The Butterfield University Retirement Plan was designed in partnership with the Butterfield University Retirement Committee, Truvent Plan Consulting and TIAA. Based on a number of factors inclusive of total plan assets, average contribution rates, average plan balance and plan participation, BURP was able to negotiate and deliver a low-cost plan comprised of institutionally priced investment options. The Plan’s investment line up covers all investment classes, providing both income and growth options based on your own investment needs. The average expense ratio of BURP’s investments is 0.23% with no additional administrative charges. Not only has this plan an excellent vehicle to serve your accumulation needs, it has many post separation features that can efficiently guide you through retirement.
The Plan provides former employees with a guaranteed income option that was part of the negotiated plan. These income rates are highly competitive and often more favorable that retail income products that may be purchased in the open market.
The BURP plan has been negotiated for fees and expenses and other important features. As a number of plan variables continue to improve, your account will directly benefit by a further reduction in fees. Additionally, the plan and its underlying investment options are closely monitored for a number of factors inclusive of performance, investment manager turnover, fund style drift and other factors that may have a potentially negative impact on fund performance.
You will continue to receive communications from the BURP Plan provider, TIAA, as well as be able to take advantage of new benefits and features available to plan participants.