Stanford Contributory Retirement Plan Investment Redesign
Effective October 2, 2017, the Stanford Contributory Retirement Plan (SCRP) is streamlining its investment options and administration.
Currently, there are four types of investment options offered in SCRP. As part of Stanford’s continuing effort to simplify employee investment decisions, we are updating the menu of investment options available through the SCRP. These changes offer more choice in managing retirement accounts by providing improved liquidity and the potential for a higher crediting rate.
What's Changing (effective October 2, 2017)
The CREF Money Market and CREF Stock Fund will no longer be available to invest future contributions.
The TIAA Traditional Annuity will remain open for future contributions, however, new Retirement Choice (RC) and Retirement Choice Plus (RCP) contracts will replace the Retirement Annuity (RA) and Supplemental Retirement Annuity (SRA) contracts currently in place.
The TIAA Traditional Annuity RA/SRA contracts will no longer accept contributions after October 2, 2017. Existing balances in TIAA Traditional RA/SRA are not affected.
Employees who wish to contribute to the new TIAA Traditional RC/RCP group contract will have to make an affirmative election as an investment option. Those who do not make an election and are currently deferring in the CREF Money Market, CREF Stock or TIAA Traditional RA/SRA, will have their contributions default into the Vanguard Target Retirement Funds.
Along with the investment menu changes, we are taking steps to streamline the plans’ administrative processes. Assets currently invested in the Vanguard Target Retirement Funds on TIAA’s recordkeeping platform will automatically transition to My Retirement Savings, Fidelity’s recordkeeping platform. Employees don’t need to take any action.
Retirement plan investments are an important component in building a successful financial strategy. Below you'll find the many resources available to help you understand what's changing: