Master Administrator Financial Managers Notification Effective Dec. 2011
December 2, 2011
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The Board of Curator’s will consider a recommendation at their meeting this week for Fidelity Investments to serve as a Master Administrator for the new retirement plan that becomes effective October 1, 2012. The same administrator will also be used for the University of Missouri’s voluntary retirement plans, including the 403(b), 401(a) Supplemental Retirement Plan, and 457(b). The objectives of making this change include the following:
- Simplified and enhanced plan interactions, both in person and online
- Reduced participant fees
- Simplified investment selection process while still allowing the flexibility desired by some investors
- Greater transparency and ensured regulatory compliance
- Greater plan participation by employees
Because you currently serve as a financial manager for voluntary plan participants, I wanted to assure you that it is our intent to continue to provide participants’ access to a financial manager of their choice through a process that will be developed with the new Master Administrator. Because the decision of the Board is the first step in our process, we cannot provide much additional detail at this time.
We are aware that both plan participants and financial advisors have a high level of interest in maintaining existing advisory relationships and the University recognizes the value that financial advisors may bring to plan participants. We will continue to provide updates and, following vendor approval by the Board, will explain the process by which you can request to participate with the new Master Administrator. You may also want to watch for addition information posted on our website at http://www.umsystem.edu/totalrewards/benefits.
Thank you for the service that you provide to the University of Missouri participants. I will look forward to providing you with additional information in the future.
Associate Vice President, Total Rewards