Correspondence
John Nolt
The items below are arranged by date, the most recent first.
December 4, 2008
Sherry Sims, Director
Human Resources Administration
115
Conference Center Building
CAMPUS 4115
Dear Ms. Sims,
I am writing to request your attention to certain concerns that have arisen with respect to the 2009 changes to the 403(b) Tax Deferred Income Plan.
As I understand it, the University of Tennessee has
determined to restrict the number of approved plan providers (and, as a result,
participant investment options) under its 403(b) Tax Deferred Income (TDI) plan in response to changes in Internal Revenue
Service regulations applicable to the plan.
Furthermore, as a result of these changes to the TDI plan, certain
participants must (a) change their investment designations in the TDI plan by
January 2009 or (b) forfeit their participation in the plan until a new
investment election is made.
The UTK
Faculty Senate Faculty and Staff Benefits Committee is concerned that participants have received confusing,
inaccurate, and incomplete information to date relating to the TDI plan
amendments, including:
- the reasons for the changes to the TDI plan;
- the terms of the TDI plan, as amended;
- the structure and financial terms of the University’s relationship with the five approved plan providers under the TDI plan, as amended;
- the investment options available under the TDI plan, as amended; and
- the fees charged by each approved plan provider, including any annual or ongoing fees and any fees charged on entering the plan, on exiting from it, or on changing investment options
As a result the UTK Faculty Senate Faculty and Staff Benefits Committee believe that TDI plan participants have not been given or afforded access to sufficient information in order to make an investment decision regarding their participation in the TDI plan, as amended.
Thus on behalf of members of the UTK, UTIA, and UTSI faculty, I request that The University of Tennessee provide clear, accurate, and complete Investment-Relevant information to all participants in the TDI plan as soon as possible.
John Nolt
President
University of Tennessee, Knoxville, Faculty Senate