Announcing updates to the West Virginia Higher Education Policy Commission retirement plans
The opportunities you have to plan and save for your financial future are important. That’s
why the West Virginia Higher Education Policy Commission recently conducted a review of the retirement plans and decided to make some important changes. The changes do not
require you to take any action at this time.
While the basic design of the retirement plans, including contribution rates, eligibility and vesting will remain the same, in May and June we’ll introduce:
- A new investment program with a lifetime income option – Our retirement plans will offer the TIAA RetirePlus SelectSM model portfolios. These new investment options automatically manage your investments, making it easy to stay on track with your retirement goals—while providing an option for monthly income payments for life when you retire. Depending on how you are invested today, you may be automatically enrolled in a model portfolio as part of the plan updates.
- New investment options – In addition to adding the TIAA RetirePlus Select model portfolios, other investments in the plans’ fund lineup will be updated.
- Lowering plan fees – Costs for some investments you pay will be lower, which will reduce the amount you pay in fees.
- New TIAA accounts – A new plan account with TIAA may be created for you, depending on how you are invested today.
- Consolidating retirement plans – Two of the retirement plans will be merged into one plan.
- Retirement plan investment advice – You can continue to meet one-on-one with a TIAA financial consultant to get help choosing investment options. This service is available at no additional cost to you whether you’re just starting out or an experienced investor. You can also use the Retirement Plan Portfolio Manager, an optional, fee-based service that can make it easier to manage your retirement account.
In mid-April, a TIAA Informational Booklet now available on our website, will be mailed to your home address.
Keeping You Informed
The upcoming changes provide an excellent opportunity for you to revisit your retirement plan options. A transition guide with additional information will be mailed to you soon. Carefully review the guide for more details on key dates, how the changes may affect you and resources available to you.
TIAA will host live webinars in early May to tell you more. Please click one of the links below to register. If you can’t attend a live webinar, a recorded version will be available.
- Wednesday, May 3 at 9 a.m. (ET) – Click here to register
- Tuesday, May 9 at 2 p.m. (ET) – Click here to register
- Thursday, May 11 at 1 p.m. (ET) – Click here to register
What’s Next and When
Here’s what you can expect over the next few months:
You’ll receive a detailed brochure explaining the changes and your options.
You can attend a webinar where TIAA will share details and answer your questions. A recorded version will also be available.
Two of the existing retirement plans will be merged.
- The plans’ investment options are updated and the TIAA RetirePlus Select model portfolios become available.
- Depending on how you are invested today, you may be enrolled in a new plan account with TIAA and a TIAA RetirePlus Select model portfolio may be chosen for you.
Eligible balances with TIAA transfer to the new investment options, as applicable.
First payroll contributions after the changes are complete.
It’s our goal to keep you informed throughout the upcoming transition. If you have questions or need assistance, visit TIAA.org/marshall or call TIAA at 800-842-2252. Consultants are available every weekday from 8 a.m. to 10 p.m. (ET).