NEW YORK--(BUSINESS WIRE)--TIAA today announced that Mount Sinai Health System, based in New York City, has selected the financial services provider to be the sole recordkeeper of its 403(b) and 457 retirement plans. The plans include approximately $4.7 billion1 in assets for 33,500 participants.
“The Mount Sinai Health System is committed to providing our employees with the support and advice they need to help make their retirement goals a reality,” said Jane Maksoud, Senior Vice President and Chief Human Resources Officer for the Mount Sinai Health System. “By consolidating to a sole recordkeeper, we have identified opportunities to simplify plan participation, while maintaining a wide range of investment options.”
Under the new agreement, TIAA will provide Mount Sinai employees with a diversified retirement portfolio to support their investment goals and preferences while making it easier for them to access and manage their accounts. To help employees make informed planning decisions about their financial futures, personalized financial advice and education—including access to timely financial information, online calculators and planning tools—will be offered to all plan participants at no additional cost.
“It is an honor to support Mount Sinai with a retirement plan that can help employees reach successful retirement outcomes,” said Ron Pressman, CEO of Institutional Financial Services at TIAA. “We look forward to building upon our relationship and helping those who have dedicated themselves to helping others.”
After a comprehensive review of its retirement plan options, Mount Sinai selected TIAA in consultation with Cammack Retirement Group.
“The goal of Mount Sinai’s process was to streamline retirement plan offerings and improve retirement outcomes” said Marie Villeneuve, Consultant at Cammack Retirement Group. Villeneuve continued, “We look forward to working with Mount Sinai and TIAA to help achieve the best possible retirement outcomes in an efficient and cost-effective manner.”
TIAA (TIAA.org) is a unique financial partner. With an award-winning2 track record for consistent investment performance, TIAA is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $954 billion in assets under management (as of 6/30/20173) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.
About the Mount Sinai Health System
The Mount Sinai Health System is an integrated health system committed to providing distinguished care, conducting transformative research and advancing biomedical education. Structured around seven hospital campuses and a single medical school, the Health System has an extensive ambulatory network and a range of inpatient and outpatient services—from community-based facilities to tertiary and quaternary care. For more information, visit http://www.mountsinai.org or find Mount Sinai on Facebook, Twitter and YouTube.
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1 As of 8/15/17
2 The Thomson Reuters Lipper Large Fund Company Award is based on a review of 36 companies in 2012, 48 companies in 2013 and 2014, 37 companies in 2015, and 34 companies in 2016 risk-adjusted performance. Past performance is no guarantee of future results. The Lipper Large Fund Award is given to the group with the lowest average decile ranking of three years’ Consistent Return for eligible funds over the three-year period with at least five equity, five bond, or three mixed-asset portfolios. Note this award pertains to mutual funds within the TIAA-CREF group of mutual funds; other funds distributed by Nuveen Securities were not included. From Thomson Reuters Lipper Awards, © 2017 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Past performance does not guarantee future results. Certain funds have fee waivers in effect. Without such waivers ratings could be lower. For current performance, rankings and prospectuses, please visit the Research and Performance section on TIAA.org. TIAA-CREF Individual & Institutional Services, LLC, Members FINRA and SIPC.
3 Based on assets under management across Nuveen Investments affiliates and TIAA investment management teams.