A Word From Human Resources
Defined Contribution Retirement Plan
As we head into a new year and in keeping with Rensselaer’s commitment to provide the most comprehensive and cost-effective benefits programs, I am pleased to announce that we are now offering a selection of best-in-class funds for participants in the Defined Contribution Retirement Plan. This will provide our faculty and staff with an opportunity to pursue a more simplified and robust diversification of fund options.
Many investors enrolled in Defined Contribution Retirement Plans have seen their account balances suffer as the financial markets lost value. However, for many investors who have remained committed to continuously investing in their program, their balances have slowly rebounded. In addition, employers in both for-profit and not-for-profit companies have reduced, suspended, or even terminated their employer contributions during the recent economic downturn. We remain committed to maintaining the program, as well as Rensselaer’s contribution.
As a result of the nation’s challenging economic climate, the U.S. Department of Labor established new 2011 regulations to ensure that employees enrolled in a Defined Contribution Retirement Plan are provided with more detailed information regarding their plan’s fund performance, fees, and expenses.
With a thorough evaluation of our current fund options by CAPTRUST, one of the world’s largest independent financial advisory firms, and through the partnership with Fidelity and TIAA-CREF, these best-in-class funds were added to the Fidelity and TIAA-CREF platforms following the close of market on Nov. 19, 2010.
Rensselaer will continue to offer our faculty and staff a generous, well-designed, simplified, and competitive Defined Contribution Retirement Plan with no changes to our matching contribution. To date, the Institute’s one percent employee contribution and eight percent employer match continues to be one of the most generous plans in the nation.
For more information about Rensselaer’s Defined Contribution Retirement Plan Fund Option Enhancements, please visit www.rpi.edu/dept/hr/benefits/Presentation_Nov2010_RPI.pdf .
You may also contact your retirement providers directly using the following links and phone numbers. To contact Fidelity Investments, call (800) 642-7131, or visit www.fidelity.com/atwork/reservations. To contact TIAA-CREF, call (800) 732-8353, or visit www.tiaa-cref.org/rpi.
Curtis Powell, SPHR
Vice President for Human Resources