WVUH and UHA will be transitioning to TIAA-CREF as the only vendor for retirement services, replacing multiple organizations that currently provide these services to employees.
The move will be phased in over the next few months and will benefit the organizations and employees.
Currently, WVUH employees can participate in retirement plans offered by TIAA-CREF, VALIC or Fidelity, while UHA employees can choose from TIAA-CREF, VALIC, Fidelity or Vanguard.
TIAA-CREF is a well-known vendor throughout both organizations and has a local presence with an office in Morgantown, helping to ensure a smooth transition. The implementation process to merge to one vendor will take at least six months. Human Resources wants to make sure it has the time to communicate this change effectively and ensure that all employees understand what is happening.
The process of picking one vendor was initiated about six months ago with the help of Neuner Retirement Services, an independent investment consulting company. The process was thorough with the goal of ensuring that WVUH and UHA continue to meet federal compliance standards, build a “best in class” retirement fund lineup and create a strong consolidated educational program for employees.
Those employees who currently do not have retirement plans with TIAA-CREF will be able to transfer their plan, once a fund lineup has been created. Having one vendor and consulting with Neuner Retirement Services will simplify the process of creating a fund lineup and should reduce risk, creating stronger funds that will likely yield higher returns. The fund lineup will be reviewed annually to ensure they are the best options available for our employees.
Employees with questions can reach out to Ralph Lambert.