Allow ORP and 403(b) participants to choose Vanguard as their investment provider

Vanguard offers investment choices with lower expense ratios than both Fidelity and TIAA-CREF. For the sake of comparison, Vanguard's Target Retirement 2050 Fund has an expense ratio of 0.18. The 2050 target fund offered by Fidelity is at 0.69 and TIAA-CREF's is at 0.58, both of which are significantly higher. These higher fees persist across the approved funds from both vendors currently available. Over time, the impact of these higher fees is significant. Vanguard is currently offered by many other institutions, including USC, Stanford, Princeton, Duke, Carnegie Mellon, Vanderbilt, Columbia, Johns Hopkins, and University of Pennsylvania, to name a few. (Submitted May 2014)



Vanguard was invited to submit bids for both our 401(a) plan and our 403(b) plan and chose not to do so. (Updated July 2014)


Carefully Considered


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