Excelsior College Selects TIAA as Sole Recordkeeper

NEW YORK, March 7 -- TIAA-CREF issued the following news release:

TIAA today announced that Excelsior College in Albany, New York, has selected the financial services provider to be the sole recordkeeper of its 401(a) and 403(b) retirement plans, which include approximately $62 million in assets.1

Under the new arrangement, Excelsior College faculty and staff will have access to TIAA's personalized advice and education services tailored to help meet their individual financial needs.

The plan also features new investment options to help employees create a diversified retirement portfolio matching their retirement goals and investment preferences. The new fund lineup includes a wide range of open architecture mutual fund options and four annuities, including TIAA Traditional, which can guarantee a stream of lifetime income in retirement.2

"We are committed to providing the best retirement benefits to our employees and recognize the benefit of a sole recordkeeper," said Mark Howe, Vice President for Human Resources at Excelsior College. "A single provider provides for a more simplified administration process and more consolidated account information, which helps our employees plan for retirement. The arrangement with TIAA helps us bring stronger investment options and personalized advice, while also delivering lower fees and investment options with a lower overall cost."

Over the month of December, TIAA held more than 100 individual counseling meetings with faculty and staff and facilitated 10 group sessions on campus to help employees understand the plan changes.

"TIAA's mission has remained constant for nearly 100 years--we're here to help people save for, and generate income during, retirement," said Ron Pressman, CEO of Institutional Financial Services at TIAA. "We are committed to educating Excelsior's faculty and staff on how they can work toward achieving financial stability and retirement security, and look forward to serving them for years to come."

Excelsior College selected TIAA after conducting a full review of its retirement plans with the expertise of Cammack Retirement Group.

"Leading a competitive request for proposal process, Cammack Retirement Group is proud to support Excelsior College in the selection of their new retirement plan provider," noted Kevin Murray, Director, Cammack Retirement Group. "The goal of the search and selection process was to provide Excelsior College retirement plan participants with administrative and investment cost savings, an improved communication and education program, an improved investment menu and a strong retirement plan partner committed to the success of employees."

[Category: Financial Services]

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