DePaul University Human Resources > Plan Change FAQ

October 2017 Plan Change FAQ

Please check out the information below regarding the October 2017 Plan Changes.

1. Who will be affected by the change of recordkeeping fees, effective October 1, 2017?

a) All participants with a balance at TIAA and/or Fidelity, regardless of employment status, will be affected by these changes. All accounts will be charged their own specific recordkeeping fees, whether at Fidelity or TIAA or both.​

2. What are the fees charged to my 403(b) account?

a) Fidelity and TIAA both charge recordkeeping fees to cover accounting, recordkeeping, tax and other reporting, advisor communications, and other administrative fees and expenses associated with maintaining an account on each respective platform.

b) Also, each investment option offered within the Plan charges a fee for investment management and associated services. Plan participants generally pay for these costs through what is commonly called an expense ratio. Expense ratios are displayed as a percentage of assets. For instance, an expense ratio of 0.50% means a Plan participant would pay $50.00 annually for every $10,000 in assets. These investment fees are deducted directly from an investment option’s assets, thereby reducing its investment return. See the Fidelity (Password:62919)  and TIAA​ (Plan no: 100990) notices  for more information on the ​ investments options including  expense ratios and fund performance. 

c) Finally, some investment options may pay a portion of the expense ratio back to the record keeper to help offset the cost of plan administration. This revenue sharing will be paid directly to the participant investing in that specific option as a credit.​​

3. What is the difference between recordkeeping fees and investment-specific fees?

a) Recordkeeping fees are paid to the vendor (Fidelity and TIAA) for administrative expenses, accounting, recordkeeping, tax and other reporting, advisor communications, and other administrative fees and expenses associated with maintaining an account on each respective platform.

b) Investment-specific fees (often referred to as an investment option’s expense ratio) are charged by the investment company for the management of an investment fund. Investment fees vary by fund and are usually a percentage of assets in that fund. These fees are deducted directly from the investment, so the participant will not see them outlined on their account statement. Current expense ratios are highlighted in Appendix A and B of the notice.​

4. What are the recordkeeping fees at Fidelity and TIAA?

a) Fidelity: Currently, Fidelity charges 0.10% annually per account, or $10 per every $10,000 of assets in the account. As of October 1, 2017, the recordkeeping charge will be a flat $72 per annum (billed quarterly at a rate of $18).

b) TIAA: Currently, TIAA charges 0.12% annually per account, or $12 per every $10,000 of assets in the account. As of October 1, 2017, the recordkeeping charge will be 0.10% annually per account, or $10 per every $10,000 of assets in the account (billed quarterly at a rate of 0.025% per quarter, or $2.5 per every $10,000).

5. What is my current contribution rate?

a) You can check your current contribution rate to the Plan in Campus Connect under:
i. Self Service > Benefits > 403(b) Contributions

b) Whether you have Fidelity or TIAA, log into your NetBenefits account. The link to contribution rates and vendor selection is under the Quick Links tab, “Contribution Amount.” Here you can adjust your contribution amount, join the annual automatic increase program, and view or update your Retirement Provider (record keeper).

6. How do I change my future contribution from one record keeper to another?

a) Whether you have Fidelity or TIAA as your vendor, you will need to log into your Fidelity account. (If you have never created a Fidelity account, follow the steps in question 10.) Click on Update on the log in page and enter your log in information. Once you are logged in, click on Contribution Amount, and then Retirement Providers. Update the contribution percentage by provider and select “Change Retirement Provider Elections”.​

7. How do I transfer existing assets between Fidelity and TIAA?

a) If you want to transfer your existing assets to the other vendor, please contact the vendor where you funds are currently invested and tell them you want to do a plan to plan transfer. They will be able to provide the necessary paperwork and the next steps.
i. Fidelity: 800-343-0860
ii. TIAA: 800-842-2776

**Note, this is for existing assets only. For future contributions from future paychecks, please see Question 9.**

8. How do I change my current investment elections?

a) At Fidelity: Log into your Fidelity account by clicking on Update on the log in page and enter your log in information. From the landing page, click on the Investments tab, then Change Investments. On the next page, click on either Exchange One Investment or Exchange Multiple Investments, depending on how many funds you want to update. Follow the steps and submit.  Please note if you want to change the investment option for your future contributions, follow the steps under question 9.

b) At TIAA: Log into your TIAA account and click on Change Investments. Click on My Account, then Change Investments (under the Retirement section), and then Change My Investments.​

9. How do I change the investment options for my future contributions?

a) At Fidelity: Log into your Fidelity account. From the landing page, click on the Quick Links dropdown menu, select Change Investments.  Follow the steps and submit.  You can change both future and existing investment options from this page.  To move assets between record keepers (Fidelity and TIAA), please see question 7. 

b) At TIAA: Log into your TIAA account and click on Change Investments.  Click on My Account, then Change Investments (under the Retirement section), and then Change Allocation for Future Contributions.  To move assets between record keepers (Fidelity and TIAA), please see question 7.

10. What if I have not created an account at Fidelity?

a) Go to www.netbenefits.com/DePaul and click on Enroll Today. You will need to enter your name, date of birth, and last 4 digits of your SSN. Once that has been verified, you will need to create a username and password. Note, If you have an account at Fidelity from a previous employer, you can use your existing username and password to log in. If you encounter issues logging in, please call Fidelity directly at 800-343-0860.

12. What if I have additional questions?

a) Call Fidelity at 800.343.0860 or TIAA at 800.842.2776. You can also contact the Benefits Department at 403bretirement@depaul.edu or 312.362.8232.​​

11. How can I calculate my fees under the new system?

You can use our illustrative calculator - located here. Please note that as your balances fluctuate, the ultimate fee charged per quarter may change.​