Changes to Supplemental Retirement Plans

Thu, 27 Feb 2020 12:31:31 -0500

The University System of Maryland (USM) Board of Regents recently announced changes to the Supplemental Retirement Plans effective February, 18, 2020. This memo from the USM Office of the Chancellor provides additional detail on the following changes:

New Roth 403b options available through TIAA and Fidelity;

Updated investment menu and the addition of a self-directed brokerage option;

Changes to retirement fees; move to a flat fixed fee of $45 per participant; and

New Retirement Choice (RC) and Retirement Choice Plus (RCP) Contracts through TIAA.

While no action is required on your part, this is a good time to review your retirement contributions to ensure you are saving enough for your future. Financial advisors are available once a month on UMBC’s campus. Regular and contractual employees are eligible to participate in any of our Supplemental Retirement Plans. For forms, deadlines and more information please visit the HR website.

UMBC Human Resources