Retirement Plan Updates Spring 2021
Plan Updates
The Miami Retirement Advisory Committee, which monitors the Plans' investment fund lineup, regularly reviews investment options available to ensure they are meeting established guidelines. After a thorough review of fund offerings, the committee is sharing the following information on your fund lineup.
Listed below are the updates to the ARP and 403(b) Plans.
- ARP/403(b) – Additional Investment Options
- ARP/403(b) TIAA Only – Reminder – TIAA-CREF Money Market Account
Effective early spring 2021, six new investment options will be added to the investment lineup. The new investment options are listed below.
| AIG, Equitable, and Voya | |
|---|---|
| Legal Fund Name | Ticker Symbol |
| Fidelity Large Cap Growth Index | FSPGX |
| Fidelity Large Cap Value Index | FLCOX |
| Fidelity Mid Cap Growth Index | FECGX |
| Fidelity Mid Cap Value Index | FISVX |
| Fidelity Small Cap Growth Index | FMDGX |
| Fidelity Small Cap Value Index | FIMVX |
| TIAA | |
|---|---|
| Legal Fund Name | Ticker Symbol |
| Vanguard Growth Index Admiral | VIGAX |
| Vanguard Value Index Admiral | VVIAX |
| Vanguard Mid-Cap Growth Index Admiral | VMGMX |
| Vanguard Mid-Cap Value Index Admiral | VMVAX |
| Vanguard Small Cap Growth Index Admiral | VSGAX |
| Vanguard Small Cap Value Index Admiral | VSIAX |
Reminder: TIAA-CREF Money Market Account
Due to the low-interest-rate environment of the current financial markets, the TIAA-CREF Money Market Account is waiving its investment fees to keep the account from potentially having a negative return. TIAA did this previously during low-interest-rate environments. The current fee waiver runs through June 30, 2021. After this date, the fund will attempt to recover the lost fees in the future.
As a reminder, the university added a new money market fund to the investment line-up. Vanguard Federal Money Market Investor Fund (VMFXX) is an alternative to the TIAA CREF Money Market Account and it has a lower fee structure since it is a mutual fund versus a variable annuity (like TIAA-CREF Money Market Account).
Miami plan participants with investments in the TIAA-CREF Money Market Account, are encouraged to contact TIAA to see if the Vanguard Federal Money Market Fund, TIAA Stable Value Account, or other investment options (depending on the contract) may be suitable for you. As a reminder, since this TIAA-CREF Money Market Fund is an annuity product, transfer to the Vanguard Federal Money Market or any other investment must be initiated by the participant.