Skip to main content

Why have the investment vendors changed in the Plan in the past few years?

The approved investment vendors in the Plan have changed over the past few years due to the Internal Revenue Service (IRS) changes in 2007. Many vendors were unable to meet the increased reporting requirement of the IRS and opted out of participating in 403(b) plans. Several vendors also failed to meet performance standards set by the SIU Board of Trustee. These standards include requirements to meet an A.M. Best A+ rating and minimum participation levels. When vendors failed to meet these performance standards, they were placed on a watch list and given time to improve and/or meet the requirements. Employees who were contributing to these vendors were also notified of a potential change. When vendors failed to meet the standards they were removed from the Plan.