VCCS is updating the plan to better serve employees by simplifying plan administration, reducing overall fees, and improving oversight and transparency. By consolidating providers, we can leverage the collective size of VCCS to offer a more efficient, cost-effective, and well-managed retirement program.

The number of approved voluntary retirement plan providers is being reduced to two — Corebridge and TIAA. These providers were selected through a competitive review process to ensure they meet high standards for fees, investment quality, participant support, and transparency.

Consolidating providers helps:

• Reduce administrative and investment fees
• Ensure investment options are appropriate and well-monitored
• Provide consistent education, tools, and support
• Improve oversight and transparency of the plan

The providers were chosen through a structured evaluation process that considered:

• Fee competitiveness
• Quality and breadth of investment options
• Fiduciary oversight and governance practices
• Participant education and customer service
• Transparency around plan operations and costs

By pooling assets into fewer providers, VCCS can leverage its size to negotiate lower administrative and investment fees. Lower fees can have a meaningful positive impact on long-term retirement savings.

Yes. One of the goals of this update is greater transparency, so participants can more easily understand:

• What fees they pay
• What services those fees cover
• How fees affect long-term savings

With fewer providers and our partnership with CAPTRUST, VCCS can more effectively monitor investment options to ensure:

• Funds align with long-term retirement objectives
• Investment lineups are diversified and appropriate
• Ongoing performance and risk are regularly reviewed

While there may be fewer total options, the selected providers offer a strong, diversified lineup designed to meet a wide range of retirement goals and risk tolerances. In addition to the fund menu, participants will also have access to a self-directed brokerage option.

That depends on where your account is currently held. If you are already with one of the two selected providers, you may not need to take action. If not, you will receive clear instructions and sufficient time to transition your account if needed.

Your retirement savings remain yours. You may choose to leave existing balances with your current provider. You also have the option to transfer your balances to one of the selected providers. Employees will be guided through a transition process that helps them move their funds smoothly to one of the approved providers if they choose to do so.

Yes. The selected providers will offer educational resources, decision-making tools, and access to representatives who can explain investment options and next steps.

Consolidation allows VCCS to:

• Better track plan operations
• Clearly communicate fees, services, and performance
• Maintain stronger ongoing governance and oversight

VCCS continues to oversee the plan structure and provider relationships, with a focus on acting in the best interest of participants and ensuring responsible plan management. This is accomplished through the activities of the retirement committee.

Ultimately, this update is designed to support better retirement outcomes by:

• Lowering costs
• Improving investment oversight
• Enhancing education and support
• Making the plan easier to understand and navigate

Additional communications, provider information, and transition guides will be shared. Employees may also contact VCCS403b@vccs.edu with questions.