NEW YORK--(BUSINESS WIRE)--TIAA-CREF today announced that the City of Fort Worth, Texas has selected the financial services provider to become sole recordkeeper of its 457(b) deferred compensation plan. Under the arrangement, TIAA-CREF will manage the plan’s assets, which total approximately $180 million, for more than 3,750 plan members1.
TIAA-CREF’s solution will make it easier for the City of Fort Worth to manage complex fiduciary requirements, streamline the benefits administration and enrollment process for participants, and keep plan costs low.
Plan members benefit from access to a diverse menu of investment options, giving them flexibility to design a retirement plan to help meet their unique financial goals and investment preferences. The plan includes fixed income, stable value, equity, and TIAA-CREF multi-asset target-date funds, which are broadly diversified funds designed to meet the needs of investors based on their target retirement date. These funds, which are targeted toward the holder’s retirement date or the time they will begin withdrawing from the fund, follow a “glide-path” designed to allow for continued asset growth during an investor’s working years and to help meet the financial needs of investors long after they leave the workforce.2 3
The new plan also gives city employees access to TIAA-CREF’s personalized advice offering. Through this service, participants will receive one-on-one retirement advice from financial consultants tailored to their individual life stage; this comes at no additional cost. For further guidance and counsel, employees can also turn to TIAA-CREF’s suite of online financial resources.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $840 billion in assets under management (as of 10/1/2014) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
About the City of Fort Worth
Fort Worth — the most typically Texan of all Texas cities — began as a tiny outpost on a lonely frontier. Today, this metropolitan area of nearly 800,000 people blends its cattle and oil heritage seamlessly with an ever-growing, diverse array of new businesses and industries.
Fort Worth was established through the efforts, the courage and the sacrifices of countless men and women; and the story, even in barest outline, is an American saga.
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©2015 Teachers Insurance and Annuity Association-College Retirement Equities Fund, New York, NY 10017
1 As of January 2015.
2 As with all mutual funds, the principal value in a Lifecycle Fund is not guaranteed.
3 The target date of a Lifecycle Fund is the approximate date when investors may plan to begin withdrawing from the fund.