New Expense Allocation Method
Effective October 1, 2020, general plan administrative services expenses (including record keeping, investment advisory, and legal) will be allocated to each participant account on a pro rata basis. This administrative expense will be deducted or netted from plan expense offsets in quarterly installments from your assets within the core lineup of investment options in the Plan. The total fee will equate to approximately a $0.72 annual charge for every $1,000 in your account, but may vary based on factors such as Plan expenses and market conditions. Each quarter your online account and statements will itemize the amount charged to your account, the amount of any net revenue sharing received from your mutual fund investments, and the net plan services expense offsets earned in your annuity investments.
Please know that there have always been costs to participate in the Plan. You have not seen an explicit charge before because these charges are currently bundled within the annual operating expense ratios of the investments. Under the new arrangement, your cost to participate in the Plan will be more visible, straightforward and equitable across all investments.
Fees are important and help ensure that, regardless of the investments selected, all plan participants share in the cost of retirement plan administration. As you plan your financial goals, keep in mind that fees are just one factor in the decision-making process.
You can find the expense ratios and other fees and expenses at TIAA.org/du, or in the prospectuses at TIAA.org/performance.
Learn more about these updates and how they will impact your account:
Online
To learn more about your plan and to update your retirement portfolio online, log in to the secure website at TIAA.org/du, where you can change the direction of future contributions, transfer existing assets and review your beneficiary election.
Phone
If you prefer, you can update your retirement portfolio by calling TIAA at 800-842-2252, weekdays, 6 a.m. to 8 p.m. (MT).
In Person
To schedule an individual one-on-one session, call 800-732-8353, weekdays, 6 a.m. to 6 p.m. (MT). You can also schedule a meeting online at TIAA.org/schedulenow.