At the Joint Retirement Board for Conservative Judaism (JRB), we’re always looking for ways to strengthen your retirement plan. We are introducing Collective Investment Trusts (CITs) into the JRB 403(b)(9) Retirement Plan, an important step in lowering costs while keeping the same professional investment management you already trust. The JRB will transition several of our existing mutual funds into the new CIT investment options.
What Is a Collective Investment Trust (CIT)?
A CIT is a type of investment vehicle similar to the mutual funds in the plan today. However, there are a few differences worth understanding.
- Who can invest: CITs are available only to certain qualified investors, such as participants in retirement plans, but not to individual investors in brokerage accounts or IRAs.
- Liquidity: Like mutual funds, you will have access to your invested savings. You’ll continue to see your balance and investment performance, through our recordkeeper Alerus, just as before.
- Oversight: CITs are managed by banks or trust companies and are regulated by the Office of the Comptroller of the Currency (OCC) and the U.S. Department of Labor, which require strict fiduciary standards.
- Transparency: You’ll still get performance information and fund fact sheets through our recordkeeper Alerus and the JRB website. Although CITs don’t have ticker symbols, the investment information remains easily accessible through Alerus and the JRB.
- Cost: Because CITs aren’t marketed to the general public they typically have lower expenses.
The experience will feel the same, daily pricing, online access and quarterly statements, but with potentially higher returns over time thanks to reduced expenses.
Why We’re Making This Enhancement
The JRB Board of Trustees received recommendations from JRB’s Investment Review Committee and our independent investment advisor, CAPTRUST, which analyzed each fund’s performance, risk, cost and other investment metrics. After careful review, the Board approved transitioning certain mutual funds to CIT versions managed by the same firms and management teams.
This type of change is becoming more common amongst retirement plans because of the potential for lower fees, higher potential returns and strong oversight.
What This Means for You
- Your investment strategy, account access and daily liquidity remain unchanged.
- You’ll continue to see performance through your quarterly statement, online account with Alerus and on JRB’s website.
- You don’t need to take any action unless you want to change your asset allocation.
- The transition will happen automatically and seamlessly, with the same managers and funds you already know.
Next Steps
In November, you’ll receive detailed information specifying the funds that are transitioning, the corresponding CIT replacements, fund fact sheets and key dates. This notice will include details about a short blackout period while Alerus updates its website. Your assets will remain fully invested, and the process will take place after market close to minimize disruption.
If you have questions, please send us an email or call 888-JRB-FREE (572-3733).
This information is for general purposes only and does not constitute legal, tax, or investment advice.
October 2025