TIAA-CREF testifies on 403(b) plans

TIAA-CREF testifies on 403(b) plans before the U.S. House of Representatives Ways and Means Committee

The House Ways and Means Committee is currently reviewing various aspects of retirement savings, including 403(b), 401(k) and 457 plan designs and fee structure. Committee Chairman Charles Rangel (D-NY) invited TIAA-CREF to represent the 403(b) market in testimony before the committee in Washington, D.C. Bert Scott, TIAA-CREF Executive Vice President, Strategy, Integration and Policy, shared our perspective as part of a panel discussion with other pension industry representatives and advocates.

Bert's testimony builds on TIAA-CREF's commitment to the 403(b) market and nearly 90 years of helping meet the needs of the non-profit community in the academic, research, medical and cultural fields.  Bert was on one of three panels of speakers to address the committee. One panel included various representatives of the DOL, Treasury, SEC, and the Federal government's Accountability Office. One panel included representatives of various sized businesses. And Bert's panel included either financial firms or those associations advocating for pension strategy, including AARP.

• Bertram L. Scott, Executive Vice President, Strategy, Integration and Policy, TIAA-CREF, New York, New York
• Mindy L. Harris, President, National Association of Government Defined Contribution Administrators, Portland, Oregon
• David Wray, President, Profit Sharing Council, Chicago, Illinois
• Lisa A. Tavares, Esq., Partner, Venable LLP
• Norman P. Stein, Professor, on behalf of the Pension Rights Center
• David Certner, Legislative Counsel and Legislative Policy Director, AARP

In his testimony, previously communicated to all plan administrators through a special email, Bert reviewed, in particular, how 403(b) plans differ from 401(k) plans and why. He also addressed fiduciary oversight of 403(b) plans, investment options and the growing importance of providing objective advice and guaranteed lifetime income for retirees. Finally, he described how Congress could best support 403(b) plans and their providers in anticipating the needs of plan participants, including the issue of funding options for retiree health care.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., Members FINRA, distribute securities products. Advisory services are provided by Advice and Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a registered investment advisor.

All TIAA-CREF investment products are subject to market and other risks.

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