UF investment plans oversight

With the support of Sibson consulting, UF Human Resources recently evaluated the competitiveness of its state- and university-sponsored benefits and services, alongside other work in the area of compensation strategy. In the evaluation of our retirement landscape, we concluded more formal governance was needed to support the infrastructure surrounding the following UF-sponsored defined contribution plans:

• The University of Florida 403(b) plan (voluntary)
• The J. Hillis Miller Health Center 403(b) plan
• The University of Florida Board of Trustees 401(a) FICA Alternative and Special Pay Plan

Why did UF do this?

By clarifying roles and responsibilities, UF can now provide a more formal framework for effective decision‐making through:

• Instituting investment governance to include a Governing Board, Investment Advisory Group and professional investment advisors
• Implementing regular reviews of our UF‐sponsored defined contribution plans
• Leveraging economies of scale of UF‐sponsored investments more effectively to ensure transparency and competitiveness of any service provider fees and associated terms
• Reducing the number of recordkeepers and investment options to improve clarity about investment choices

What changes have been made?

• Through a public procurement process, UF selected Fidelity as its sole recordkeeper for UF’s investment services
  • You can learn more about the procurement process here.
• By having just one recordkeeper, UF employees’ participant administration fees will be reduced and enrollment will be simplified.
• Fees our employees will be charged will be more transparent.
• A new streamlined investment menu with best-in-class investment options is now available. These options are organized in tiers, from which faculty and staff can create a diversified portfolio.