HR, Payroll and Benefits News

Investment Changes to UW 403(b) Supplemental Retirement Program

UW System is excited to announce several changes to the UW 403(b) Supplemental Retirement Program (SRP) investment lineup.

New Lower-Cost Share Classes
In July, ten investment options in the UW 403(b) SRP lineup moved to a lower-cost share class or a lower-cost fund. The new share class offers you the same investment strategy and risk, but the overall expenses will be lower, and the funds will have a different ticker symbol.

Investing in a lower-cost share class means that less of your money goes toward fees. Your existing balances in, and future contributions to, these investment options will automatically be directed to the new share class of the same fund. The transfer of balances will appear as an exchange on your account history and quarterly statement.

Discontinued Fund
The UW 403(b) SRP offers Vanguard Target Retirement Funds in the core investment lineup through both TIAA and Fidelity. Vanguard recently directed the merger of the Vanguard Target Retirement 2015 Fund into the Vanguard Target Retirement Income Fund. A fund merger is a corporate fund action that directs the closure of one fund, which is then replaced by another fund. If you are invested in the Vanguard Target Retirement 2015 Fund, your current assets and any future contributions will be directed to the Vanguard Target Retirement Income Fund.

New Fund
Effective in August, the Vanguard Target Retirement 2070 Fund will be added to the investment lineup.

Resources
See Investment Options on the UW 403(b) SRP webpage for more details on these changes.

Want to learn more about the program? Visit the UW 403(b) Supplemental Retirement Program webpage.

Posted: 07/12/2022, Featured Article to News: 09/06/2022

Source: UW System Office of Trust Funds