UW 403(b) Program Enhancements

The UW 403(b) Supplemental Retirement Program (SRP), formerly the UW Tax-Sheltered Annuity (TSA) 403(b) Program, offers all UW System employees the tax-advantaged opportunity to invest a portion of your income to help prepare for a secure financial future. The UW 403(b) SRP is unique, because it’s managed by the UW System and an advisory committee (The SRP Advisory Committee (SRPAC), formerly the TSA Review Committee) specifically for UW System employees. Currently, the program is under review for updates and enhancements with the following goals in mind:

  • Offering leading provider(s)
  • Providing proven investment options
  • Communicating with participants in a simple and engaging manner

As a part of this process, UW System and TSA Review Committee teams reviewed the program, including current providers and investment options, with an eye to cost-effectiveness, simplification and ease of use for our participants. UW System’s goal is to make it easy to enroll, select investments, and monitor investment performance on an ongoing basis.

The UW System team is committed to sharing more throughout this review process and as decisions are made over the coming year. UW System’s objective is to be transparent and informative, with regular communications to participants and the UW System community as a whole. We will be sending out communications from time to time, but this website will serve as an ongoing communication tool that will be regularly updated with information as it is available. Bookmark this site and check back to stay updated on our progress.

Program Information

What is the UW 403(b) SRP?

The UW 403(b) Supplemental Retirement Program (SRP), formerly the UW Tax-Sheltered Annuity (TSA) 403(b) Program, allows employees the opportunity to invest a portion of their income for retirement on either a before-tax basis, an after-tax (Roth) basis, or a combination of both. Participation in the UW 403(b) SRP is voluntary with employees making the entire contribution.

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What is the SRPAC?

The SRP Advisory Committee (SRPAC), formerly the TSA Review Committee (TSARC), is a nine-member committee consisting of faculty, academic, and university staff that provides oversight of the program and advice on program issues.

Learn more about the SRP Advisory Committee here.

Learn More

Program Changes

Program Name

A part of the program review was to determine if UW Tax-Sheltered Annuity (TSA) 403(b) Program was still an appropriate name for the program or if there were better options. After consulting with a wide range of stakeholder groups and discussion with a focus group of UW System employees, including shared governance representatives, the TSA Review Committee decided to change the name to the UW 403(b) Supplemental Retirement Program, or UW 403(b) SRP for short. You will notice changes to applicable web pages and some materials in the coming months.

Recordkeepers

After completing a request for proposal (RFP), the TSA Review Committee Recordkeeping Review Subcommittee worked through the process of choosing a new recordkeeper or recordkeepers. The new recordkeepers for the UW 403(b) Supplemental Retirement Program (UW 403(b) SRP) are TIAA and Fidelity.

Investment Line-up

As a part of this process, UW System and the TSA Review Committee reviewed the investment options and chose 18 best-in-class options that will be available through TIAA and Fidelity, along with a Guaranteed Fixed Rate Annuity for each provider. Participants can also choose to work through a self-directed brokerage window.

Fee Structure

The UW 403(b) Supplemental Retirement Program continues to provide options that are no-load with no sales commissions or broker fees. Participants have access to institutional share classes through the core line-up.

This fee structure provides more transparency of administrative recordkeeping fees, which may be reduced by moving to this new structure. Recordkeeping fees will be charged as a flat-dollar amount per participant and be automatically deducted from your account. You will see them listed as an “administrative fee” on statements.

Investment Pre-selection Window

If you have an existing account with TIAA or Fidelity through the UW System (opened prior to October 22, 2021), you are able to pre-select your 2022 investments starting November 1, 2021.

If you elected TIAA or Fidelity during Annual Benefits Enrollment (September 27 – October 22, 2021), you should have received a notification from your new recordkeeper that your account was established. Once your account is established, you are able to pre-select your investments.

If you elect TIAA or Fidelity between October 23 and December 10 you will be able to pre-select investments once you receive notification from your new recordkeeper that your account has been established.

 

Educational Resources

Town Halls

TIAA Counseling Sessions

Counseling Sessions

Visit the registration page for available times.

Recorded Webinar

Investing in Your Financial Future – Announcing enhancements to the UW 403(b) SRP

Fidelity Counseling Sessions

Counseling Sessions

Visit the registration page and select Virtual for available times.

Timeline

If you’re experiencing trouble viewing the timeline below, you can view it in this PDF version as well:

Date Event
September 27 – October 22, 2021 Open Enrollment (Annual Benefits Enrollment)
End of September – Early October Fidelity will send Transition Guide to current Fidelity, T. Rowe Price, Ameriprise, and Lincoln participants.
October 26, 2021 Town Hall – 2:00pm CST
Topics: Investment Line-up and How to Choose Your Investments
November 1, 2021 Investment Options Window Opens for Fidelity and TIAA participants
November 15, 2021 Town Hall – 11:00am CST
Topic: Reminders of Upcoming Dates and Deadlines
Mid-November TIAA will send Transition Guides to current TIAA, T. Rowe Price, Ameriprise, and Lincoln participants.
December 10, 2021 Final Day for T. Rowe Price participants who are currently contributing to submit a Salary Reduction Agreement or EZ Enrollment to have their future contributions and existing account balance automatically moved to Fidelity.

Final Day for T. Rowe Price participants who are not currently contributing to notify Fidelity to move their existing account balance to Fidelity. See the T. Rowe Price Action to Take page for more details.

Participants who do not take action by December 10, 2021 will be moved to TIAA.
December 31, 2021 at 3pm CST, ending the week of January 16, 2022 Black out period for T. Rowe Price participants moving to Fidelity. Mutual fund account balances will transfer to new investments in the Fidelity recordkeeping platform.

Be advised: you will not be able to initiate a transaction on your account until after the blackout period has completed.
January 7, 2022 at 3pm CST, ending the week of January 24, 2022 Black out period for T. Rowe Price participants moving to TIAA. Mutual fund account balances will transfer to new investments in the TIAA recordkeeping platform.

Be advised: you will not be able to initiate a transaction on your account until after the blackout period has completed.
Week of January 10, 2022 TIAA mutual fund balances will transfer to new investment selections.
January 13, 2022 First paycheck with contributions to new provider and/or investment elections.

 

Communications

We understand that emails can get overlooked or lost in junk mail. As communications are available, you can find them here.

Resources

Resources listed below are also linked in the appropriate areas throughout the web page.

Transition Guides

Annual Benefits Enrollment Through MyUW Portal Guide

Fee Information

Investment Information

Contact Information

Review the information in the sections above, on your current recordkeeper page, and in the FAQs to see if what you seek is available there. If you do not find what you are looking for, use the contact information provided below based on the topic you have questions.

403(b) Account Questions

For questions on your current 403(b) account, contact your recordkeeper:

ABE Process Questions

If you have questions about how to navigate these changes in MyUW Portal during Annual Benefits Enrollment (ABE), review the 403(b) ABE Elections Guide pdf or contact your institution benefits office.  Informational sessions are available

Note: Depending on your question, your message may be referred to another benefits specialist.

Updated: 01/23/2024