[November 9, 2011]

Employee contributions to the ScholarShare program are being temporarily discontinued starting with the November 2011 payroll as the program transitions to a new management firm.

Management of the ScholarShare program is switching from Fidelity Investments to TIAA-CREF Tuition Financing Inc. The University of California won’t be able to take deductions for employee contributions during the transition.

UC hopes to resume contributions in the first quarter of 2012.

Faculty and staff participating in ScholarShare will receive letters and other materials from Fidelity and the ScholarShare Investment Board notifying them about the change.

During the transition, employees who want to continue contributing to ScholarShare can set up an Automatic Contribution Plan (ACP) to make automated deductions from their checking or savings accounts. You will need to reselect your investment elections as part of this set-up process. Employees can stop using ACP at any time.

Alternatively, you can mail checks directly to TIAA-CREF. Employee must reset their investment elections if they choose this method.

For more information about your options and the appropriate forms, visit the ScholarShare website at www.scholarshare.com or call 1-800-544-5248. Be sure to mention you are a UC employee.

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