Terry Henson, Senior Associate Vice President for Administration and Finance and Chief Accounting Officer, Interim Chair – Health Sciences Center - Norman - Tulsa
The OU Retirement Plans Management Committee (RPMC) was created in 2008 to help ensure the university’s retirement plans are managed in the best interest of plan participants and in compliance with applicable regulations.This committee consists of members with financial, human resources, and investment experience and expertise.
The RPMC provides stewardship for the retirement savings programs sponsored by the university including the 401(a) Defined Contribution Plan (DCP), the 401(a) Optional Retirement Plan (ORP), and the 403(b) and 457(b) voluntary savings plans. The Oklahoma Teachers’ Retirement System is sponsored by the State of Oklahoma and is not affected by Committee recommendations.
The RPMC is supported by the investment consultants at Callan Associates and by the OU Benefits Counsel from McAfee & Taft .
Improvements recommended by the RPMC in 2010 remain in place and relevant today. These improvements had two main purposes. The first was to meet new federal regulations for retirement plans offered by public sector plan sponsors like OU. The RPMC believes compliance with these new and emerging regulations continues to be achieved, and at the lowest possible cost to participants, through a single administrative record keeper structure like the one approved by the OU Regents on March 24, 2011.
The second and more important goal for all of us, was to identify changes that will allow us to increase our savings for retirement. Having a single record keeper reduces expenses associated with investing and simplifies retirement savings decisions for the 10,000 OU employees that participate in the retirement savings plans.
Tier 1: AF Target Date 2060 (RFUTX) was added to the Target Date Line Up.
Tier 1: Target Retirement Date Funds were changed from the Fidelity Freedom K® Funds to the American Funds Target Date Retirement Funds Class R6 Series.
Tier 2: Index Funds, Fidelity Freedom® Index ‐ Class W Funds, were also replaced by the American Funds Target Date Retirement Funds Class R6 Series.