection, the stage in the procurement process where top candidates for providing retirement plan services have been identified for further consideration.

Evidence Source, the official document or record that verifies the information related to the retirement plan decision or process.

MSU Purchasing #2024-AD-01, the formal procurement reference number assigned by Michigan State University to the request for proposals or related purchasing activity.

Institution, referring to the specific university or college involved in the retirement plan decision or proposal.

Georgetown University, an academic institution currently involved in reviewing or managing its retirement plan arrangements.

RFP Scope, outlining the specific services or aspects covered by the request for proposals in the retirement plan review process.

Recordkeeping Administration, the management and oversight of participant data, transactions, and compliance related to the university's retirement plan.

Status, indicating the current stage or progress of the retirement plan decision or proposal under review.

RFP Issued Q1 2024, indicating that the formal request for proposals was released in the first quarter of 2024 as part of the university's retirement plan review.

Evidence Source, the official document or record that verifies the information related to the retirement plan decision or process.

Benefits Committee Notice #GEN-24, an official communication from the university's benefits committee regarding retirement plan matters, identified by its unique reference number.

Note: Requests for proposals (RFPs) do not represent finalized decisions but signal the start of a structured evaluation and selection process. Final determinations will be documented and transferred to the Primary Archive only after formal approval by the institution's governing board.

Fee Adjustments Ledger

A record of verified changes in administrative and recordkeeping fees associated with campus retirement plans, documenting adjustments that may impact plan expenses and participant costs.

Institution, referring to the specific university or college involved in the retirement plan decision or proposal. Effective Date, specifying when a particular fee change or administrative adjustment takes effect within the retirement plan. Change Type, categorizing the nature of the fee or administrative modification being recorded. Fee Delta, indicating the amount or percentage change in fees resulting from the adjustment. Verification Status, denoting whether the fee change has been confirmed through official documentation or remains pending verification.
Yale University, a prominent academic institution whose retirement plan fee changes or administrative updates are under review or have been documented. January 2024 Revenue Credit Equalization Adjustment Net Expense Ratio Reduced by 0.02% Confirmed Institutional Actions
University of Southern California (USC) December 2023 Conversion of Share Classes Expense Reduction of 0.05% on Vanguard Funds Confirmed Institutional Actions
Cornell University Retirement Plan February 2024 Implementation of Administrative Fee Cap Set Annual Cap of $120 Flat Fee Pending Implementation Status

Contribute to the Ledger

Retirement Change Journal prioritizes verified primary sources. If your institution has released new retirement plan notices, recordkeeper requests for proposals, fee disclosures, or related official documents, we welcome anonymous submissions to help us confirm and document these updates accurately.

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