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Indiana University Plans To Review Employee Retirement Plans

(WTIU/WFIU News)

Indiana University wants to make changes to its current retirement plan for faculty and staff.

The biggest changes under the plan would be increased investment options and a change in the fee structure.

The university is seeking proposals from companies who want to provide the retirement fund services. IU currently uses TIAA and Fidelity for those services.

IU Spokesperson Chuck Carney says the changes won’t affect employee eligibility or the university’s contributions.

"This is just simply a way to possibly offer more options, possibly lower fees, things that we think would be a benefit to IU employees," Carney says.

The university plans to give its employees access to new service providers, reduced administrative and investment rates, and new options for their retirement plans. The University says those options could include Roth contributions and additional retirement planning guidance.

"This will be a long process and we expect that people will have a chance to learn more about it and seek input," Carney says.

The university is not planning to change the design of the retirement plans. According to a statement, none of the following will be changed:

  • terms of eligibility
  • level of employer contributions
  • vesting requirements for employer contributions
  • PERF
  • 18/20, the IU Supplemental Early Retirement Plan (IUSERP), or the IU Replacement Retirement Plan

Any changes made to the university’s retirement plan will not be effective until 2020. 

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