During a board meeting late last year, the UM Board of Curators approved Fidelity Investments as its administrator to manage the defined contribution portion of the new retirement plan for new employees, as well as its voluntary tax-deferred investment program.
Through moving to a master administrator, the University will still provide employees with investment options, and it it will also reduce administrative fees by more than half, expand employee services and allow the University to have a more structured, comprehensive retirement approach that benefits employees’ retirement savings goals.
For information on the move, visit umsystem.edu/totalrewards