The Informational Guide and Mapping Appendix is your best resource. To determine if you have an annuity, compare your retirement plan investment statement to the Mapping Appendix. Many investment funds have similar names, but different share classes so be sure to match your statements investments names exactly to the name in the Mapping Appendix on Fidelity’s transition website at www.myfidelitysite.com/CSU.

If you determine your investments are annuities, most of them will not transfer as a part of the transition.

• There is not an annuity option in the new menu for investments in the defined contribution plan. But, annuities in a defined contribution plan can be transferred into mutual funds in the new menu, if you request a transfer.
• There will be an annuity option in the 403(b) plan investment menu at Fidelity. If you choose to transfer annuities from your exiting 403(b), transferring into this annuity will be a good option for you.

You can choose to transfer annuities later or leave them where they are. A Fidelity workplace consultant can help you transfer annuities. You can reach them at 800-642-7131 or getguidance.fidelity.com to schedule a one-on-one consultation.

In June, you will no longer be able to send payroll contributions to any annuity with Corebridge, TIAA or the MetLife annuity with Fidelity.

These annuity accounts will remain where they are but will be frozen until you take distributions after you retire or unless you transfer them to a Fidelity mutual fund in the new fund structure. This means that your money will remain where it is in your current annuity, but the money both you and CSU put toward your retirement after June will no longer be made to these investments. Instead, the money from your payroll plus what CSU contributes toward your defined contribution plan for retirement will go into new mutual funds under the new structure with Fidelity. See the mapping document on Fidelity’s website for more information.

If you are in the defined contribution plan, the new high-quality menu offered for CSU retirement plans through Fidelity does not provide an option to transfer an annuity from TIAA or Corebridge into an annuity with Fidelity. There is one annuity option for 403(b) plans under the new line up.

This is because retirement plan structures are generally moving away from annuities to reduce costs and improve flexibility.

The Securities and Exchange Commission and the Internal Revenue Service have rules that restrict moving annuities from one company to another without the account holder explicitly approving the transfer in writing. This is due to additional fees you may be charged if you transfer an annuity from one company to another.

Because of these rules, CSU can’t transfer any annuities with Corebridge, TIAA or the Fidelity MetLife option for you as part of this transition. The new high-quality investment line-up now offered through this transition consists of mutual funds.

Due to legal requirements, annuities are not included as an option for defined contribution plan participants. One annuity option is available within the 403(b) investment menu.

If you want to transfer your annuities to the new investments at Fidelity, you can, but you’ll need to take some specific steps to do so. You will need to work directly with your current investment advisor or ask a Fidelity advisor to determine if this is the best option for your future retirement planning goals. There are many considerations to think about.

See our suggested questions to ask your current investment advisor with Corebridge or TIAA as well as a Fidelity representative if you have a MetLife annuity. These questions are a good place to start.  

There are many factors to consider including:

• How close you are to retirement
• How many years you’ve paid in annuity fees
• If there are any surrender fees for transferring the investment to a mutual fund

Understanding these factors and their impact on your retirement income will help you assess if it financially benefits you to transfer the annuity to a mutual fund in the CSU core fund line-up at Fidelity. We suggest that you talk with both a Fidelity workplace financial advisor and your current investment advisor.  

• There are various kinds of annuities, including variable and fixed. Some kinds of annuities cannot be transferred into other kinds of investments without making withdrawals over multiple years. For example, if you have money in the TIAA traditional fixed guaranteed annuity account, you cannot withdraw or transfer this fund except over a 10-year installment period.
• Always assess fees you’ve paid and will continue to pay to own an annuity if you leave your annuity with Corebridge, TIAA or the MetLife product with Fidelity – you may be surprised at how the fees add up and erode the income you’d otherwise have for retirement. It’s also important to understand what features you have pre-paid for in retirement with this type of annuity investment purchased from an insurance company. It may or may not make sense for you to move your annuity to a mutual fund with Fidelity. Transferring an annuity is your choice – make the best decision for your retirement investments.

There is no undue influence in the advice you receive from Fidelity. Fidelity consultants do not make a commission based on how you invest your retirement funds. They are salaried. Their compensation is salary + bonus and the bonus component is the number of participants they serve coupled with feedback from the plan participants on their performance and service standards. Fidelity consultants do not receive commissions from any investments they advise you to participate in.

There is not a rush to decide if you want to transfer your annuities that do not move as part of the university’s transition. Your annuities can remain in place until after June, once the transition of all other university funds have been completed, unless you take specific steps to move the annuity with your current provider into mutual funds that will transfer to the new CSU fund line-up at Fidelity.

If you decide to transfer your annuity, you will need to complete specific steps and authorize signatures.

As part of this process, you will need to request specific forms from your current investment company – TIAA, Corebridge or Fidelity for the MetLife investment.

Once you complete those forms, you’ll need to submit them to Fidelity and ask a Fidelity advisor, called a workplace financial consultant, to help you with what Fidelity needs to complete the transfer. If you need assistance in transferring an annuity to Fidelity, please contact both your current investment company (TIAA, Corebridge or Fidelity for the MetLife investment) as well as a Fidelity consultant to start the transfer process.

You will need to complete forms for both Fidelity and your current investment company (TIAA or Corebridge).

• You need to contact TIAA or Corebridge for their forms.
• Fidelity’s form is at this link.

Once you complete all necessary forms, you’ll submit both the Fidelity form and your current company’s form to Fidelity. Information about where to submit the forms is on the Fidelity form, linked above.