[July 20, 2004]

At the July 14-15 Board of Regents meeting, the University of California announced that it has selected Fidelity Investments Tax-Exempt Services Company to provide record keeping and investment education services for its new 457(b) tax-deferred savings plan.

In May, the Regents approved the establishment of a new 457(b) plan to give UC faculty and staff expanded opportunities for tax-advantaged retirement savings. Given the current restraints on UC's information systems, the Regents approved the new plan contingent upon the selection of an external firm to provide the required record keeping and financial education services for the new plan.

The selection of Fidelity concludes a four-month competitive bid process. The process was led jointly by UC's HR-Benefits department and the Office of the Treasurer and involved consultation with numerous groups throughout the UC community, including faculty, staff, retirees, and advisory groups. Proposals submitted by financial service providers were evaluated on a number of criteria, notably long-term suitability, service level and cost. Fidelity demonstrated particular strength in their sophisticated consumer tools and their commitment to state-of-the-art technology.

Additional details about the new 457(b) plan will be made available in time for participants to begin making pre-tax contributions near the end of the current tax year.

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