New York, June 24, 2014 – TIAA-CREF announced today that Brookhaven Science Associates, LLC., the organization responsible for managing and operating Brookhaven National Laboratory, has selected the company to be sole recordkeeper of its 401(k) and 401(a) retirement plans.
Through this agreement, Brookhaven will consolidate approximately $110 million in assets with TIAA-CREF. TIAA-CREF will now manage more than $1.2 billion of Brookhaven’s retirement plan assets.
Brookhaven’s employees will have access to a variety of investment options, including TIAA-CREF annuities, which help provide guaranteed lifetime income in retirement, and both proprietary and non-proprietary mutual funds, including TIAA-CREF’s lifecycle funds. The plans also include a brokerage option that offers plan members a wide range of investment options.
Brookhaven’s plan members will be able to take advantage of TIAA-CREF’s open-architecture platform to select from a variety of professionally managed, cost-effective and customized investment options from TIAA-CREF and other asset managers.
Brookhaven employees also will have access to TIAA-CREF financial advisors, who provide personalized retirement advice tailored to individual goals at various life stages, plus online financial advice and resources.
The array of investment choices, combined with financial advice from TIAA-CREF, will enable plan members to create customized investment portfolios tailored to their personal preferences.
TIAA-CREF (www.tiaa.org) is a national financial services organization with $569 billion in assets under management (as of 3.31.14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
About Brookhaven Science Associates
One of ten national laboratories overseen and primarily funded by the Office of Science of the U.S. Department of Energy (DOE), Brookhaven National Laboratory conducts research in the physical, biomedical and environmental sciences, as well as in energy technologies and national security. Brookhaven also builds and operates major scientific facilities available to university, industry and government researchers. Brookhaven is operated and managed for DOE's Office of Science by Brookhaven Science Associates, a limited-liability company founded by the Research Foundation for the State University of New York on behalf of Stony Brook University, the largest academic user of Laboratory facilities, and Battelle Memorial Institute, a nonprofit applied science and technology organization.