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The University of South Florida 403(b) Plan
A guide to the updates coming in February 2020
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Get ready for what’s ahead! The University of South Florida (USF) and the Division of Human Resources is pleased to announce upcoming updates to the University Voluntary 403(b) Savings Plan (Plan), all of which are designed to better serve employees and to help them achieve their retirement goals through vendor consolidation, improved communication, and technology enhancements.
This guide provides a summary of the updates, outlines how your account may be affected and provides action items based on your current chosen service provider. We invite you to attend a Town Hall Meeting to learn more about these updates or get answers to your questions. The schedule is on page 4.
Effective February 19, 2020 you will have a single source for enrolling in the Plan, changing your payroll contributions, and choosing your investment services provider for the 403(b) Plan.
Fidelity and TIAA will continue to be offered as service providers for new enrollment and contributions after February 19, 2020.
All other providers will be frozen to new contributions as of February 19, 2020. Your existing balance can remain with the provider but all new contributions must be directed to Fidelity or TIAA beginning February 19, 2020.
In addition, there will be meaningful updates to the investment lineup offered by both Fidelity and TIAA. The end result is an easy-to-understand, four-tier, simplified investment menu that USF believes will offer lower overall fees.
Additional enhancements will also be added to the Plan services.
USF is not alone in taking steps to improve our financial and compliance positioning, as many SUS and other universities have taken on this same effort. The Florida Department of Financial Services and Bureau of Deferred Compensation recently announced a reduction in the Investment Providers with the state’s Voluntary 457 Plan. For additional information on those efforts see: https://www.myfloridacfo.com/DeferredComp/providerchanges.aspx.
For the latest information on the Plan updates please refer to www.myfidelitysite.com/usf or https://www.usf.edu/hr/benefits/retirement/403bproject.aspx.
Table of Contents Page Important Dates 3
What Do I Need To Do? 3
Attend a Town Hall Meeting 5
Plan Updates 6
Fidelity Investment Options 7
TIAA Investment Options 15
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Important Dates* KEY DATES PLAN ACTIVITY/ACTION STEPS
February 13, 2020 Last day to change your deferral contribution or service provider though USF. Changes to your contribution amount or service provider will not be available between February 13 and February 19, 2020 as the elections are being transferred to Fidelity.
February 18, 2020 at 4 p.m. ET
The new investment lineup becomes effective in Fidelity and TIAA accounts at the close of the market, typically 4 p.m. ET.
February 19, 2020 All contribution changes or retirement service provider choices must now be made through our new website at www.netbenefits.com/usf or by calling the Fidelity Retirement Service Center at 1-800-343-0860.
Investment option changes will continue to be made through your chosen service provider.
*The dates shown are based on the timing and accuracy of a variety of factors, including the transfer of data, receipt of instructions, and receipt of assets. Changes in any of these factors may result in changes to the dates and timing, including the dates on which, and thus the prices at which, assets in your account are sold and/or reinvested.
What Do I Need To Do? Please review the action items below based on your current service provider.
Current participants with Fidelity Investments:
Review the investment updates outlined in this guide beginning on page 7 so you will understand how the current investments in your account may change.
Attend a town hall meeting to learn about the updates and get answers to any questions. The schedule is on page 5.
Take advantage of the new services and options that will be added to the Plan. See page 6.
Current participants with TIAA:
Review the investment updates outlined in this guide on page 15 so you will understand how the current investments in your account may change.
Attend a town hall meeting to learn about the updates and get answers to any questions. The schedule is on page 5.
Take advantage of the new services and options that will be added to the Plan. See page 6.
March 13, 2020 All contribution changes made after February 13, 2020 will be on the March 13, 2020 paycheck.
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Current participants with all other service providers:
If you are investing with any service provider other than Fidelity or TIAA, then your account with that provider will be frozen as of February 13, 2020. The last contribution into the frozen account(s) will be on the February 28, 2020 paycheck.
Your contribution amount ($ or %) will continue but you will need to choose either Fidelity Investments or TIAA as your service provider effective February 19, 2020. You are able to choose both Fidelity and TIAA and split your contributions between both providers if you wish.
Service provider elections can be made beginning February 19, 2020 either online at www.netbenefits.com/usf or by calling the Fidelity Retirement Service Center at 1-800-343-0860.
Choose your preferred investments with your chosen service provider (Fidelity and/or TIAA). If no investment elections are made by February 25, 2020, your contributions will default to the Fidelity Target Retirement Date Fund based upon the date closest to when you reach age 65. To determine the Target Date Fund that is applicable to you please see the chart on page 14 for Fidelity.
Your existing account balance will remain with your current service provider and will not transfer to Fidelity or TIAA. You have the option to request a manual transfer of your account. Contact Fidelity or TIAA if you would like to transfer your balance.
Attend a town hall meeting to learn about the updates and get answers to any questions. The schedule is on page 5.
Take advantage of the new services and options that will be added to the Plan. See page 6.
Meet with Fidelity or TIAA on campus to discuss your investment options.
Fidelity: Call 800-642-7131 to speak with a Retirement Planner or schedule an appointment from available times at www.fidelity.com/reserve.
TIAA: To schedule an individual counseling session go to TIAA.org/schedulenow or call 800-732-8353.
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Attend a Town Hall Meeting Learn more about the important updates to the Plan from CAPTRUST, Fidelity and TIAA representatives and get answers to your questions. Any changes or additions to the schedule will be available at www.myfidelitysite.com/usf. A campus map for Tampa or Health Town Hall locations is located online: https://www.usf.edu/administrative-services/parking/documents/campus-map-directory.pdf.
Date Location Times
January 22, 2020 Sarasota 8350 N. Tamiami Trail, Room A217 Sarasota, FL 34243 10am to 11:30am
January 28, 2020 USF Health, Tampa Campus Carol & Frank Morsani Center, 13330 USF Laurel Dr., Room 1013 A & B, Tampa, FL 33612 3pm to 4:30pm
January 28, 2020 Tampa Campus 4202 E. Fowler Ave, Student Services Building, SVC 2070, Human Resources Training Room, Tampa, FL 33620
9am to 10:30am, OR
12pm to 1:30pm
January 30, 2020 Harbor Hall Community Center (HBR Community Center) 1000 3rd St. S. St. Petersburg, FL 33701
10am to 11:30am, OR
2pm to 3:30pm
January 31, 2020 USF Health, Tampa Campus Carol & Frank Morsani Center, 13330 USF Laurel Dr., Room 1013 A & B, Tampa, FL 33612 9am to 10:30am
February 4, 2020 Tampa Campus 4202 E. Fowler Ave, Student Services Building, SVC 2070, Human Resources Training Room, Tampa, FL 33620
9am to 10:30am, OR
2pm to 3:30pm
February 6, 2020 Tampa Campus 4202 E. Fowler Ave, Student Services Building, SVC 2070, Human Resources Training Room, Tampa, FL 33620
12pm to 1:30pm, OR
3pm to 4:30pm, OR
6pm to 7:30pm
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Plan Updates Highlights USF is excited to announce important updates to the Voluntary 403(b) Plan and will be adding the following features and services to the Plan beginning February 19, 2020.
What’s new…
Contribution and service provider elections must be made through the new single online web portal: www.netbenefits.com/usf
Beginning February 19, 2020 all contribution elections and service provider elections must be made online via www.netbenefits.com/usf or by contacting the Fidelity Retirement Service Center at 1-800-343-0860.
Contribution and service provider elections will not be available through USF after February 13, 2020.
Investment elections will continue to be made directly with your chosen service provider.
Roth Contributions Fidelity and TIAA will offer a Roth contribution option beginning February 19, 2020.
A Roth contribution allows you to contribute to the Plan on an after-tax basis. Your contributions and any earnings then grow tax-free, allowing you to make potentially tax-free withdrawals in retirement.1
In addition, the Plan will accept Roth rollovers and a Roth in-plan conversion option will be added.
The Roth in-plan conversion allows you to convert current pretax contributions to Roth which then grow tax free. Roth in-plan conversions have tax implications as the converted pretax amount is taxable as income for the year in which the conversion takes place. You may want to consult a tax advisor prior to initiating any conversions in your Plan account.
New Investment Lineup The investment options at Fidelity and TIAA will be revised to simplify the available options and reduce overall participant expenses.
In addition, the Plan will add a self-directed brokerage option which allows you to invest in thousands of mutual fund options beyond those offered directly through the Plan. - Fidelity Investments’ information begins on page 7.- TIAA’s investment information begins on page 15.- Investment options with all other providers will not be changing at this time.
Loan feature to be added A loan feature will be added to accounts serviced by Fidelity Investments.2
Loans will continue to be offered on accounts serviced by TIAA.2
Fee Structure change from “Revenue-Sharing” to “Fee Leveling”
Increased transparency on recordkeeping fees that will be clearly displayed on quarterly statements effective April 1, 2020. The first deduction from participant accounts that will be represented will occur on the July 1, 2020 statement.
You can find more information on the new fee structure on the transition website at www.myfidelitysite.com/usf.
1 A distribution from a Roth 403(b) is tax-free and penalty-free, provided the five-year aging requirement has been satisfied and one of the following conditions is met: age 59½, disability, or death.
2 Please be aware that there are fees associated with taking a loan. This may impact your account. You should talk to a representative before initiating a loan.
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Investment Options at Fidelity Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Investment overview The Plan gives you a choice of investment options that allow you the flexibility to build your own strategy to meet your needs—both long- and short-term.
The investment options at Fidelity will be structured in four distinct groups, or tiers. The approaches vary and are intended for investors with different levels of investment experience. They are also dependent on the level of involvement you want in managing your asset mix.
Any of the investment options offered through the Plan are available to you at any time so you could choose options from each tier to help meet your retirement planning needs.
A complete description of the Plan’s investment options and their performance, as well as planning tools to help you choose an appropriate mix, will be available on Fidelity NetBenefits® beginning February 18, 2020 at 4 p.m. ET after logging in at www.netbenefits.com/usf.
Help me manage my investments
Tier 1: Target Date Funds The Fidelity Freedom® Index Funds Investor Shares are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach the target date. The investment risk of each target retirement fund changes over time as the fund's asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. The principal amount invested is not guaranteed at any time, including at or after the funds' target dates.
I’ll manage on my own
With this approach you determine and maintain the mix of investments in your Plan account using passive and actively managed funds.
Tier 2: Passive Funds Passively managed funds — commonly known as “index funds” — seek to match their benchmark’s performance, rather than beat their benchmark. Because the objective is to simply mirror the holdings and return of a particular index, passively managed funds tend to have lower turnover and lower expenses compared with actively managed funds. Ultimately, index funds are designed to provide exposure to a broad selection of securities at a relatively low cost. While these funds typically perform very similarly to the index they track, you should be aware that index funds cannot be expected to meet or beat the index’s performance.
Tier 3: Active Funds Actively managed funds seek to beat, or exceed, their benchmarks. The fund managers have flexibility to actively seek out investments that they believe will beat, or exceed, the performance of a particular index. Since actively managed strategies often involve a great deal of research, they tend to have higher turnover and higher expenses compared with passively managed funds.
Tier 4: Fidelity BrokerageLink®
Fidelity BrokerageLink® provides you with an opportunity to invest in a broad range of investment options beyond those offered directly through the Plan.
To learn more, or to open a BrokerageLink account, log on to Fidelity NetBenefits® at www.netbenefits.com/usf and choose BrokerageLink from the “Quick Links” menu.
BrokerageLink includes investments beyond those in your plan's lineup. You should compare investments and share classes that are available in your plan's lineup with those available through BrokerageLink, and determine the available share class that is appropriate for your situation. The plan fiduciary neither evaluates nor monitors the investments available through BrokerageLink. It is your responsibility to ensure that the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance.
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Your Plan’s Lineup at Fidelity as of February 18, 2020 at 4 p.m. ET ASSET CLASS INVESTMENT OPTION TICKER SYMBOL
Tier 1 – Target Date Funds
Target-Date Retirement Fidelity Freedom® Index Income Fund- Investor Class FIKFX
Target-Date Retirement Fidelity Freedom® Index 2005 Fund- Investor Class FJIFX
Target-Date Retirement Fidelity Freedom® Index 2010 Fund- Investor Class FKIFX
Target-Date Retirement Fidelity Freedom® Index 2015 Fund- Investor Class FLIFX
Target-Date Retirement Fidelity Freedom® Index 2020 Fund- Investor Class FPIFX
Target-Date Retirement Fidelity Freedom® Index 2025 Fund- Investor Class FQIFX
Target-Date Retirement Fidelity Freedom® Index 2030 Fund- Investor Class FXIFX
Target-Date Retirement Fidelity Freedom® Index 2035 Fund- Investor Class FIHFX
Target-Date Retirement Fidelity Freedom® Index 2040 Fund- Investor Class FBIFX
Target-Date Retirement Fidelity Freedom® Index 2045 Fund- Investor Class FIOFX
Target-Date Retirement Fidelity Freedom® Index 2050 Fund- Investor Class FIPFX
Target-Date Retirement Fidelity Freedom® Index 2055 Fund- Investor Class FDEWX
Target-Date Retirement Fidelity Freedom® Index 2060 Fund- Investor Class FDKLX
Tier 2- Passive Funds
Intermediate-Term Bond Fidelity® US Bond Index Fund FXNAX
Large Blend Fidelity® 500 Index Fund FXAIX
Large Blend Fidelity® U.S. Sustainability Index Fund FITLX
Mid Cap Blend Fidelity® Mid Cap Index Fund FSMDX
Small Cap Blend Fidelity® Small Cap Index Fund FSSNX
Foreign Large Cap Blend Fidelity® Total International Index Fund FTIHX
Tier 3- Active Funds
Money Market - Taxable Fidelity® Government Money Market – Class K6 FNBXX
Stable Value Lincoln Stable Value n/a
Intermediate-Term Bond Fidelity® Total Bond K6 Fund FTKFX
Inflation-Protected Bond Vanguard Inflation-Protected Securities Admiral Shares VAIPX
High Yield Bond Fidelity® Capital & Income Fund FAGIX
World Bond AB Global Bond Fund Class Z ANAZX
Large Cap Value MFS Value Fund Class R6 MEIKX
Large Cap Growth Fidelity® Growth Company K6 Fund FGKFX
Mid-Cap Value JPMorgan Mid Cap Value Fund Class R6 JMVYX
Mid-Cap Growth Carillon Eagle Mid Cap Growth Fund Class R6 HRAUX
Small-Cap Blend Goldman Sachs Small Cap Value Fund Class R6 GSSUX
Small Cap Growth Fidelity® Small Cap Growth K6 Fund FOCSX
Foreign Large Cap Growth American Funds Europacific Growth Fund® Class R-6 RERGX
Diversified Emerging Markets Fidelity® Emerging Markets Fund – Class K FKEMX
Specialty fund- Real Estate Principal Real Estate Securities Fund R-6 PFRSX
Tier 4- Fidelity BrokerageLink®
Brokerage Fidelity BrokerageLink® N/A
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For Fidelity Government Money Markets: You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fidelity Investments and its affiliates, the fund’s sponsor, have no legal obligation to provide financial support to money market funds and you should not expect that the sponsor will provide financial support to the fund at any time.
Fidelity’s government and U.S. Treasury money market funds will not impose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund's weekly liquid assets fall below 30% of its total assets because of market conditions or other factors.
You are not permitted to make a direct exchange from Lincoln Stable Value to Fidelity® Government Money Market – Class K6 or Fidelity BrokerageLink® (considered “competing" funds). Before exchanging from Lincoln Stable Value, you must first exchange to a “noncompeting” fund for 90 days. While these requirements may seem restrictive, they are typically imposed by issuers such as insurance companies, banks, or other approved financial institutions, as a condition for issuing investment contracts to retirement plans.
How current Fidelity investment options will transfer* When the market closes (generally 4 p.m. ET) on February 18, 2020, the investment options offered through the Plan will no longer be available. As a result, current account balances and future contribution elections in investments on the left of the chart below will transfer to the new investment option on the right of the chart.
EXISTING INVESTMENT OPTION NEW INVESTMENT OPTION
Fidelity® Global Credit Fund ► AB Global Bond Fund Class Z
Fidelity® Diversified International Fund ► American Funds Europacific Growth Fund® Class R-6
Fidelity® International Enhanced Index Fund ► American Funds Europacific Growth Fund® Class R-6
Fidelity® International Growth Fund ► American Funds Europacific Growth Fund® Class R-6
Fidelity® International Discovery Fund ► American Funds Europacific Growth Fund® Class R-6
Fidelity® International Capital Appreciation Fund ► American Funds Europacific Growth Fund® Class R-6
Fidelity® International Value Fund ► American Funds Europacific Growth Fund® Class R-6
Fidelity® Overseas Fund ► American Funds Europacific Growth Fund® Class R-6
Fidelity® Total International Equity ► American Funds Europacific Growth Fund® Class R-6
Fidelity® Growth Strategies Fund ► Carillon Eagle Mid Cap Growth Fund Class R6
Fidelity® Mid-Cap Growth Index Fund ► Carillon Eagle Mid Cap Growth Fund Class R6
Fidelity® Mid-Cap Stock Fund ► Carillon Eagle Mid Cap Growth Fund Class R6
Fidelity Freedom® 2005 Fund ► Fidelity Freedom® Index 2005 Fund- Investor Class
Fidelity Freedom® 2010 Fund ► Fidelity Freedom® Index 2010 Fund- Investor Class
Fidelity Freedom® 2015 Fund ► Fidelity Freedom® Index 2015 Fund- Investor Class
Fidelity Freedom® 2020 Fund ► Fidelity Freedom® Index 2020 Fund- Investor Class
Fidelity Freedom® 2025 Fund ► Fidelity Freedom® Index 2025 Fund- Investor Class
Fidelity Freedom® 2030 Fund ► Fidelity Freedom® Index 2030 Fund- Investor Class
Fidelity Freedom® 2035 Fund ► Fidelity Freedom® Index 2035 Fund- Investor Class
Fidelity Freedom® 2040 Fund ► Fidelity Freedom® Index 2040 Fund- Investor Class Fidelity Freedom® 2045 Fund ► Fidelity Freedom® Index 2045 Fund- Investor Class
Fidelity Freedom® 2050 Fund ► Fidelity Freedom® Index 2050 Fund- Investor Class
Fidelity Freedom® 2055 Fund ► Fidelity Freedom® Index 2055 Fund- Investor Class
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EXISTING INVESTMENT OPTION NEW INVESTMENT OPTION
Fidelity Freedom® 2060 Fund ► Fidelity Freedom® Index 2060 Fund- Investor Class
Fidelity Freedom® 2065 Fund ► Fidelity Freedom® Index 2060 Fund- Investor Class
Fidelity Freedom® Income Fund ► Fidelity Freedom® Index Income Fund- Investor Class
Fidelity® Disciplined Equity Fund ► Fidelity® 500 Index Fund
Fidelity® Dividend Growth Fund ► Fidelity® 500 Index Fund
Fidelity® Export and Multinational Fund ► Fidelity® 500 Index Fund
Fidelity® Growth & Income Fund ► Fidelity® 500 Index Fund
Fidelity® Mega Cap Stock Fund ► Fidelity® 500 Index Fund
Fidelity® Large Cap Core Enhanced Index Fund ► Fidelity® 500 Index Fund
Fidelity® Large Cap Stock Fund ► Fidelity® 500 Index Fund
Fidelity® New Millennium Fund ► Fidelity® 500 Index Fund
Fidelity® Total Market Index Fund ► Fidelity® 500 Index Fund
Fidelity® Founders Fund ► Fidelity® 500 Index Fund
Fidelity® Global High Income ► Fidelity® Capital & Income Fund
Fidelity® Focused High Income Fund ► Fidelity® Capital & Income Fund
Fidelity® Short Duration High Income Fund ► Fidelity® Capital & Income Fund
Fidelity® High Income Fund ► Fidelity® Capital & Income Fund
Fidelity® Emerging Markets Discovery Fund ► Fidelity® Emerging Markets Fund – Class K
Fidelity® EMEA Fund ► Fidelity® Emerging Markets Fund – Class K
Fidelity® Emerging Markets Fund ► Fidelity® Emerging Markets Fund – Class K
Fidelity® Total Emerging Markets Fund ► Fidelity® Emerging Markets Fund – Class K
Fidelity® Emerging Markets Index Fund ► Fidelity® Emerging Markets Fund – Class K
Fidelity® Conservative Income Bond Fund ► Fidelity® Government Money Market – Class K6
Fidelity® Treasury Only Money Market ► Fidelity® Government Money Market – Class K6
Fidelity® Government Cash Reserves ► Fidelity® Government Money Market – Class K6
Fidelity® Limited Term Government ► Fidelity® Government Money Market – Class K6
Fidelity® Limited Term Bond ► Fidelity® Government Money Market – Class K6
Fidelity® Short-Term Bond ► Fidelity® Government Money Market – Class K6
Fidelity® Government Money Market Premium Class ► Fidelity® Government Money Market – Class K6
Fidelity® Treasury Money Market ► Fidelity® Government Money Market – Class K6
Fidelity® Government Money Market ► Fidelity® Government Money Market – Class K6
Fidelity® Short-Term Bond Index Fund ► Fidelity® Government Money Market – Class K6
Fidelity® Short-Term Treasure Bond Index Fund ► Fidelity® Government Money Market – Class K6
Fidelity® Blue Chip Growth Fund ► Fidelity® Growth Company K6 Fund
Fidelity® Contrafund® ► Fidelity® Growth Company K6 Fund
Fidelity® Capital Appreciation Fund ► Fidelity® Growth Company K6 Fund
Fidelity® Independence Fund ► Fidelity® Growth Company K6 Fund
Fidelity® Growth Company Fund ► Fidelity® Growth Company K6 Fund
Fidelity® Stock Select All Cap Fund ► Fidelity® Growth Company K6 Fund
Fidelity® Growth Discovery Fund ► Fidelity® Growth Company K6 Fund
Fidelity® Fund ► Fidelity® Growth Company K6 Fund
Fidelity® Large Cap Growth Enhanced Index Fund ► Fidelity® Growth Company K6 Fund
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EXISTING INVESTMENT OPTION NEW INVESTMENT OPTION
Fidelity® Magellan® Fund ► Fidelity® Growth Company K6 Fund
Fidelity® OTC Fund ► Fidelity® Growth Company K6 Fund
Fidelity® Focused Stock Fund ► Fidelity® Growth Company K6 Fund
Fidelity® Trend Fund ► Fidelity® Growth Company K6 Fund
Fidelity® NASDAQ Composite Index® Fund ► Fidelity® Growth Company K6 Fund
Fidelity® Large Cap Growth Index Fund ► Fidelity® Growth Company K6 Fund
Fidelity® Leveraged Company Stock Fund ► Fidelity® Mid Cap Index Fund
Fidelity® Stock Selector Mid Cap Fund ► Fidelity® Mid Cap Index Fund
Fidelity® Extended Market Index Fund ► Fidelity® Mid Cap Index Fund
Fidelity® Mid Cap Index Fund ► Fidelity® Mid Cap Index Fund
Fidelity® Small Cap Growth Fund ► Fidelity® Small Cap Growth K6 Fund
Fidelity® Small Cap Growth Index Fund ► Fidelity® Small Cap Growth K6 Fund
Fidelity® Event Driven Opportunities Fund ► Fidelity® Small Cap Index Fund
Fidelity® Small Cap Enhanced Index Fund ► Fidelity® Small Cap Index Fund
Fidelity® Stock Selector Small Cap Fund ► Fidelity® Small Cap Index Fund
Fidelity® Small Cap Discovery Fund ► Fidelity® Small Cap Index Fund
Fidelity® Small Cap Stock Fund ► Fidelity® Small Cap Index Fund
Fidelity® Small Cap Index Fund ► Fidelity® Small Cap Index Fund
Fidelity® Strategic Income Fund ► Fidelity® Total Bond K6 Fund
Fidelity® Investment Grade Bond ► Fidelity® Total Bond K6 Fund
Fidelity® Corporate Bond ► Fidelity® Total Bond K6 Fund
Fidelity® Floating Rate High Income Fund ► Fidelity® Total Bond K6 Fund
Fidelity® GNMA Fund ► Fidelity® Total Bond K6 Fund
Fidelity® Government Income Fund ► Fidelity® Total Bond K6 Fund
Fidelity® Mortgage Securities Fund ► Fidelity® Total Bond K6 Fund
Fidelity® Intermediate Government Income ► Fidelity® Total Bond K6 Fund
Fidelity® Total Bond Fund ► Fidelity® Total Bond K6 Fund
Fidelity® Intermediate Bond Fund ► Fidelity® Total Bond K6 Fund
Fidelity® Intl Sustainability Index Fund ► Fidelity® Total International Index Fund
Fidelity® Global ex US Index Fund ► Fidelity® Total International Index Fund
Fidelity® International Index Fund ► Fidelity® Total International Index Fund
Fidelity® Total International Index Fund ► Fidelity® Total International Index Fund
Fidelity® Women's Leadership Fund ► Fidelity® U.S. Sustainability Index Fund
Fidelity® Long-Term Treasure Bond Index Fund ► Fidelity® US Bond Index Fund
Fidelity® Sustainability Bond Index Fund ► Fidelity® US Bond Index Fund
Fidelity® Intermediate Treasure Bond Index Fund ► Fidelity® US Bond Index Fund
Fidelity® US Bond Index Fund ► Fidelity® US Bond Index Fund
Fidelity® Small Cap Value Fund ► Goldman Sachs Small Cap Value Fund Class R6
Fidelity® Small Cap Value Index Fund ► Goldman Sachs Small Cap Value Fund Class R6
Fidelity® Value Fund ► JPMorgan Mid Cap Value Fund Class R6
Fidelity® Low-Priced Stock Fund ► JPMorgan Mid Cap Value Fund Class R6
Fidelity® Mid Cap Enhanced Index Fund ► JPMorgan Mid Cap Value Fund Class R6
12
EXISTING INVESTMENT OPTION NEW INVESTMENT OPTION
Fidelity® Mid Cap Value Fund ► JPMorgan Mid Cap Value Fund Class R6
Fidelity® Mid Cap Value Index Fund ► JPMorgan Mid Cap Value Fund Class R6
Fidelity® Blue Chip Value Fund ► MFS Value Fund Class R6
Fidelity® Equity-Income Fund ► MFS Value Fund Class R6
Fidelity® Equity Dividend Income Fund ► MFS Value Fund Class R6
Fidelity® Large Cap Value Enhanced Index Fund ► MFS Value Fund Class R6
Fidelity® Value Strategies Fund ► MFS Value Fund Class R6
Fidelity® Stock Selector Large Cap Value Fund ► MFS Value Fund Class R6
Fidelity® Value Discovery Fund ► MFS Value Fund Class R6
Fidelity® Large Cap Value Index Fund ► MFS Value Fund Class R6
Fidelity® Real Estate Investment Portfolio ► Principal Real Estate Securities Fund R-6
Fidelity® Real Estate Income Fund ► Principal Real Estate Securities Fund R-6
Fidelity® Real Estate Index Fund ► Principal Real Estate Securities Fund R-6
Fidelity® Inflation-Protected Bond Index Fund ► Vanguard Inflation-Protected Securities Admiral Shares
13
Investments at Fidelity that will transfer to a Target Date Fund* When the market closes on February 18, 2020 (typically 4 p.m. ET) your account balance and future contribution elections in the current investments listed below will transfer to the Fidelity Freedom® Index Fund - Investor Class that has a target retirement date closest to the year you might retire and assumes aretirement age of 65.
Please see the chart on page 14 to determine in which Fidelity Freedom® Index Fund - Investor Class your balance and future contribution elections will be invested.
CURRENT INVESTMENT OPTIONS THAT WILL TRANSFER TO A TARGET DATE FUND
Fidelity Asset Manager® 20% Fund Fidelity® Select Computers Portfolio
Fidelity Asset Manager® 30% Fund Fidelity® Select Construction & Housing Portfolio
Fidelity Asset Manager® 40% Fund Fidelity® Select Consumer Discretionary Portfolio
Fidelity Asset Manager® 50% Fund Fidelity® Select Consumer Finance Portfolio
Fidelity Asset Manager® 60% Fund Fidelity® Select Consumer Staples Portfolio
Fidelity Asset Manager® 70% Fund Fidelity® Select Defense & Aero Portfolio
Fidelity Asset Manager® 85% Fund Fidelity® Select Energy Portfolio
Fidelity® BalancedFund Fidelity® Select Energy Service Portfolio
Fidelity® Canada Fund Fidelity® Select Envir and Alternative Energy Portfolio
Fidelity® China Region Fund Fidelity® Select Financial Services Portfolio
Fidelity® Convertible Securities Fund Fidelity® Select Gold Portfolio
Fidelity® Emerging Asia Fund Fidelity® Select Health Care Portfolio
Fidelity® Europe Fund Fidelity® Select Health Care Services Portfolio
Fidelity® Four-in-One Index Fund Fidelity® Select Industrials Portfolio
Fidelity® Global Commodity Stock Fund Fidelity® Select Insurance Portfolio
Fidelity® Global Equity Income Fund Fidelity® Select IT Services Portfolio
Fidelity® International Real Estate Fund Fidelity® Select Leisure Portfolio
Fidelity® International Small Cap Fund Fidelity® Select Materials Portfolio
Fidelity® International Small Cap Opportunities Fund Fidelity® Select Medical Tech and Devices Portfolio
Fidelity® Japan Fund Fidelity® Select Natural Gas Portfolio
Fidelity® Japan Smaller Companies Fund Fidelity® Select Natural Resources Portfolio
Fidelity® Latin America Fund Fidelity® Select Pharmaceuticals Portfolio
Fidelity® New Markets Income Fund Fidelity® Select Retailing Portfolio
Fidelity® Nordic Fund Fidelity® Select Semiconductors Portfolio
Fidelity® Pacific Basin Fund Fidelity® Select Software & IT Services Portfolio
Fidelity® Puritan® Fund Fidelity® Select Technology Portfolio
Fidelity® Select Air Transportation Portfolio Fidelity® Select Telecommunications Portfolio
Fidelity® Select Automotive Portfolio Fidelity® Select Transportation Portfolio
Fidelity® Select Banking Portfolio Fidelity® Select Utilities Portfolio
Fidelity® Select Biotechnology Portfolio Fidelity® Select Wireless Portfolio
Fidelity® Select Brokerage & Investment Management Fidelity® Strategic Dividend & Income® Fund
Fidelity® Select Chemicals Portfolio Fidelity® Strategic Real Return Fund
Fidelity® Select Communication Equipment Portfolio Fidelity® Telecom and Utilities Fund
Fidelity® Select Communication Services Portfolio Fidelity® Worldwide Fund
14
Default investment option for the Plan at Fidelity USF has determined that if you do not make investment choices for your account your current account balances and future contributions will be invested in the Fidelity Freedom® Index Fund - Investor Class with the target retirement date closest to the year you reach age 65.
Target Date Funds are an asset mix of stocks, bonds and other investments that automatically becomes more conservative as the fund approaches its target retirement date and beyond. Principal invested is not guaranteed.
You can also use this chart to determine in which fund your current assets and future contributions will be directed if you currently hold any of the funds listed in the chart on page 13.
DATE OF BIRTH FUND NAME TARGET RETIREMENT DATE
Before 1948 Fidelity Freedom® Index Income Fund - Investor Class Before 2003
1938 – 1942 Fidelity Freedom® Index 2005 Fund - Investor Class 2003 - 2007
1943 – 1947 Fidelity Freedom® Index 2010 Fund - Investor Class 2008 - 2012
1948 – 1952 Fidelity Freedom® Index 2015 Fund - Investor Class 2013 - 2017
1953 – 1957 Fidelity Freedom® Index 2020 Fund - Investor Class 2018 - 2022
1958 – 1962 Fidelity Freedom® Index 2025 Fund - Investor Class 2023 - 2027
1963 – 1967 Fidelity Freedom® Index 2030 Fund - Investor Class 2028 - 2032
1968 – 1972 Fidelity Freedom® Index 2035 Fund - Investor Class 2033 - 2037
1973 – 1977 Fidelity Freedom® Index 2040 Fund - Investor Class 2038 - 2042
1978 – 1982 Fidelity Freedom® Index 2045 Fund - Investor Class 2043 - 2047
1983 – 1987 Fidelity Freedom® Index 2050 Fund - Investor Class 2048 - 2052
1988 – 1992 Fidelity Freedom® Index 2055 Fund - Investor Class 2053 - 2057
1993 and later Fidelity Freedom® Index 2060 Fund - Investor Class 2058 and later
The target retirement date timeline and retirement age were selected by the Plan sponsor.
If you have questions about the new investment lineup or would like help determining which investments may be right for you, Fidelity Retirement Planners will be on campus to provide one on one consultations by appointment. Reserve your preferred time at www.fidelity.com/reserve or call 1-800-603-4015.
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Investment Options at TIAABefore investing in any investment option, consider the investment objectives, risks, charges, and expenses. Contact TIAA for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Investment overview The Plan gives you a choice of investment options that allow you the flexibility to build your own strategy to meet your needs—both long- and short-term.
The investment options at TIAA will be structured in four distinct groups, or tiers. The approaches vary and are intended for investors with different levels of investment experience. They are also dependent on the level of involvement you want in managing your asset mix.
Any of the investment options offered through the Plan are available to you at any time so you could choose options from each tier to help meet your retirement planning needs.
A complete description of the Plan’s investment options and their performance, as well as planning tools to help you choose an appropriate mix, will be available beginning February 18, 2020 at 4 p.m. ET after logging in at TIAA.org.
TIAA will have Financial consultants on Campus and at the TIAA local office to provide education and counseling. Schedule a one-on-one advice session by calling TIAA at 800-732-8353, weekdays, 8 a.m. to 8 p.m. (ET), or visit TIAA.org/schedulenow. There is no additional cost to you for this service.
If you have any questions or would like assistance with your new investment options, you can call TIAA at 800-842-2252, weekdays, 8 a.m. to 10 p.m. and Saturday, 9 a.m. to 6 p.m. (ET).
Help me manage my investments
Tier 1: Target Date Investment Options The TIAA-CREF Lifecycle Index Funds Institutional Shares are designed for investors expecting to retire around the year indicated in each fund's name. The funds are managed to gradually become more conservative over time as they approach the target date. The investment risk of each target retirement fund changes over time as the fund's asset allocation changes. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, and foreign securities. The principal amount invested is not guaranteed at any time, including at or after the funds' target dates.
I’ll manage on my own
With this approach you determine and maintain the mix of investments in your Plan account using passive and actively managed funds.
Tier 2: Passive Investment Options Passively managed investments — commonly known as “index funds” — seek to match their benchmark’s performance, rather than beat their benchmark. Because the objective is to simply mirror the holdings and return of a particular index, passively managed funds tend to have lower turnover and lower expenses compared with actively managed investments. Ultimately, index funds are designed to provide exposure to a broad selection of securities at a relatively low cost. While these funds typically perform very similarly to the index they track, you should be aware that index funds cannot be expected to meet or beat the index’s performance.
Tier 3: Active Investment Options Actively managed investments seek to beat, or exceed, their benchmarks. The investment managers have flexibility to actively seek out investments that they believe will beat, or exceed, the performance of a particular index. Since actively managed strategies often involve a great deal of research, they tend to have higher turnover and higher expenses compared with passively managedinvestments.
Tier 4: TIAA Brokerage
Through TIAA Brokerage you can access thousands of mutual funds and many well-known fund families beyond the core investment options.3 For investors with specialized investing needs, more choice can mean more opportunity to directretirement investments across markets and asset classes outside of your plan’s core lineup.
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To view the mutual fund families available through TIAA Brokerage, simply visit TIAA.org and type Mutual Fund Families into the search bar in the top right corner. Your search will return a result for a PDF that will list the available mutual fund families (https://www.tiaa.org/public/pdf/MF_families.pdf). Mutual fund families represent the different mutual fund companies that you can invest in through TIAA Brokerage. You can independently research and select from thousands of mutual funds.
It’s important to understand that USF will not monitor the performance of the funds offered through the brokerage account, and TIAA does not offer investment advice for brokerage assets. Plan participants will bear the risk of investing through the brokerage account. USF recommends that you exercise caution and consider seeking professional guidance when investing through a TIAA Brokerage account. If you lack the time or expertise to manage your portfolio, TIAA Brokerage may not be appropriate for you. We encourage you to speak with a financial consultant to find out if this option maybe suitable for you
Before investing in a brokerage account, consider contacting TIAA to learn more. Learn more about a brokerage account4 by contacting us at 800-927-3059, weekdays, 8 a.m. to 7 p.m. (ET).
3 The brokerage account option is available to participants who maintain both a legitimate U.S. residential address and a legitimate U.S. mailing address. Certain securities may not be suitable for all investors. Securities are subject to investment risk, including possible loss of the principal amount invested.
4 By opening a brokerage account, you will be charged a commission only on applicable transactions and other account-related fees in accordance with the TIAA Commission and Fee Schedule. Please visit TIAA.org/SDA_CAA. Other fees and expenses apply to a continued investment in the funds and are described in the fund’s current prospectus.
TIAA-CREF Money Market Funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although our money market funds seek to preserve the value of your investment, it is possible to lose money by investing in them.
You could lose money by investing in the Vanguard Federal Money Market Investor Shares. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to money market funds and you should not expect that the sponsor will provide financial support to the fund at any time.
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Your Plan’s Lineup at TIAA as of February 18, 2020 at 4 p.m. ET ASSET CLASS INVESTMENT OPTION TICKER
SYMBOL Tier 1 – Target Date Investments
Target-Date Retirement TIAA-CREF Lifecycle Index Retirement Income Institutional Shares TRILX
Target-Date Retirement TIAA-CREF Lifecycle Index 2010 Institutional Shares TLTIX
Target-Date Retirement TIAA-CREF Lifecycle Index 2015 Institutional Shares TLFIX
Target-Date Retirement TIAA-CREF Lifecycle Index 2020 Institutional Shares TLWIX
Target-Date Retirement TIAA-CREF Lifecycle Index 2025 Institutional Shares TLQIX
Target-Date Retirement TIAA-CREF Lifecycle Index 2030 Institutional Shares TLHIX
Target-Date Retirement TIAA-CREF Lifecycle Index 2035 Institutional Shares TLYIX
Target-Date Retirement TIAA-CREF Lifecycle Index 2040 Institutional Shares TLZIX
Target-Date Retirement TIAA-CREF Lifecycle Index 2045 Institutional Shares TLXIX
Target-Date Retirement TIAA-CREF Lifecycle Index 2050 Institutional Shares TLLIX
Target-Date Retirement TIAA-CREF Lifecycle Index 2055 Institutional Shares TTIIX
Target-Date Retirement TIAA-CREF Lifecycle Index 2060 Institutional Shares TVIIX
Tier 2- Passive Investment Options
Intermediate-Term Bond Vanguard Total Bond Market Index Fund Admiral Shares VBTLX
Large Blend Vanguard 500 Index Fund Admiral Shares VFIAX
Large Blend Vanguard FTSE Social Index Fund Admiral Shares VFTAX
Mid Cap Blend Vanguard Mid-Cap Index Fund Admiral Shares VIMAX
Small Cap Blend Vanguard Small Cap Index Fund Admiral Shares VSMAX
Foreign Large Cap Blend Vanguard Total International Stock Index Fund Admiral Shares VTIAX
Tier 3- Active Investment Options
Money Market - Taxable CREF Money Market R3 Account QCMMIX
Money Market - Taxable Vanguard Federal Money Market Investor Shares VMFXX
Stable Value TIAA Traditional Account N/A
Intermediate-Term Bond Black Rock Total Return Fund Class K Shares MPHQX
Inflation-Protected Bond Vanguard Inflation-Protected Securities Fund Admiral Shares VAIPX
High Yield Bond MainStay MacKay High Yield Corporate Bond R6 MHYSX
World Bond AB Global Bond Fund Class Z ANAZX
Allocation--50% to 70% Equity CREF Social Choice R3 QCSCIX
Allocation--85%+ Equity CREF Stock R3 QCSTIX
Large Cap Value MFS Value Fund Class R6 MEIKX
Large Cap Growth Harbor Capital Appreciation Fund Retirement Class HNACX
Mid-Cap Value JPMorgan Mid Cap Value Fund Class R6 JMVYX
Mid-Cap Growth Carillon Eagle Mid Cap Growth Fund Class R6 HRAUX
Small-Cap Blend Goldman Sachs Small Cap Value Fund Class R6 GSSUX
Small Cap Growth Loomis Sayles Small Cap Growth Fund Class N LSSNX
Foreign Large Cap Growth American Funds Europacific Growth Fund® Class R6 RERGX
Diversified Emerging Markets Invesco Oppenheimer Developing Markets R6 ODVIX
Specialty fund- Real Estate TIAA Real Estate Account QREARX
Tier 4- TIAA Brokerage
Brokerage TIAA Brokerage N/A
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The following investment options at TIAA will be frozen to new contributions or transfers in as of February 18, 2020 at 4 p.m. ET.* This means that you may move your balance, in whole or in part, out of any of these options but you are not able to move any money into these options.
ASSET CLASS INVESTMENT OPTION TICKER SYMBOL
Intermediate-Term Bond CREF Bond Market R3 Account QCBMIX
Inflation-Protected Bond CREF Inflation-Linked Bond R3 Account QCILIX
Large Cap Blend CREF Equity Index R3 Account QCEQIX
Large Cap Growth CREF Growth R3 Account QCGRIX
World Large Cap Stock CREF Global Equities R3 Account QCGLIX
When the market closes (generally 4 p.m. ET) on February 18, 2020, future contribution elections in the frozen investments will transfer to a new option. Existing balances will remain in the frozen investment option.
EXISTING INVESTMENT OPTION FUTURE CONTRIBUTIONS WILL BE DIRECTED TO
CREF Bond Market R3 ► Black Rock Total Return Fund Class K
CREF Inflation-Linked Bond R3 ► Vanguard Inflation-Protected Secs Admiral Shares
CREF Equity Index R3 ► Vanguard 500 Index Fund Admiral Shares
CREF Growth R3 ► Harbor Capital Appreciation Retirement
CREF Global Equities R3 ► The TIAA-CREF Lifecycle Index Fund Institutional Series with the target retirement date closest to the year you reach age 65. See page 19.
How current TIAA investment options will transfer* When the market closes (generally 4 p.m. ET) on February 18, 2020, the investment options below offered through the Plan at TIAA will no longer be available. As a result, current account balances and future contribution elections in investments on the left of the chart below will transfer to the new investment option on the right of the chart
EXISTING INVESTMENT OPTION NEW INVESTMENT OPTION
Templeton Global Bond Advisor Shares ► AB Global Bond Z
TIAA-CREF High Yield R ► MainStay MacKay High Yield Corporate Bond R6
TIAA-CREF Large Cap Value Retire ► MFS Value R6
TIAA-CREF Social Choice Equity Retire ► Vanguard FTSE Social Index Fund Admiral Shares
TIAA-CREF Growth & Income Retire ► Harbor Capital Appreciation Retirement
TIAA-CREF Mid-Cap Value Retire ► JPMorgan Mid Cap Value R6
TIAA-CREF International Equity Retire ► American Funds Europacific Growth R6
Royce Pennsylvania Mutual Investment ► Vanguard Small Cap Index Fund Admiral Shares
Oppenheimer Developing Markets Y ► Oppenheimer Developing Markets I
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Investments at TIAA that will transfer to a Target Date Fund* Your account balance and future contributions in the current investments below as of February 18, 2020 at 4 p.m. ET will transfer to the TIAA-CREF Lifecycle Index Institutional Series that has a target retirement date closest to the year you might retire and assumes a retirement age of 65.
Please see the default Investment chart on this page to determine in which TIAA-CREF Lifecycle Index Institutional Series your balance and future contribution elections will be invested.
CURRENT INVESTMENT OPTIONS THAT WILL TRANSFER TO A TARGET DATE FUND
Manning & Napier Pro-Blend Conservative Term I Manning & Napier Pro-Blend MaxTerm I
Manning & Napier Pro-Blend Extended Term I PGIM Jennison Natural Resources Z
Default investment option for the Plan at TIAA USF has determined that if you do not make investment choices for your account, your future contributions will be invested in the TIAA-CREF Lifecycle Index Institutional Series with the target retirement date closest to the year you reach age 65.
You can also use this chart to determine in which fund your current assets and future contributions will be directed if you currently hold any of the funds listed in the chart above.
DATE OF BIRTH FUND NAME TARGET RETIREMENT DATE
Before 1943 TIAA-CREF Lifecycle Index Retirement Income Institutional Shares Before 2008
1943 – 1947 TIAA-CREF Lifecycle Index 2010 Institutional Shares 2008 - 2012
1948 – 1952 TIAA-CREF Lifecycle Index 2015 Institutional Shares 2013 - 2017
1953 – 1957 TIAA-CREF Lifecycle Index 2020 Institutional Shares 2018 - 2022
1958 – 1962 TIAA-CREF Lifecycle Index 2025 Institutional Shares 2023 - 2027
1963 – 1967 TIAA-CREF Lifecycle Index 2030 Institutional Shares 2028 - 2032
1968 – 1972 TIAA-CREF Lifecycle Index 2035 Institutional Shares 2033 - 2037
1973 – 1977 TIAA-CREF Lifecycle Index 2040 Institutional Shares 2038 - 2042
1978 – 1982 TIAA-CREF Lifecycle Index 2045 Institutional Shares 2043 - 2047
1983 – 1987 TIAA-CREF Lifecycle Index 2050 Institutional Shares 2048 - 2052
1988 – 1992 TIAA-CREF Lifecycle Index 2055 Institutional Shares 2053 - 2057
1993 and later TIAA-CREF Lifecycle Index 2060 Institutional Shares 2058 and later The target retirement date timeline and retirement age were selected by the Plan sponsor.
Please be aware that some investment options may have an equity wash restriction. This means that you are not permitted to make a direct exchange between “competing" investment options. Before exchanging between these investment options, you must first exchange to a “noncompeting” investment option for 90 days. While these requirements may seem restrictive, they are typically imposed by issuers such as insurance companies, banks, or other approved financial institutions, as a condition for issuing investment contracts to retirement plans.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.
©2019 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017
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If any individual fees are deducted directly from your account, they will be reflected on your Plan’s account statement.
Investing involves risk, including risk of loss.
This document provides only a summary of certain features of the University of South Florida 403(b) Plan, and the Plan document will govern in the event of any discrepancies.
Investment, insurance, and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
TIAA and Fidelity Investments are independent entities and are not legally affiliated.
CAPTRUST is not affiliated with Fidelity Brokerage Services, member NYSE, SIPC, or its affiliates. CAPTRUST is solely responsible for the information and services it provides. Fidelity disclaims any liability arising from your use of this information.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 © 2019 FMR LLC. All rights reserved.
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