City of Shoreline Selects TIAA-CREF as Retirement Plan Provider

Provides workers access to expanded fund options and advice platform

New York, May 25, 2011

TIAA-CREF today announced its selection by the City of Shoreline as the sole record keeper for its 457(b) and 401(a) retirement plans. Shoreline is a city in Washington State, about 10 miles outside Seattle and home to approximately 53,000 residents.

Under the new agreement, funds previously managed by Shoreline’s previous administrator will now be managed by TIAA-CREF beginning on June 1. Shoreline offers workers a 401(a) deferred compensation plan as well as a 457(b) supplemental plan for retirement savings.

“Following a rigorous selection process, TIAA-CREF was selected as the new provider of our retirement plans due to the depth and breadth of services they will provide,” said Julie Underwood, Shoreline City Manager. “They not only demonstrated a true understanding of our participants’ financial needs, but stressed the importance of financial advice – a tool that will help our employees better save for retirement.”

Under the agreement, Shoreline plan participants will receive the following services from TIAA-CREF:

  • An advice platform which provides objective, personalized retirement planning tailored to individual and diverse goals and at varying life stages
  • An interactive customized website where employees can go to receive plan details, account information and schedule appointments with TIAA-CREF advisors
  • New fund options, supported by a comprehensive mapping feature allowing participants to be updated on current account activity

“We appreciate the opportunity to serve the City of Shoreline and its employees to help them achieve their financial goals,” said Richard Hiller, Vice President, Government Market, for TIAA-CREF. “This agreement further establishes TIAA-CREF as a valued provider of retirement plans in the municipal market, and we’re enthusiastic about showing other municipalities the value TIAA-CREF can add.”

About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $466 billion in combined assets under management (as of 3/31/11) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

Media Contact
Jeannine DeFoe, TIAA-CREF
jdefoe@tiaa-cref.org, 212 913-3501 Cell: 917 837-2094

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