Stevenson University Selects TIAA-CREF as Sole Recordkeeper

Business Wire

NEW YORK--(BUSINESS WIRE)-- TIAA-CREF today announced that Stevenson University, with campuses in Stevenson and Owings Mills, Maryland, has selected the financial services provider as the sole recordkeeper of its 403(b) retirement plan. TIAA-CREF will recordkeep approximately $63 million in assets for more than 700 employees¹.

Under the new arrangement, TIAA-CREF will help Stevenson provide a robust investment menu to plan participants, streamline plan administration, and comply with financial regulations and fiduciary requirements.

Stevenson recently conducted a full due diligence review of its retirement plan with the assistance of Fiduciary Investment Advisors, LLC, based in Windsor, Connecticut. As a result of the review, Stevenson implemented a new investment menu that includes TIAA-CREF annuities, which can guarantee a stream of lifetime income in retirement; a series of target-date funds, which offer participants a professionally managed investment fund that is automatically reallocated over time as the participant moves closer to retirement; and several non-proprietary mutual funds. As with all mutual funds, the principal value of a target-date fund is not guaranteed. In addition, the target date represents an approximate date when investors may plan to begin withdrawing from the fund.

Stevenson’s employees also can take advantage of TIAA-CREF’s advice services and meet personally with a financial consultant to discuss their retirement goals and plan for the future.

“Our goal is to streamline our plan using a single-vendor model that offers high-quality, low-cost investment options to our participants and gives them the tools they need to make informed decisions for their future,” said Pamela L.A. Barkett, vice president of human resources at Stevenson University. “This new model helps improve the retirement plan across the board and should provide a much more seamless experience for the university’s employees.”

“At TIAA-CREF, we strive to help our clients build plans that serve their employees over the long term,” said Ed Moslander, senior managing director and head of institutional client services for TIAA-CREF. “Stevenson University worked hard to build this plan so it can better serve its employees by giving them a wide range of investment options available through a plan interface that will give them more insight into their progress as they work toward their retirement goals.”

¹ As of October 2015.

About TIAA-CREF

TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $854 billion in assets under management (as of 12/31/2015) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

About Stevenson University

Stevenson University, known for its distinctive career focus, is the third-largest independent university in Maryland with more than 4,400 students pursuing bachelor’s, master’s and adult bachelor’s programs at locations in Stevenson and Owings Mills.

Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability. Payments from the variable accounts will rise or fall based on investment performance.

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org for details.

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