FLORIDA INTERNATIONAL UNIVERSITY 403(B) RETIREMENT PLANCOMMITTEE MEETING MINUTESLOCATION:

Via Zoom as described in the mee�ng pos�ng

DATE:

August 31st, 2023,

Time:

2:00 P.M. – 5:30 P.M. ET

FIU Commitee Members:
Aime Mar�nez, Chief Financial Oﬃcer and Senior Vice-President
El pagnier Hudson, Senior Vice-President, Human Resources & Vice Provost-DEI
Carlos A. Flores, Associate Vice President of Opera�ons, Compliance & Systems
Benjamin P. Jarrell, University Treasurer
Carlos B. Cas�llo, General Counsel
Francisco Urrea, Director of Compensa�on

CAPTRUST Atendees:
Kipp Small | Senior Financial Advisor
Corey Moore, Client Management Specialist
Other FIU Atendees:
Liz Marston, Senior University Counsel (Facilitator)
Crystal Hsu, Associate Director, Beneﬁts
Mariela Varona, Beneﬁts ManagerPrior Business
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Roll call was taken and atendance was noted. A quorum was present for all mee�ngs. The Commitee reviewed the previousmee�ng minutes from July 20th, 2023. They were approved via mo�on by the Commitee.

New Business- Finalist Presenta�ons
Corebridge: August 24th, 2023 2:00 to 3:00 pm
David Rowe, Don Goldstein, Odysseus Clark, Krista Hill, Michael Madalena and Jim Hopler were the team that
presented the Corebridge service pla�orm. Corebridge opened their presenta�on by discussing their history in therecordkeeping industry and presented their Lead Recordkeeper (LRK) services according to the mee�ng agenda
including an in-depth review of their par�cipant website and services. Corebridge indicates that now they are astandalone company, focusing on re�rement plan for non -proﬁt sector. The Corebridge services include resta�ng
the plan document before the end of 2023 and oﬀering an open architecture investment pla�orm. Corebridge
addressed the recent data breach at a third-party vendor, MOVEit, and conﬁrmed the Corebridge systems were notbreached.

Voya: August 25th, 2023 9:00 to 10:00 am
Maria Wilder, Keista Ransom, Joshua Lamb and Tom Boyle were the team presen�ng the Voya service pla�orm. Voyaprovided an in-depth review of their par�cipant planning tools on their website driven by behavioral ﬁnance. Voyatracks par�cipants’ contribu�on annually to ensure par�cipants will not over the IRS contribu�on limits and no�fy thepar�cipants when their account ac�vi�es out of ordinary. The Voya website oﬀers both English and Spanish version.
The Voya services include resta�ng the plan document before the end of 2023 and oﬀering an open architecture
investment pla�orm. Voya oﬀered a 30-basis point (bps) credit on their legacy annuity fees in the plan if they areoﬀered as an ongoing provider. On site par�cipant educa�on is currently provided by representa�ves from The GaborAgency, an independent third party. Voya addressed the recent data breach at a third-party vendor, MOVEit, andconﬁrmed the Voya systems were not breached.

Fidelity: August 31st, 2023 2:00 to 3:00 pm
Shawn Sichak, Ben Parker, Monique Hyde, JC Espinal, Jon Greenstein are all members of the Fidelity tax exempt teamand presented the service pla�orm. Fidelity opened their presenta�on by discussing their commitment to there�rement recordkeeping industry, compliance, and cybersecurity. An overview of services oﬀered along with ademonstra�on of their service pla�orm for both par�cipants and as LRK was presented. They conﬁrmed their servicesinclude resta�ng the plan document before the end of 2023 and oﬀering an open architecture investment pla�orm. If
Fidelity is oﬀered as an ongoing provider, they will convert their current individual contracts to a group contract,
allowing the plan to choose investments and map funds to other investments when necessary. Fidelity addressed therecent data breach at a third-party vendor, MOVEit, and conﬁrmed the Fidelity systems were not breached.

TIAA: August 31st, 2023 3:00 to 4:00 pm
Andrew Barnes, Tim O’Donnell, Josh Buckner, Sharon Mohan are all members of the TIAA tax exempt team andpresented the service pla�orm. TIAA discussed their commitment to the higher educa�on market assis�ng plansponsors and par�cipants work towards their re�rement readiness. Following the agenda, TIAA presented an
overview of their services including a demonstra�on of their plan sponsor and par�cipant pla�orms. The vendor

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agnos�c microsite demonstrated the capability to use “single sign-on” linking TIAA website with FIU HumanResources employee self-service portal for par�cipants to enroll in the plan, change contribu�ons and see thebalances aggregated across other vendors and plan sponsors. TIAA also men�ons that the system tracks par�cipants’contribu�on annually to ensure par�cipants will not over the IRS contribu�on limits and will stop and restart thecontribu�on automa�cally. TIAA presented that their ability to serve as a lead recordkeeper or as part of amul�vendor program. TIAA addressed the recent data breach at a third-party vendor, MOVEit, and conﬁrmed theTIAA systems were not breached.

Commitee Discussion
Upon comple�on of all presenta�ons, the commitee discussed the four vendor proposals, considering the “Best andFinal” pricing. A�er discussion, there was a mo�on to remove Corebridge from further considera�on as an ongoing
op�on for the plan. The mo�on passed unanimously.
The commitee then discussed each of the remaining three vendors and who would act as lead recordkeeper basedon their recordkeeping capabili�es, par�cipant tools, par�cipant communica�ons, available investments, Cyber
Security and conversion experience. TIAA and Fidelity were recognized to have the strongest LRK pla�orms. The fee
diﬀeren�al between the two vendors was signiﬁcant with TIAA oﬀering the lower fee. A�er further discussion, amo�on was made and passed unanimously to retain Voya and Fidelity as ongoing vendors and to name TIAA as lead
recordkeeper.
CAPTRUST reviewed next steps, nothing that the conversion wouldn’t take place un�l next spring.
The Commitee then made a mo�on to adjourn the mee�ng at 5:18 pm ET, which passed unanimously.

Ac�on Items:1)
2)

CAPTRUST to draft the meeting minutes for Committee review and approval, then upload to
CAPTRUST Direct (online fiduciary portal)
CAPTRUST will inform the vendors of the Committee decision and begin next steps.

Concluding Remarks and Adjournment
Aime Mar�nez concluded the mee�ng at 5:30 p.m.

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