To improve employee experience, Total Rewards is implementing changes to retirement savings plans administered by Fidelity. All updates take effect April 1, 2026.
Update to the 457 Deferred Compensation Plan
The 457 Deferred Compensation Plan will allow incoming rollovers. Any money you roll into the plan, plus or minus associated earnings or losses, can later be withdrawn. (The Optional Retirement Plan, the University’s other voluntary plan, also allows incoming rollovers and withdrawals.)
Update to the Faculty Retirement Plan
The Faculty Retirement Plan (FRP) in-service withdrawal age is changing from 62 to 59½. In other words, if you’re still working at the University, you’ll be able to take money out of your FRP account two and a half years earlier. This allows FRP participants greater flexibility in retirement planning. And, it aligns with the provisions of both voluntary plans (the Optional Retirement Plan and the 457 Deferred Compensation Plan).
Update to the pre-1989 Faculty Retirement Plan
The pre-1989 Faculty Retirement Plan will be renamed the Frozen Faculty Retirement Plan. This is to differentiate it from the current FRP for transaction processing purposes.
Questions?
Please contact Fidelity at 800-343-0860.