NEW YORK--(BUSINESS WIRE)--Wellesley College and TIAA-CREF, a leading financial services provider, are working together to re-launch the school’s retirement program by offering employees an expanded menu of investment options. Wellesley College is a leading private, liberal arts college for women located in suburban Boston.
TIAA-CREF, the leader in the higher education retirement plan market, will now serve as the sole provider for the college’s entire 403(b) defined contribution retirement plan. The new investment menu features a focused slate of low-cost, quality mutual fund options as well as a self-directed mutual fund brokerage account for employees who wish to invest in funds that are not on the new investment menu. The plan will continue to offer participants objective advice through TIAA-CREF Advice and Planning Services.
“TIAA-CREF was the right partner for us because of the full suite of investment capabilities, cost-effective compliance services, and the participant educational and advisory services they offer,” said Eloise McGaw, assistant vice president and director of human resources and equal opportunity for Wellesley College. “These changes to our investment menu will benefit plan participants while also enabling Wellesley College to more effectively comply with the new 403(b) plan regulations and our fiduciary responsibility.”
“We believe that participant education and personalized advice are key tools to help people make these very important decisions as they seek to build financial security for retirement,” said Teresa Hassara, senior managing director and head of institutional client services for TIAA-CREF. “Our extensive experience in the higher education market has shown the importance of successful outcomes for both employers and their employees.”
Contribution rates, eligibility requirements and all other aspects of the plan’s design will remain the same. In addition to access to objective financial advice, participants will continue to have access to TIAA-CREF annuities, which can help provide guaranteed lifetime income in retirement.1 Also, a new interactive, customized website will provide plan details and account information to participants.
About Wellesley College
Since 1875, Wellesley College has been a leader in providing an excellent liberal arts education for women who will make a difference in the world. Its 500-acre campus is home to 2,300 undergraduate students from all 50 states and 75 countries.
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $464 billion in assets under management (as of 12/31/11) 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.
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
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.
The testimonial provided above may not be representative of the experience of other TIAA-CREF institutional clients or participants, and is not indicative of future performance or success.
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1 Guaranteed lifetime income is subject to TIAA’s claims-paying ability.