RICHMOND, Va. (AP) - An optional retirement plan for about 5,000 Virginia higher education employees is getting new management.
The Virginia Retirement System plans to switch the plan's management from TIAA-CREF and Fidelity to International City Management Association - Retirement Corp. The change will be effective in fall 2016.
Retirement system spokeswoman Jeanna Chenault told the Richmond Times-Dispatch that the change is expected to reduce beneficiaries' fees and improve the plan's management.
The retirement system informed affected state colleges and universities of the move last week.
The change won't affect Virginia Commonwealth University, the University of Virginia, Virginia Tech and George Mason University. These schools operate their own retirement plans.