Florida State University and the Office of Human Resources are committed to providing our employees with competitive retirement benefits. We retained CAPTRUST as an independent retirement plan consultant to assist with maintaining compliance with industry and regulatory requirements while identifying ways to modernize our 403(b) Plan.
Project Update
January 2023 Implementation
The Human Resources Benefits Office has implemented enhancements to the Voluntary 403(b) Savings Plans. The Retirement@Work portal is now active. This portal will allow all Voluntary 403(b) Savings Plan participants, whether new or existing, a convenient place to enroll, change contribution amounts, change investment providers, or set up an automatic increase.
After completing extensive analysis, benchmarking plans, and a Request for Proposal (RFP), the 403(b) Plan enhancements include:
- Plan investments will be offered via a tiered, diversified menu of Best-in-Class investment options.
- CAPTRUST will monitor investment options. Quarterly reporting will occur with the FSU Retirement Committee, and changes will be made as appropriate.
- Consolidating the number of vendors will enable FSU to offer additional services at lower administrative costs. These new investment menus will be available through TIAA, Corebridge Financial (AIG), and Voya.
- A Self-Directed Brokerage option will be available to invest in any mutual fund not offered within the core investment menus of the providers.
Background
CAPTRUST
Founded 35 years ago, CAPTRUST is one of the largest and most distinguished retirement plan consulting firms and is a specialist in the Higher Education and 403(b) Plan space. They work with several other large public and private universities throughout Florida and many other public universities and state systems throughout the country.
FSU Retirement Committee
The University also formed an FSU Retirement Committee to help oversee our Voluntary 403(b) Plan. The Committee has general responsibility and oversight for the administration and compliance of the Plan, to include supervising the selection of investment options for the assets of the plan in accordance with ERISA.
Committee Members
- Renisha Gibbs | Associate Vice President and CHRO
- Michael Williams | Associate Vice President
- Judd Enfinger | Controller
- Phaedra Harris | Senior Director, HRIS
- Dr. Dalisha D. Herring, CFP | Assistant Lecturer, Finance Department
- Dr. Patty Born | Payne H. & Charlotte Hodges Midyette Eminent Scholar in Risk Management & Insurance
Participants and employees will receive various on-going communications, including important information, instructions, and a Transition Guide to outline further actions needed for the new product.
Additional information can be found under the Resources and Forms link (in the left menu navigation).
For questions, please email retirement@fsu.edu.
