403(b) and 401(a) Cash Match Retirement Plans
We previously communicated that in order to assure the 403(b) Retirement Plan and 401(a) Cash Match Plan (the "Plans") continue to meet the needs of Old Dominion University (ODU) employees, ODU has taken a more proactive role in the management of our retirement plans. This process includes selecting and monitoring the investments and vendors offered to plan participants. The university's Retirement Plan Committee, in partnership with CAPTRUST, an independent, objective retirement plan consultant, has been working to streamline vendors, while continuing to offer investment choice for the Plans. The overall purpose of this work is to ensure the choices you have as a plan participant will continue to help you successfully reach your retirement goals. You will find the opportunity for lower cost investments and a more diverse investment menu with the changes noted below. These changes take effect in July of 2021. The Plans' contribution rates, eligibility and vesting will remain the same.
As a reminder, you can call CAPTRUST for help with investments and your overall financial wellness. CAPTRUST serves as the investment advisor to your Plans and works with your retirement plan committee ongoing to monitor the investments within your Plans. If you would like to receive one-on-one investment advice, please visit www.captrustadvice.com or call 800-967-9948 to schedule an appointment. This is a benefit provided to you by ODU at no additional charge.captrustadvice.com
Regardless of your chosen retirement provider (Fidelity or TIAA), you can learn about the ODU Retirement Plans and access your ODU Retirement Plan accounts through the NetBenefits® website.
- Log on to your ODU 403(b) and 401(a) Cash Match Retirement Plan accounts
- Enroll in the plans
- Update your contribution amount
- Select or change your retirement provider
- Explore online retirement planning tools
Changes to ODU Plans
December 2021 Update:
Old Dominion University remains committed to providing employees with comprehensive retirement planning resources. We are pleased to announce more enhancements to our Old Dominion University 403(b) and 401(a) Cash Match Retirement Plans. Effective February 1, 2022, Fidelity Investments® will support our enrollment, vendor, investment, and salary reduction (deferrals) election process, regardless of whether you have an account with TIAA or Fidelity.
This change means, you will no longer be required to complete paperwork or forms to make updates to your deferral or vendor election (Fidelity or TIAA) for the 403(b) and 401(a) Cash Match Plans. If you already have a salary reduction agreement in place, your current deferral elections will continue without interruption, and you will not need to take any action.
We believe the following enhancements will make managing your retirement account even easier.
Starting in February 2022, an updated NetBenefits® website will be available for all your retirement account needs. Whether you have an account with Fidelity or TIAA, a NetBenefits account will provide you with the ability to:
- View your account balance with Fidelity and/or TIAA
- View or change the amount you are putting in the 403(b) Plan
- Change retirement vendors, Fidelity and/or TIAA
- Access links to specific retirement provider account information
- Enroll in the 403(b) and 401(a) plans and select your retirement provider(s), Fidelity and/or TIAA as a new participant
Employees with accounts at Fidelity will continue to use their current NetBenefits username and password to log on and manage their account.
Employees with TIAA accounts will need to create a username and password to be able to access NetBenefits.
Once logged on, all employees can view account balances and access links to manage investment allocations or to initiate transactions for your retirement plan account.
While we transition to the new process, there will be a brief period during which you will be unable to change your deferral amount or your vendor election. The last day you make these transactions through your Benefits Office, using a paper form, will be January 10, 2022. You can make these changes online through your new NetBenefits login beginning February 1, 2022.
All employees will be able to log on to their Fidelity NetBenefits account at www.netbenefits.com/ODU beginning February 1, 2022 to make the above changes. If you have any questions about the changes, please contact Fidelity at 800-343-0860 or your benefits office.
Opportunities to Learn More
Attend a Town Hall Meeting
ODU is committed to providing retirement planning resources to assist you and will offer several virtual town hall sessions, hosted in conjunction with CAPTRUST, Fidelity and TIAA.
Schedule an Individual Session
Individual financial counseling sessions will be available with Fidelity and TIAA. To schedule an individual session with your chosen vendor:
- Cash Match https://www.varetirement.org/cashmatch.html
If you have questions about the changes, please contact Brenda Johnson in the ODU HR Benefits Team by email at email@example.com or by calling 757-683-3051.
TIAA Financial Solutions
- John Kuchta