We are pleased to announce that our new recordkeeper will be Empower. Empower is the second largest provider of retirement services in the United States. The transition will occur February 27, 2023. The UUA Retirement Plan staff, together with Fiducient Advisors, our investment advisor, are meeting weekly with the transition team from Empower. We are working hard to cross all the t’s and dot all the I’s to ensure a smooth transition.
The decision to transition to Empower was made unanimously by the UUA Retirement Plan Committee in early July. Participating in our deliberations were several UUA Board Members and well as UUA Staff responsible for administering our retirement plan.
There were many reasons why the Committee, Board members, and staff decided that Empower was the best recordkeeper for the UU Organizations Retirement Plan. Some of these reasons included:
Participant Fees will be reduced from 14 Basis Points (.0014) to 4.1 Basis Points (.00041).
The Committee and Staff felt that the on-line resources provided by Empower were superior to those provided by the other finalists – and both were improvements upon what has been provided by TIAA.
The Committee and Staff were really impressed by the experience and diversity of the team that will service our Plan by Empower compared to the other finalist.