NEW YORK--(BUSINESS WIRE)--TIAA-CREF today announced that DePauw University in Greencastle, Indiana, has selected the financial services provider to be the sole recordkeeper of its 403(b) retirement plan. Under the arrangement, TIAA-CREF will manage $144 million in assets for 700 university employees.1 Ninety-four percent of eligible employees have proactively re-enrolled in the plan, demonstrating DePauw’s commitment to making retirement readiness a top priority.
With TIAA-CREF’s sole recordkeeping model, employees will have access to a variety of investment options, including TIAA-CREF annuities. Beyond a rich investment menu, plan members also can take advantage of TIAA-CREF’s advice services and meet personally with a financial consultant to discuss their retirement objectives.
“TIAA-CREF’s holistic approach to retirement planning will greatly benefit our employees,” said Amy Haug, human resources director at DePauw University. “The plan strikes the right balance by offering quality investment choices and concrete advice services. Those tools will go a long way in helping our employees toward achieving their financial dreams.”
“Planning for retirement should be a collaborative effort, where employees have a range of resources they can turn to for support,” said Ed Moslander, senior managing director and head of institutional client services for TIAA-CREF. “We’re looking forward to supporting the employees at DePauw University and helping to guide their way on the road toward retirement readiness.”
With the new plan, the university will be able to better manage its fiduciary requirements and keep plan costs low by streamlining administrative and enrollment processes. In addition, the university can more closely monitor plan member enrollment, salary deferral agreements, contribution limits and hardship withdrawals for plan members, allowing them to focus on employee engagement instead of plan logistics.
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 DePauw University
DePauw University is a nationally recognized, leading liberal arts college in Greencastle, Indiana, dedicated to educating 2,300 students from across the country and around the globe. Connected to the liberal arts college is one of the nation’s first schools of music. For more than 175 years, DePauw has created an atmosphere of intellectual challenge and social engagement that prepares students for lifelong success
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1 As of January 2015.