Agreement offers suite of investment capabilities, cost-effective compliance services,
educational and advisory services.
NEW YORK, November 14, 2012 – TIAA-CREF, a leading financial services provider, today announced that Saint Louis University has selected the company to manage its 403(b) defined contribution retirement plan. Under the agreement, TIAA-CREF’s role will change from being one of the plan’s investment providers to being its sole recordkeeper as the university works to streamline plan administration.
The plan covers approximately $937 million in assets, $39 million in annual contributions and just more than 10,000 plan members. Saint Louis University is a Catholic, Jesuit institution annually ranked among the top universities in the nation. The agreement goes into effect later this year.
The plan includes a new investment menu featuring a select set of quality, low-cost mutual funds, as well as a self-directed mutual fund brokerage account for employees who wish to invest in funds beyond those on the menu. Plan members will continue to have access to several low-cost TIAA-CREF annuities, which can help provide guaranteed lifetime income in retirement.1
Saint Louis University plan members also will retain access to advice from TIAA-CREF financial consultants, who provide objective retirement planning tailored to individuals’ goals at varying life stages, including the payout phase in retirement.
“At Saint Louis University, we are committed to offering our faculty and staff a competitive benefits package that includes outstanding retirement options. With this commitment in mind, we believe TIAA-CREF is the best partner because of its demonstrated track record of high-quality investment capabilities, cutting-edge technology and superior participant educational and advisory services,” said Saint Louis University Vice President for Human Resources Kenneth Fleischmann. “We want to help our plan participants build a higher degree of retirement security, and TIAA-CREF is the right partner to help us achieve that goal.”
“TIAA-CREF welcomes the chance to support Saint Louis University and its faculty and staff on their paths to building lifelong financial well-being” said Ed Moslander, senior managing director, head of institutional client services for TIAA-CREF. “We believe our extensive experience in higher education and recordkeeping capability, coupled with participant education and personalized advice, made us the right choice to help Saint Louis University’s employees build their financial futures.”
Contribution rates, eligibility requirements and all other aspects of the plan’s design will remain the same. Also, a new interactive and customized website will provide plan details and account information to participants.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $495 billion in assets under management (as of 9/30/2012) 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.
About St. Louis University
Saint Louis University is a Catholic, Jesuit university ranked among the top research institutions in the nation. The university fosters the intellectual and character development of more than 14,000 students. Founded in 1818, it is the oldest university west of the Mississippi and the second oldest Jesuit university in the United States. Through teaching, research, health care and community service, Saint Louis University has provided one-of-a-kind education, leadership and service for nearly two centuries.
1 Guaranteed lifetime income is subject to TIAA’s claims-paying ability.
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161, or go to www.tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.
Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY.
©2012 Teachers Insurance and Annuity Association-College Retirement Equities Fund, New York, NY 10017