Ask HR what this change will mean for you in terms of contributions, investments, and costs. Or call the Fidelity 403(b) specialists at 1.866.418.5173, and ask the same questions. http://workplace.fidelity.com/403b.html
Will certainly do this. Although according to the letter the change means no change in terms of contributions and investments at Fidelity.
However... From what bits I've been able to gather, changing the 403b from individual custodianship to a group custodian means that control of the account, and with it decisions about how the money is invested, moves from the employee to the employer. In other words the employer could suddenly decide they want to move all the employee 403b's from Fidelity to Ameriprise or to a hedge fund or whatever and there's nothing the employees could do about it. Supposedly having a group custodian agreement over the accounts means the employer can better bargain with Fidelity for lower fees arguing something like "If you don't come up with lower fees we'll just move all our accounts over to Ameriprise!" Still, it's a little unnerving losing control of the account. Also, under group custodianship the employer has the ability to find out how much money is in all the employee 403b's, information they didn't have under individual custodianship.