The changes to retirement plans for JHU employees will take effect this month. The only required action for JHU employees it to enter beneficiaries for each account and spousal waivers, if applicable. This can be done through the JHU Benefits website.
For more information, view the below message from JHU Human Resources dated May 16, 2022:
As you may recall from previous communications, we’re making changes to our retirement plans this July, in order to streamline and optimize JHU’s retirement fund options. In addition to lowering costs for plan participants, a new menu of investment options and transitioning to a sole record keeper will reduce complexity to make it easier to save and invest. The list of funds that will be eliminated is available online. The changes will occur between July 5 and the first week in August.
As part of these changes, in the coming weeks:
- All Fidelity and T Rowe funds are among the investment options being eliminated. Any savings that are not part of the new investment menu will be automatically moved to the age-appropriate Vanguard Target Date Fund (based on your date of birth), unless you take action. Annuity assets will not move.
- TIAA will become the sole record keeper for JHU Retirement Plans (i.e., the financial institution that tracks how much you have in your account and how it’s invested).
- Everyone with savings that are moving to TIAA, or who previously had an account with TIAA, will receive a new account (or accounts).
- You will need to enter beneficiaries for each account and spousal waivers, if applicable. This is your only required action.
Beginning next week, you’ll begin to receive information—via email and mail—from JHU and TIAA related to the timing of this transition and to what’s coming next. We encourage you to read these communications and review the following resources for more information about the transition. You can:
- View a town hall recording from May 26 to learn more about the timeline for the transition.
- Read the Transition Guide online or contact the Benefits Service Center to request a printed copy.
- Contact the JHU Benefits Service Center or call TIAA at 888-200-4074, weekdays, 8 a.m. to 8 p.m. ET with general questions.