(Editor's note: On March 13, NSHE Chancellor Dan Klaich sent the following memo to all faculty and staff in NSHE.)

Approximately one year ago, enhancements to the NSHE Defined Contribution Retirement Plans ("Plans") were completed. Since that time, participants have experienced higher quality investment options and lower administrative costs. With the transition now behind us, I wanted to highlight some of the benefits NSHE retirement plan participants have realized under the enhanced retirement program.

Our new four-tier investment line-up provides investment options for everyone, from simple target-date solutions that require less time and expertise to a self-directed mutual fund window for investors who prefer to more actively manage their retirement savings. This new structure simplifies your investment selection process, allowing you to make your decision based on your investment expertise and comfort level.

Our move to TIAA-CREF as a sole administrative service provider has resulted in meaningful savings on the fees charged to your retirement account. Employees now pay 7 basis points ($0.07 per $1,000 of assets) as an annual administrative fee. Based on a recent benchmarking analysis, these fees are roughly 60% lower than what other comparable size plans are currently paying in the marketplace. In addition, participants received more than $1.8 million in Plan Servicing Credits that were rebated back to their legacy retirement accounts in 2014. While the dollar amount will vary from year to year, the process of returning surplus revenue to participants' legacy retirement accounts will continue in 2015.

Participant advisory services have also been greatly expanded. NSHE now has eight dedicated financial consultants that are available Monday through Friday on any of our eight campuses or at the newly established local TIAA-CREF offices in Las Vegas and Reno. In 2014, TIAA-CREF financial consultants held more than 2,709 in-person meetings with participants; and they have the capacity to conduct even more sessions this year. During a counseling session, you can receive personalized, objective advice on how much you need to save for retirement and in which funds you should consider investing. This service is provided at no additional cost to you as part of the Plans. I urge each and every employee to utilize this valuable resource.

As we progress into 2015, we will closely monitor our administrative service provider and make minor adjustments to the Plans' investment line-up as necessary. As the Plans continue to evolve, we will maintain our focus on improving your ability to secure and achieve your retirement goals through solid fund investments, reasonable administrative costs, and high-quality plan services.

We are here to serve our plan participants and to help them create the most efficient and productive retirement plans that they can achieve consistent with their particular desires and directions.