Devereux Advanced Behavioral Health gives employees access to lifetime income, a pathway to a more secure retirement

New York, Sept. 10, 2024 – One year after Devereux Advanced Behavioral HealthOpens in a new window adopted TIAA RetirePlus^® — TIAA’s innovative custom default retirement solution that provides access to guaranteed lifetime income within a familiar target-date structure — confidence remains high in the strategy that offers participants some guaranteed growth while working and the opportunity for money flow long after they have left the workforce.

Devereux has more than 7,300 plan participant accounts in TIAA’s solution. The nonprofit is one of the nation’s largest organizations providing services, insight and leadership in the evolving field of behavioral healthcare.

Implementing TIAA RetirePlus put Devereux participants on track to receive a projected 24% increase in retirement income over what they would have had otherwise.

“At Devereux, our committed and compassionate team members give so much of themselves every day to ensure the youth and adults in our care lead happy, healthy and fulfilling lives,” said Devereux Senior Vice President of People Operations Mike Ernst, SHRM-SCP. “When it comes time for them to retire, we want our employees to enjoy peace of mind, knowing they have a guaranteed income stream for life. With TIAA RetirePlus, we are helping our dedicated employees achieve the retirement they deserve and pursue a financially secure future for themselves and their families.”

With TIAA RetirePlus, retirement plan participants can turn all or part of their retirement savings into guaranteed retirement income for life when TIAA TraditionalOpens in a new window, a fixed annuity issued by Teachers Insurance and Annuity Association of America (TIAA), New York, NY, is included in the solution. TIAA RetirePlus can also help lower administrative costs and fees.

For Devereux, it was the right solution at the right time, as America faces a growing retirement crisis. A recent TIAA Institute studyOpens pdf revealed fewer than half (47%) of Americans not yet retired are “very” or “somewhat” confident they’ll retire when planned. Those with the lowest confidence rates are Hispanic Americans and people ages 22-34 (each 37%).

“With rising costs for basics, like housing and food, as well as healthcare, affording retirement can be daunting,” said Kourtney Gibson, TIAA’s chief institutional client officer. “Employers can help give their employees the security they want and need, starting with including a guaranteed asset class in their retirement plan. The TIAA fixed annuity in TIAA RetirePlus offers capital protection, guaranteed returns, and guaranteed retirement income in any market environment, making it appropriate for both lifetime income and investment portfolio resilience. The employees at Devereux do important work and deserve secure retirements.”

Devereux National People Operations Director Gayle Collins noted that TIAA RetirePlus enables team members to retire confidently.

“TIAA RetirePlus sets our employees up for success by helping them turn their savings into a sustainable retirement income,” she said. “In addition, we know today’s workers value retirement income solutions. TIAA RetirePlus can help us recruit and retain talented and hard-working employees who want to grow their careers at Devereux.”

A recent TIAA Institute studyOpens pdf shows that the healthcare sector faces a challenging recruiting and retention environment. Consistent with current turnover experience, 21% of full-time hospital and healthcare system employees are at risk of turnover within the next two years.

More on TIAA’s lifetime income solutions

TIAA believes everyone has the right to leave the workforce with dignity and security, and the company is laser-focused on addressing the growing retirement crisis. In addition to TIAA RetirePlus for the custom defaults in the 403(b) and broader nonprofit market, TIAA also offers the TIAA Secure Income Account (SIA). It’s a fixed annuity similar to the TIAA Traditional annuity and is specifically designed to be used as an allocation within pooled or custom unitized target-date funds as well as managed accounts used as the default by plans in the broader defined contribution ecosystem, including corporate 401(k) plans.

About Devereux Advanced Behavioral Health

Devereux Advanced Behavioral Health is one of the nation’s largest nonprofit organizations, providing services, insight and leadership in the evolving field of behavioral healthcare. Founded in 1912, Devereux operates a comprehensive national network of clinical, therapeutic, educational and employment programs that positively impact the lives of thousands of children, adults — and their families — every year. The organization’s unique approach combines evidence-based interventions with compassionate family engagement.

With nearly 6,500 employees working in programs across the country, Devereux is a trusted partner for families, schools and communities, serving many of our country’s most vulnerable populations in the areas of autism, intellectual and developmental disabilities, specialty mental health, education and foster care. For more than a century, Devereux Advanced Behavioral Health has been guided by a simple and enduring mission: To change lives by unlocking and nurturing human potential for people living with emotional, behavioral and cognitive differences. (For more information: www.devereux.orgOpens in a new window)

About TIAA

TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It is the #1 not-for-profit retirement market provider¹, paid more than $5.1 billion in lifetime income to retired clients in 2023 and has $1.3 trillion in assets under management (as of 6/30/2024)².

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TIAA RetirePlus SelectSM is a service mark and TIAA RetirePlus^® and TIAA RetirePlus Pro^® are registered trademarks of Teachers Insurance and Annuity Association of America.TIAA Traditional and TIAA Secure Income Account are fixed annuities issued by Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY, 10017: TIAA Traditional Form series including but not limited to: 1000.24; G-1000.4; IGRS-01-84-ACC; IGRSP-01-84-ACC; 6008.8. TIAA Secure Income Account Form series including but not limited to: TIAA-UQDIA-002-K and related state specific versions. Not all contracts are available in all states or currently issued.

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