Designated Default Investment
Under the Boston University Boston Retirement Plan and the Supplemental Retirement & Savings Plan (the “Plans”), any contributions for which you do not provide investment direction will be invested in the Plans’ designated default investment (the “Plans’ Designated Fund”). The Plans have selected the Vanguard Target Retirement Funds as the Plans’ Designated Fund, effective December 31, 2013. For a description of each Vanguard Target Retirement Fund, see the “Investment Choices”.
The Vanguard Target Retirement Funds are the Plans’ Designated Fund. The funds are based on the assumption that a participant will retire at age 65. Your contributions will be directed to a Target Retirement Fund closest to the year in which you turn age 65, as determined by the University, based on your date of birth.
You have the right under the Plans to direct the investment of your existing balances and future University contributions to any of the Plans’ available investment options, including the right to transfer out of the Plans’ Designated Fund to another investment option. Unless you provide alternative direction, the University contributions and/or the portion of your account that is currently invested in the Plans’ Designated Fund will continue to be invested in this option.