Retirement Transition Resources
- Retirement Plan Transition Guide with Checklist (pdf)—outlines comprehensive details regarding the transition and action steps you must take
- Investment Options Guide (pdf)—provides fund descriptions of each investment option
- Mapping Guide (pdf)—explains how the funds will transfer to Fidelity if you do not make an election during the Early Choice Window
- Early Choice Window Instructions (pdf)—provides instructions on how to choose your investments prior to the transition date using Fidelity’s site
- Participant Disclosure Notice (pdf)—Outlines plan and investment information, including fees
Retirement Plan Transition Overview with Brian Burnett
Retirement Transition Information Session on January 23, 2020
Recorded Transition Webinar from Fidelity
- This comprehensive video from Fidelity is divided into chapters for easy navigation and covers everything you need to know.
Administrative Fee: Plan administrative fees may include legal, accounting, trustee, and other administrative fees, and expenses associated with maintaining the retirement plans.
BrokerageLink or Brokerage Window: The plans will also offer an open self-directed brokerage account where you can invest in any mutual fund on the open market that is administered on Fidelity’s platform. The window is called Fidelity BrokerageLink®.
Core Fund Lineup: The University of Minnesota has established a core fund lineup of investments that represents the major asset classes. You can choose your own mix of investments from this low-cost lineup of funds selected by the University to provide a broadly diversified set of core options across short-term investments, bonds, and stocks. This also includes two options that focus on investing in alignment with environmental, social and governance ("ESG") related principles. The Minnesota Life General Account and Minnesota Life General Account Limited from Securian will be available as part of the core funds. Use this list of funds to customize your own asset mix to something that makes sense for your own risk tolerance and your time left until retirement.
Mapping: Mapping refers to the process where fund assets are sold and the proceeds are transferred to Fidelity, where they are then reinvested at the direction of the plan sponsor (in this case, the University of Minnesota). Mapping serves as an alternative to collecting new investment instructions from plan participants as to how they would like to direct their investments when a change like this occurs. If you would prefer to choose your own investments, please make sure to make your choices during the Early Choice Window in February.
Recordkeeping Fee: Includes Fidelity recordkeeping, trustee, legal, accounting, and other Fidelity administrative fees and expenses. Fees are subject to change.
Target Date Fund: A fund designed to provide varying degrees of long-term appreciation and capital preservation based on an investor’s age or target retirement date through a mix of asset classes. The mix changes over time to become less focused on growth and more focused on income. This type of fund is also known as a “lifecycle fund.”