Under New Arrangement, TIAA-CREF Becomes Sole Recordkeeper of Joslin’s Retirement Plan
NEW YORK, Feb. 21, 2013 –TIAA-CREF, a leading financial services provider, announced today that Joslin Diabetes Center in Boston has selected the firm to become the sole recordkeeper of its retirement plan, which provides a range of retirement services to approximately 1,000 plan members.
TIAA-CREF now manages approximately $110 million in assets and offers personalized financial planning, wealth management, financial education tools and brokerage capabilities to Joslin’s employees.
Recent regulatory changes governing the oversight of 403(b) retirement plans have heightened administrative and fiduciary responsibilities for many plan administrators in the not-for-profit sector. As Joslin’s sole recordkeeper, TIAA-CREF provides an open-architecture retirement solution that simplifies plan oversight, easing many of the challenges that have arisen from regulatory changes.
Prior to selecting TIAA-CREF, Joslin’s retirement plan administrators had oversight of about 200 investment products. Now, Joslin’s employees have 29 investment options managed by TIAA-CREF and third-party investment firms, making it easier for them to evaluate and select a diverse range of investments. The plan also includes auto-enrollment for new employees so they can begin building their retirement savings early in their Joslin careers.
“We are excited about the opportunity to help Joslin with their retirement planning, and to help the organization build a retirement plan that gives them the opportunity to focus less on administration and more on the success of their employees,” said Edward Moslander, senior managing director, head of institutional client services for TIAA-CREF. “We’ve found that a modernized retirement plan that also provides educational tools and personalized advice is key to helping build a financially secure retirement.”
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $502 billion in assets under management (as of 12/31/2012) 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 Joslin Diabetes Center
Joslin Diabetes Center, a teaching and research affiliate of Harvard Medical School, is a one-of-a-kind institution on the front lines of the world epidemic of diabetes — leading the battle to conquer diabetes in all of its forms through cutting-edge research and innovative approaches to clinical care and education.
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.
©2013 Teachers Insurance and Annuity Association-College Retirement Equities Fund, New York, NY