MANAGE YOUR ACCOUNTS
Manage your accounts:
The University has contracted with Fidelity Investments and TIAA to provide investment recordkeeping services for the 401(a), 403(b), and 457(b) Plans.
| Customer Service Phone Numbers and Dedicated UofU Websites | ||
| Fidelity Investments | Fidelity Investments | (800) 343-0860 |
| TIAA | TIAA | (800) 842-2776 or
(801) 883-5100 (in Salt Lake City) |
Click the web address above and follow the company’s directions to create a user name and password to log into your account.
Both Fidelity Investments and TIAA collect recordkeeping fees to pay for their administration of the plan accounts and assets and to provide service such as one-on-one consultations and education. In the past, these fees were included in most funds’ expense ratio. The fees collected through the funds were not evenly distributed: some funds had larger amounts built in for recordkeeping fees and some funds had no amounts built in for recordkeeping fees.
In 2021, the University’s Retirement Plans Advisory Committee (CIS Login required) took on the challenge of moving to a transparent model, so individuals could actually see the amount of fees they were paying and fees would be charged equitably across accounts with each vendor.
Current Recordkeeping Account Fees
Fidelity Investments: Account fees with Fidelity are charged per account. Fees are $15.50 per quarter ($62 annually) for each account with a balance greater than $5,000.
| Fidelity Investments Account Fees | ||
| Fee Charged to Each Account | Quarterly Fee | Total Annual Fee |
| $0 through $4,999 | $0 | $0 |
| $5,000 and above | $15.50 | $62 |
TIAA: Account fees with TIAA are charged based on total University plan funds an individual has invested with TIAA (including any funds invested in a brokerage account).
| TIAA Account Fees | ||
| Total Accounts Balance | Quarterly Fee | Annual Fee |
| $0 through $9,999.99 | $1.00 | $4.00 |
| $10,000 through $49,999.99 | $4.00 | $16.00 |
| $50,000 through $199,999.99 | $10.00 | $40.00 |
| $200,000 through $499,999.99 | $25.00 | $100.00 |
| $500,000 through $999,999.99 | $37.50 | $150.00 |
| $1 Million and above | $50.00 | $200.00 |
Employees can transfer most funds between Fidelity and TIAA as long as the funds stay in the same University plan. You should speak with a TIAA representative before transferring any TIAA Traditional funds. If you would like to transfer funds from one company to the other, contact the company you would like to transfer to and they can help you.
To schedule a meeting with a Fidelity representative go to www.netbenefits.com/uofu and click on the “Meet with Us” tile or call (800) 343-0860.
To schedule a meeting with a TIAA representative, go to TIAA.org/uofu and click on “Schedule now” in the Professional Advice tile or call (800) 732-8353.
- Choose the date you want to begin contributions (you can make future-dated elections).
- Choose whether you want to make pre-tax or after-tax Roth contributions.
- Enter the amount you want to contribute each pay period (you can contribute a set dollar amount or a percentage).
- Your account will be opened with your first contribution which will be made shortly after the pay period you designate.
Until you log into your account or work with your investment provider’s customer service representative, your funds will be invested in a target date fund based on the anticipated retirement date for someone your age.
Employees can invest in a large variety of mutual funds:
- Life-cycle or Target Date Funds – each provider offers these funds which are designed for investors who want a simple yet diversified approach to investing for retirement. These professionally managed mutual funds gradually become more conservative as the fund’s target retirement date approaches.
- Other Funds – each provider offers additional highly competitive investment options to help employees create and manage a diversified portfolio. The fund options include investment types from all asset categories with varying degrees of risk.
- Build-Your-Own – a brokerage option is available in the 403(b) and 457(b) plans to allow employees to invest in additional mutual funds and ETFs. Employees using a brokerage window may incur additional fees.
You can get up-to-date performance and expense information on funds on the investment provider's website or by call the provider's customer service department.
You can change your investment options through the investment provider’s website at any time. A few funds may have fees if you sell the fund too soon and the TIAA Traditional fund has strict rules about your ability to transfer amounts from that fund to another fund.
You can name primary and contingent beneficiaries when you are logged into your account with your investment provider. Don’t forget to check beneficiary designations occasionally and when you experience a change in your family. If you need assistance with your beneficiary designations, contact the investment provider’s customer service representatives.
You can transfer assets from one of the University's investment providers to the other University investment provider. While currently employed, all funds must remain in the University plan.
To transfer assets, complete the new investment provider's asset transfer form and submit the form to the new provider. The new provider will coordinate with the current provider to transfer your funds.
If you need assistance, contact the new investment provider’s customer service representatives.
The University Plans will allow you to take a loan while you are currently employed.
Your loan cannot exceed the lesser of:
- 50% of your vested account balance, or
- $50,000, reduced by the highest total loan amount outstanding in all plans in the previous 12 months.
You can have up to two loans outstanding in a plan at the same time.
The 403(b) and 457(b) Plans will accept rollovers from other retirement plans. The 401(a) Plan does not accept rollovers. Funds from another employer’s 401(k) or 401(a) plan may be rolled over into the university’s 403(b) Plan. Contact your investment provider for forms and assistance.
The university’s retirement plans are not traditional savings accounts! There are strict rules governing withdrawal of funds. You should only defer money into one of these accounts if you intend to save for retirement.
- Former employees and retirees may withdraw funds from the University plans (or roll funds out of the plans) after their university employment has been terminated for 32 or more days.
- Hardship withdrawals are available in certain situations that meet Internal Revenue Code rules (employees must be at least 59½ to take a hardship withdrawal from the 401(a) Plan). To make a hardship withdrawal, submit the following to University Human Resource Management:
- The University’s Hardship Certification Form with the eligible reason for your hardship withdrawal marked,
- 401(a) Plan Hardship Certification (you must be at least age 59 ½ to withdraw from this plan)
- 403(b) Plan Hardship Certification
- 457(b) Plan Hardship Certification
- Your investment provider’s hardship withdrawal form.
- The University’s Hardship Certification Form with the eligible reason for your hardship withdrawal marked,
- Loans are allowed in the 403(b) and 457(b) Plans. Contact the investment provider for information.
- Withdrawals while still employed by the University are allowed in the 403(b) Plan for employees who are at least age 59½ and in the 457(b) Plan for employees who are at least age 70½.