Drake University sponsors both mandatory and voluntary 403(b) retirement plans. These plans, including fees and investment options available to participants, are reviewed quarterly by the Drake University Retirement Plan Review Group. This group acts with an independent advisor to review investment options and make plan design decisions as directed by the Drake University Investment Policy Statement. The Plan Review Group and Investment Policy Statement are posted on the Employee Tab in blueView.

For many years Drake has relied upon TIAA to provide appropriate products and services. The group examines these regularly, and engages with TIAA to ensure responsiveness to Drake’s evolving plans and participant needs. Nearly ten years ago, to complement TIAA’s “legacy” individually-owned annuities, Drake introduced selected mutual funds; some of which are not managed by TIAA. The prominence of these mutual funds has grown, such that plan participants now allocate a majority of their contributions to mutual funds; particularly to funds using an “index” investment strategy.

While Drake’s intent is to provide information and support, plan participants must make important decisions. Only participants may designate plan beneficiaries and allocate plan contributions. Thus, participants are encouraged to review their investment options regularly. To schedule an individual counseling session with a TIAA representative, contact Human Resources at 271-1901.

You may expect to receive more information and experience opportunities to ask questions later this fall, when we introduce further enhancements to the plans. You may likewise learn more about the Drake plans by attending the following presentation: “Get a Head Start” on Sept. 29, at 2 p.m. in Olmsted Center, Room 310.

—Marlene Huertz, Associate Director, Benefits