NEW YORK, August 6, 2013 – TIAA-CREF, a leading financial services organization, and the Washington State Board for Community and Technical Colleges (SBCTC) today announced the re-launch of the institution’s core 401(a) and supplemental 403(b) retirement plans.
TIAA-CREF will continue in its role as sole recordkeeper for the State Board Retirement Plan and the State Board Voluntary Investment Program, which together contain more than $2 billion in assets.
As part of the re-launch, SBCTC implemented a new investment menu, using TIAA-CREF’s open-architecture recordkeeping solution, which simplifies retirement plan oversight and eases many fiduciary challenges that have arisen from recent regulatory changes. The new menu includes TIAA-CREF mutual funds, TIAA-CREF lifecycle funds and other high quality, low fee1 investment options. Plan members will continue to have access to TIAA-CREF annuities, which can help provide guaranteed lifetime income in retirement.
“Our goal is to help our plan participants build a higher degree of retirement security, which includes an income stream in retirement, and it’s clear TIAA-CREF is the best vendor to get us there,” said John Boesenberg, Deputy Executive Director for Human Resources. “TIAA-CREF’s demonstrated track record of high quality investment products, cost-effective compliance services, and the unique plan member educational and advisory services are other reasons why we decided to continue our sole recordkeeping relationship with them.”
TIAA-CREF’s sole recordkeeping solution streamlines plan enrollment, manages employee contributions and tracks transactions related to loans and withdrawals, giving SBCTC significantly more visibility into its plan’s management and accounting.
In its sole recordkeeping model, SBCTC can also provide employees with a comprehensive view of all the assets in their retirement plan, which gives employees the ability to make better decisions regarding their investment mix, risk profile and portfolio rebalancing.
SBCTC employees will also have access to TIAA-CREF financial advisors, who provide retirement advice at the fund level tailored to individual goals at varying life stages as compared to other retirement plan vendors who can only offer guidance at the asset class level. By combining sole recordkeeping and financial advice, plan members may benefit because sole recordkeeping provides them with 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 will be available on campus or over the phone to all SBCTC plan participants. The advice planning tool is also available online to assist SBCTC employees with their investment decisions – meeting employees where they are.
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.
About the Washington State Board for Community and Technical Colleges
The State Board for Community and Technical Colleges is led by a Governor-appointed board and provides leadership, advocacy, and coordination for Washington’s system of 34 public community and technical colleges. Each year, nearly 420,000 students train for the workforce, prepare to transfer to a university, gain basic math and English skills, or pursue continuing education. Visit our website at SBCTC.edu/ .
1 “Morningstar Direct (March 2013) based on Morningstar expense comparisons by category. This applies to our variable annuity and mutual fund expense ratios.
The target date for LifeCycle funds is the approximate date when investors plan to start withdrawing their money. The principal value of the fund(s) is not guaranteed at any time, including at the target date.
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