[UCRDBR] Retirement Savings Program - Ending fossil fuel reserves fund option

[Departmental Benefits Representatives]

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June 2, 2022


To:
Department Benefits Representatives (DBRs)
From:
HR Benefits Office on behalf of UC Office of the President
Re:
Fidelity Retirement Savings Program - Ending fossil fuel reserves fund option



Effective June 30, 2022, companies that own fossil fuel reserves will be removed from the fund options in the UC Retirement Savings Program - 403(b), 457(b) and DC plans.  Fossil fuel companies are defined as publicly traded companies owning any amount of fossil fuel reserves in thermal coal (not metallurgical coal), oil and gas.



The University of California is making this change because the Chief Investment Officer to the Regents has determined that the long-term prospects of companies that own fossil fuel reserves no longer meet the financial criteria for inclusion in the fund offerings for the Retirement Savings Program.  This decision is consistent with the approach already implemented in the UC Pension, Endowment and Working Capital pools.



All participants in the UC Retirement Savings Program who have a balance under this category will be notified this week of the upcoming change.  For more information please refer to the announcement<https://www.myucretirement.com/Resource/2312> on myUCretirement.com or you may contact Fidelity Investments at 800.558.9182.  You may view more information about the Fossil Fuel Company Investment Change by accessing the Frequently Asked Questions available on myUCretirement.com<https://www.myucretirement.com/Managed/Assets/File/1652463463/Frequently%20Asked%20Questions_Final.pdf>.

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