TIAA-CREF to Serve as Sole Recordkeeper for Hamilton College
Mar 19, 2013 (Close-Up Media via COMTEX) --
TIAA-CREF, a financial services organization, announced its selection by Hamilton College as the institution's exclusive retirement provider.
According to a release, TIAA-CREF will now manage Hamilton College's 403(b) defined contribution retirement plan, in which 720 employees actively participate. The plan contains approximately $150 million in assets.
Under the new agreement, the Company said funds previously managed by two different providers will now be managed by TIAA-CREF. Hamilton College will implement TIAA-CREF's open-architecture recordkeeping solution, which affects retirement plan oversight and eases many fiduciary challenges that have arisen from recent regulatory changes.
TIAA-CREF's sole recordkeeping solution streamlines plan enrollment, manages employee contributions and tracks transactions related to loans and withdrawals, giving Hamilton significantly more visibility into its plan's management and accounting.
By moving to a sole recordkeeping model, Hamilton can also provide its employees with a 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.
Hamilton's employees will also have access to TIAA-CREF financial advisors, who provide personalized retirement advice tailored to individual goals at varying life stages. By combining sole recordkeeping and financial advice, plan members may benefit because sole recordkeeping provides them with a 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.
Plan members may take advantage of the plan's advice offer to meet their investing needs. TIAA-CREF advisors will be available on campus, over the phone and online to assist Hamilton College employees with their investment decisions.
Plan members will also have access to a number of TIAA-CREF mutual funds and annuities. Annuities provide a stream of guaranteed lifetime income in retirement that can help ensure retirees never outlive their savings.
TIAA-CREF is a national financial services organization with $502 billion in assets under management (as of 12/31/2012) and is a provider of retirement services in the academic, research, medical and cultural fields.
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