NEW YORK, Aug. 15, 2013 — TIAA-CREF today announced that Lakeland, Fla. has selected the financial services organization to be the sole recordkeeper of its 457(b) deferred compensation plan and 401(a) defined contribution plan. Lakeland is a city in Polk County, Fla., between Tampa and Orlando with more than 97,000 residents.
Under the agreement, retirement fund options will be administered by TIAA-CREF. The plan contains approximately $71.5 million in assets for approximately 2,200 plan members.
Lakeland employees will have access to personalized retirement advice, including access to fiduciary advice services through independent advisors participating in the TIAA-CREF Advisor Network. In addition the updated plan includes new investment options that encompass a wide number of asset classes and funds and an interactive, customized website.
"TIAA-CREF values the opportunity to support the city of Lakeland and help its employees and citizens plan for a secure retirement and lifelong financial well-being," said Rod Crane, senior director, government markets for TIAA-CREF.
TIAA-CREF (www.tiaa.org) is a national financial services organization with $523 billion in assets under management (as of 06.30.13) and is the leading provider of retirement services in the academic, research, medical, governmental and cultural fields.