Retirement Options Compared Online
NMU employees who invest their own money in tax-deferred retirement plans with approved providers—not including contributions to MPSERS —can compare the performance of some available investment options online. The university hired a consultant called the Fund Evaluation Group (FEG) to periodically review the 403(b) retirement plan and service providers, and to prepare quarterly reports for participants.
The reports are different from those supplied by each service provider, which are specific to the performance of that provider’s funds. Participants can see if their selections made as much money as other available choices. They can also view fees charged on different investment options, some risk information and an overview of the market for different types of investments.
“NMU can’t and shouldn’t offer investment advice, but this is a helpful tool for giving people peace of mind or alerting them to possible problems with their retirement strategy.” said Kristen Bjorne (Human Resources). "They can also take the reports to a TIAA-CREF adviser who visits campus or to a local representative of the other service providers to help decide if funds are spread across the right options.”
The reports are explained in “User’s Guide to Reading Reports” to help people who may be intimidated by the information and format. The guide, investment policy statement and FEG reports/newsletters are available in a choice box called “Employee Retirement Information” on the Employee Services tab at MyNMU.