[February 23, 2004]

UC Human Resources and Benefits, in partnership with the Office of the Treasurer, is soliciting bids from firms that offer record keeping and investment education services, in connection with the possible addition of a new 457(b) deferred compensation plan. A 457(b) Plan would provide a supplemental retirement investment vehicle for UC faculty and staff that would allow for additional tax-deferred contributions. UC will also explore the feasibility of broader application of a master record keeper to improve participant service for UC’s Defined Contribution and Tax-Deferred 403(b) Plans.

In a second phase of the project, UC will conduct an in-depth review of external investment options for the 403(b) and DC Plans, and, if adopted, the 457(b) Plan. The 403(b) Plan currently offers investment options managed by the Office of the Treasurer and investment options managed by external vendors, Fidelity Investments and The Calvert Group. The Defined Contribution Plan offers the same UC-managed investment options and investment options managed by Fidelity Investments.

A cross-functional team comprised of staff from UC HR/Benefits, the Office of the Treasurer, the Office of the General Counsel, and campus Benefits Offices worked with Aon Consulting to develop the request for proposals. The project is being overseen by an internal Steering Committee which includes the Senior Vice President - Business and Finance, the Treasurer of the Regents and the Associate Vice President - HR/Benefits. An extensive consultation and review process has been initiated and will continue through the conclusion of this vendor search and selection project.

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