April 14, 2021

Human Resources: Reduced administrative fee now in effect for Fidelity retirement plans

In partnership with the Purdue Defined Contribution Retirement Plan Committee, Human Resources is announcing a reduction in the Fidelity retirement plan administrative fee.

The administrative fee covers services that Fidelity provides to all University faculty and staff, including the recordkeeping platform in place to maintain employee retirement accounts and one-on-one retirement plan guidance.

The $61 annual fee will replace the $68 fee beginning with the first quarter of 2021, which began Jan. 1.

Faculty and staff enrolled in the Purdue Standard Retirement and Savings and the Purdue Matching Retirement and Savings programs pay per quarter as they participate in one or more of the defined contribution plans. The quarterly deduction amount of $15.25 will replace the previous $17 deduction and will be viewable through Fidelity NetBenefits in the coming weeks.

As part of a routine review, opportunities to consolidate and restructure resources were identified, which allowed for a reduction to the administrative fee. The HR Benefits website offers additional details about the types of plan fees as they relate to Purdue’s workplace retirement savings program. 

Employees can meet with a Fidelity retirement planner to discuss their plans via phone or virtually. To schedule, call 800-343-0860 or schedule online.

Fidelity – Purdue’s official retirement partner

As a reminder, Fidelity became Purdue’s official provider of education, guidance and assistance related to retirement plan investments and decisions in 2011. For those with pre-2011 retirement funds in a TIAA-CREF account, similar services for those plans are available from TIAA-CREF. Separate recordkeeping and investment fees apply to funds held on recordkeeping platforms outside of Fidelity. Assistance remains available through Fidelity for individuals considering consolidating accounts.

Although other organizations may be advertising retirement services and calling or emailing Purdue employees, the University does not have business relationships with, nor does it endorse, other financial advisors. Employees who receive unsolicited communications from other organizations are advised to clearly inform the callers that they wish to be removed from the call and/or email lists.


Faculty-Staff News

More News

Purdue University, 610 Purdue Mall, West Lafayette, IN 47907, (765) 494-4600

© 2015-22 Purdue University | An equal access/equal opportunity university | Copyright Complaints | Maintained by Office of Strategic Communications

Trouble with this page? Disability-related accessibility issue? Please contact News Service at purduenews@purdue.edu.