NEW YORK, August 8, 2013 – TIAA-CREF announced today that Syracuse University has selected the organization to maintain its role as exclusive provider of the university’s 403(b) defined-contribution retirement plan, which holds approximately $1.4 billion in assets. TIAA-CREF retained the business following a competitive review.
TIAA-CREF’s sole recordkeeping solution enables plan enrollment, manages employee contributions and tracks transactions related to loans and withdrawals, giving Syracuse visibility into its plan’s management and accounting.
The refreshed plan includes a new investment menu and dedicated toll-free phone number for Syracuse plan members. A new website provides easy online access to accounts, information and advice. The plan’s 11,000 members continue to have access to personalized retirement advice from TIAA-CREF tailored to individual goals at varying life stages. Plan members also continue to have access to TIAA-CREF annuities, which can help provide guaranteed lifetime income in retirement.
“TIAA-CREF remains the best retirement plan provider for us because our plan members benefit from its full suite of investment capabilities, cost-effective compliance services, and educational and advisory services,” said Karen Morrissey, executive director of human resources operations for Syracuse University. “And by employing a sole recordkeeper, the university has the ability to more efficiently allocate resources, minimize fiduciary liabilities and provide a more streamlined experience for plan members.
“An additional benefit to Syracuse University of its continuing relationship with TIAA-CREF is the organization’s commitment to work closely with university leadership,” Morrissey continued. “Developing and implementing innovative approaches to strengthening retirement readiness through insight, education and advice are future outcomes SU anticipates from the relationship.”
“After careful analysis of both Syracuse University’s retirement plan and the broader organizational goals, it became clear that TIAA-CREF’s sole recordkeeping offer continues to be the best option,” said Jeff Levy, retirement practice leader for Cammack LaRhette, a benefits consulting firm that supported Syracuse in the RFP process. “Syracuse’s plan members can take advantage of TIAA-CREF’s unique services, which will help them plan for a successful retirement.”
“We are pleased to have the chance to continue our support for Syracuse University and its faculty and staff to assist in their retirement planning,” said David Ray, managing director and higher education segment head for TIAA-CREF. “Sole recordkeeping provides the needed gateway to a more holistic employee retirement planning experience to ensure better engagement and, in turn, improved retirement outcomes.”
By retaining a sole recordkeeping model, Syracuse provides its employees with a comprehensive view of all the assets in their retirement plans, which gives employees the ability to make better decisions regarding their investment mix, risk profile and portfolio rebalancing.
Syracuse employees also have access to TIAA-CREF financial advisors, who provide personalized retirement advice tailored to individual goals at varying life stages. Plan members reap the benefits of an organization that provides both sole recordkeeping and financial advice: They receive a comprehensive picture of their retirement plan assets, which they can use in conversations with a TIAA-CREF financial advisor to help build a successful retirement investment strategy. TIAA-CREF advisors are available on campus, over the phone and online to assist Syracuse employees with their investment decisions.
About Syracuse University
Chartered in 1870 as a private, coeducational institution of higher education, Syracuse University is propelled by the bold idea of Scholarship in Action—education that is not static, but the living expression of insight that drives change. SU offers a rich mix of academic programs, alumni activities, and immersion opportunities in numerous centers in the U.S. and around the globe, including major hubs in New York City, Washington, D.C., and Los Angeles. The more than 21,000 full- and part-time students at Syracuse University represent all 50 U.S. states and 126 countries. For more information, visit syr.edu.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $523 billion in assets under management (as of 6/30/2013) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
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.
Guaranteed income is subject to TIAA’s claims paying ability.
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Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY.
The testimonials quoted above may not be representative of the experience of TIAA-CREF participants and are not indicative of future performance or success.
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.