New York, June 27, 2013 — TIAA-CREF today announced that the City of Renton, Wash., has selected the financial services organization to be the sole recordkeeper of its 457(b) deferred compensation plan. Renton is a city in King County, Wash., located just south of Seattle with more than 90,000 residents.
Under the new agreement, retirement funds managed by the city’s previous administrator will now be administered by TIAA-CREF. The plan contains approximately $71.5 million in assets and has more than 700 active members.
"TIAA-CREF offers a diversified investment menu, efficient compliance services and a robust financial advisory program that well serves the needs of our employees,” said Nancy Carlson, Human Resources & Risk Management Administrator. “TIAA-CREF’s consistent track record of investment expertise, lower-than-average fees1 and open-architecture makes it a great choice for our community’s workforce.”
The City of Renton’s plan members will benefit from the retirement planning advice provided by TIAA-CREF financial consultants, which is tailored to each employee’s goals and life stage; new investment options that encompass a wide number of asset classes and funds; and an interactive, customized website.
“TIAA-CREF is excited to support the City of Renton’s retirement plan and help its employees plan for a secure retirement and lifelong financial well-being,” said Richard Hiller, senior vice president, government market for TIAA-CREF.
TIAA-CREF (www.tiaa.org) is a national financial services organization with $520 billion in assets under management (as of 03.31.13) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa.org for details.
About the City of Renton
Renton is a beautiful city located on the south shore of Lake Washington with spectacular views of the lake, the Olympics, the Cascades, and Mount Rainier. The fifth largest city in King County and the 11th largest city in Washington, Renton is quite literally at the center of an extensive regional and international transportation network. The Cedar River runs through the heart of Downtown Renton and offers an abundance of natural beauty.
Renton is the center of opportunity in the Puget Sound region where businesses and families thrive. The City has created an environment that supports business development while enhancing its quality of life. Community leaders nurture entrepreneurial spirit and foster successful partnerships. Bold economic development plans have diversified the City's employment base and strategically positioned Renton for the future.