NEW YORK--(BUSINESS WIRE)--TIAA-CREF today announced that the higher education institutions governed by the Oklahoma State University (OSU)/A&M Board of Regents have selected the financial services provider to be sole recordkeeper of its 457(b) and 403(b) plans. Under the arrangement, TIAA-CREF will now record keep all of OSU/A&M’s retirement plans, which include 457(b), 403(b) and 401(a) plans holding approximately $840 million in assets for more than 11,900 employees1.
The OSU/A&M Board oversees Oklahoma State University, Oklahoma Panhandle State University, Connors State College, Langston University and Northeastern Oklahoma A&M College. The move will provide OSU/A&M institutions with a streamlined retirement planning process for plan members and help boost cost savings by consolidating from nine vendors to one.
TIAA-CREF’s sole recordkeeping model will provide OSU/A&M employees with a variety of investment options, including TIAA-CREF annuities. Beyond a robust investment offering, plan members will be able to take advantage of TIAA-CREF’s personalized advice services where they can meet one-on-one with financial consultants to talk about their goals and begin the retirement planning process.
“We want all of our employees to have access to the resources and tools they need to start planning for a secure retirement and that’s what TIAA-CREF offers,” said Jamie Payne, assistant vice president for Human Resources at Oklahoma State University. “We believe this program offers the right portfolio of services to help employees think critically about their financial goals and plan for the future.”
“We look forward to working with OSU/A&M employees and helping them pursue financial well-being in their retirement,” said Ed Moslander, senior managing director and head of institutional client services for TIAA-CREF. “We are confident our services will help employees understand the range of options that are available to them and help them set a path towards planning for a successful retirement.”
The sole recordkeeping model will streamline plan logistics, help OSU/A&M meet its fiduciary responsibilities and allow OSU/A&M to reduce costs and better allocate resources. In addition, the model will help staff monitor plan member enrollment, salary deferral agreements, contribution limits, hardship withdrawals and savings rates for plan members.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $851 billion in assets under management (as of 12/31/2014) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
About Oklahoma State University/A&M Members
The Oklahoma State University/A&M Board of Regents governs the activities of the Oklahoma State University system, Oklahoma Panhandle State University, Connors State College, Langston University and Northeastern Oklahoma A&M College.
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1 As of Feb. 2015.