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The Division of Human Resources shares what changes are coming during the open enrollment period for Penn faculty, staff, and postdoc researchers and fellows.
Effective April 2021, Penn’s retirement savings plans will undergo a major change.
As part of a total compensation package, Penn offers retirement savings plans to eligible faculty and staff. Effective April 2021, the University’s retirement savings plans will undergo a major change.
“We are excited to bring these retirement program enhancements to the University community,” says Jack Heuer, vice president of the Division of Human Resources (HR).
The change was announced in January in a mailing to participating faculty and staff. They each received a detailed transition guide, which is also available online.
Over the past several years, the technology platforms used by 403(b) retirement plan providers have improved so that plans like Penn’s no longer need to have multiple vendors in order to make multiple fund families available to plan participants, according to Sue Sproat, HR’s executive director of benefits.