Retirement Program Review
The Retirement Plan Advisory Committee with the assistance of an independent consultant engaged in a multi-year comprehensive review of the NSHE Retirement Plan. The goal of that review was to provide participants with higher quality investment options at a lower administrative cost. The review was concluded in 2013 and lead to a series of improvements to the NSHE Retirement Program.
Improvements to the NSHE Retirement Program
As a result of that review, the Chancellor announced a series of important enhancements to the NSHE Defined Contribution Retirement Plan (“Plan”), which were specifically designed to meet the goals of the review, namely to improve the quality of the investment options available to participants and to lower each participant’s administrative costs.
Effective January 1, 2014:
- A new tiered investment line-up was introduced which resulted in lower cost investment options and provides for better oversight of the managers on the line-up.
- TIAA-CREF became the sole administrative services provider for the Plan.
Contribution rates, eligibility requirements, immediate vesting, and all other aspects of the Plan’s design remained the same. Those employees who are enrolled in the PERS were not affected by this change and PERS remained the mandatory retirement program for classified staff.