NEW YORK--(BUSINESS WIRE)--TIAA-CREF today announced that Marywood University in Pennsylvania has selected the financial services provider to be the sole recordkeeper of its 403(b) retirement plan. Under this arrangement, TIAA-CREF will recordkeep approximately $85 million in assets for nearly 600 employees1.
The new plan includes a robust menu of investments, including TIAA-CREF annuities, which can guarantee a stream of lifetime income in retirement. Plan participants also can take advantage of TIAA-CREF’s advice services and meet personally with a financial consultant to discuss their retirement goals and plan for the future.
Marywood University recently conducted a review of its 403(b) plan and made the decision to adopt a sole recordkeeping model. The new model will help Marywood University better oversee its fiduciary requirements and help keep plan costs low by streamlining administration and enrollment processes.
In addition, Marywood can more closely monitor plan member enrollment and salary deferral agreements, giving them more flexibility to focus on employee engagement instead of dealing with complex plan logistics.
“A sole recordkeeping model not only helps streamline administration and management of the Marywood retirement plan, it makes the plan more accessible to employees,” said Joseph X. Garvey, Jr., vice president for Business Affairs and Treasurer at Marywood University. “Planning for the future can be challenging, and we want to make sure all of our plan participants have the right resources at their disposal to help them on the path toward achieving their retirement dream.”
“At TIAA-CREF, we believe employee engagement is a critical step in the planning process, and we look forward to working with Marywood University employees to help them think more critically about their retirement goals and map out steps to help achieve them,” said Ed Moslander, senior managing director and head of institutional client services for TIAA-CREF.
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $869 billion in assets under management (as of 6/30/2015) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
About Marywood University
Marywood University is a private, Catholic University in Northeast Pennsylvania that offers 103 undergraduate, graduate, and doctoral degree programs. www.marywood.edu
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©2015 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, New York, NY 10017
1 As of July 2015.
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