Rice’s Retirement Plans

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Presentation transcript:

Rice’s Retirement Plans Faculty Senate October 5, 2016

Agenda Rice’s current retirement plans Plan structure and options Role of Retirement Plan Investment Committee Claims made about other university retirement plans

Rice plan structure and options Two ERISA plans: 401(a) and 403(b) Two recordkeepers Current investment lineup Rice Retirement Plan Investment Committee is fiduciary for Tier 1 and 2 only Fees regularly monitored and reasonable TIAA Fidelity Tier 1 Vanguard Target Date Funds (QDIA) 2010 – 2060 (11 funds) Tier 2 Core Lineup 16 Active & Passive Funds 15 Active & Passive Funds Tier 3 Brokerage Window

TIAA

Fidelity

Rice Retirement Plan Investment Committee (RPIC) Established by Rice Board of Trustees, September 2011 Fiduciary for investment options and expenses RPIC includes faculty and staff, trained in fiduciary responsibilities Acts solely in interests of plan participants; must be prudent and reasonable (ERISA standard) Engaged expert advice (CAPTRUST, Inc.) and developed Investment Policy Statement to guide oversight Developed new plan lineup according to Investment Policy Statement and regularly reviews investments’ performance and expenses; replaces funds when appropriate

Claims made about other university retirement plans Focus has been on multi-billion dollar (“jumbo”) plans Various claims raised Too many choices is really no choice Fees too high “Class” of funds Need more low cost funds ( e.g., index funds) Multiple recordkeepers Underperforming investment offerings