Greater Efficiency and Service with Retirement Plans

Dear Colleagues,

We will soon be issuing a Request for Proposals (RFP) from vendors who help administer the University of Kentucky’s retirement benefits. We periodically issue RFPs to ensure our faculty and staff are receiving the most competitive benefits available.

Unlike many retirement systems across the public and private sectors, the University of Kentucky’s defined contribution plan is on strong financial footing and therefore our Retirement Matching Savings Plan will not change. The University will continue to provide 200 percent on eligible retirement savings and you will continue to have control over your investment strategy.

Currently, our retirement plan partners are Fidelity and TIAA-CREF. The RFP is designed to ensure administrative efficiency and effectiveness. This review of marketplace proposals will help to ensure our employees continue to have low-cost, high-quality retirement savings options.

We will share more details with the Board of Trustees at their June 22 meeting.

Our Human Resources division will provide periodic updates to the campus community. If you have questions, please contact Human Resources at 859-257-9185.

Thanks.

Eric N. Monday

Executive Vice President for Finance & Administration