The University of Illinois System is committed to offering a best in class 403(b) Plan to help you prepare for your retirement goals. After a recent review, an important update to the Plan fee structure is being made, as detailed below. No action is required at this time, but we encourage you to review this information to understand how this change may impact your account(s).
Your investment company, Fidelity or TIAA will also send notice of this change by mail or email according to your preferences on file with that company.
How are 403(b) fees handled now?
All 403(b) participants with a balance share in the cost to run the Plan through the following fees:
- Recordkeeping Fees pay Fidelity or TIAA for providing service to the Plan including maintaining records, providing the website, call center, and counseling services.
- Administrative Fees pay for investment consulting and legal expenses.
- Investment Expenses cover individual investment fund operating expenses.
Fees are deducted from your investment balances. Currently, recordkeeping and administrative fees are assessed as a small percentage of your account assets.
What is changing about 403(b) fees?
The University 403(b) Plan will change the way recordkeeping and administrative fees are assessed from an asset-based amount to a flat dollar per participant amount. This amount will be assessed on a quarterly basis beginning July 1, 2025. You will first see the revised fee amount on your statement for the quarter ending September 30, 2025.
Please see 403(b) Fee Structure Change Q & A for more details.
Questions?
Fidelity: If you have any questions about the fees associated with your 403(b) Plan, please visit NetBenefits.com/UofI403b or call Fidelity Investments at 800-343-0860 (Weekdays, 7:30 a.m. to 11 p.m. CT).
TIAA: If you have any questions about the fees associated with your 403(b) Plan, please visit TIAA.org/uillinois or call TIAA at 800-842-2252 (Weekdays, 7 a.m. to 9 p.m. CT).
For further assistance submit a service ticket through the UPB Service Portal.
