Fidelity Retained to Run UC’s Retirement Plans
Fidelity Investments said Tuesday that it was set to administer the University of California’s multibillion-dollar retirement plans, in a deal that for the first time has a public university using a single retirement record keeper.
The country’s largest mutual fund company will become the sole administrator of the school’s $9.5-billion employer-sponsored retirement plans, which count 260,000 participants.
The plans span 10 campuses, five medical centers and three national laboratories. In addition to consolidating plan information and benefits, Fidelity will provide investment education to the plan participants.
“This new master record keeper model allows us to improve member services and helps us better position ourselves to meet future needs while also ensuring that we continue to meet our fiduciary oversight responsibilities,” said Judy Boyette, UC’s vice president of human resources and benefits.
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