New York, June 26, 2014 — TIAA-CREF announced today that the University of Mount Olive (UMO) has selected the company to be sole recordkeeper of its 401(k) retirement plan. TIAA-CREF previously record-kept a portion of the UMO's 401(k) plan.
UMO was founded in 1951 and is located in Mount Olive, N.C. By moving to a sole recordkeeping model, UMO will streamline the management of its $15 million retirement plan and take advantage of TIAA-CREF's open-architecture platform to select from a variety of professionally managed, cost-effective and customized investment options. The university worked with Compass Financial Partners, an LPL Financial firm, located in Greensboro, N.C., to complete a review of its retirement program.
The approximately 400 UMO employees enrolled in the retirement plan will have access to a variety of investment options, including TIAA-CREF annuities, which help provide guaranteed lifetime income in retirement, and mutual funds.
UMO 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.
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 the University of Mount Olive
The University of Mount Olive (UMO) is one of the most unique and fastest-growing private educational institutions in North Carolina. Programs are available to fit students' needs in a time and setting convenient for any lifestyle. In its traditional programs for recent high school graduates and college transfers, UMO offers more than 40 different majors. The average class size at UMO is fewer than 25 students, and every student gets personal attention. Outside the classroom, students have the opportunity to compete on 20 highly competitive NCAA Division II intercollegiate athletic teams or participate in more than 30 student organizations.
As the No. 1 value in adult education, UMO also offers one-night-a-week bachelor's and associate's degree programs at locations in Mount Olive, Goldsboro, Jacksonville, New Bern, Research Triangle Park, Washington and Wilmington. The university also offers online programs, including the RN to BSN program, criminal justice and criminology, and the master of business administration degree.
For more information about the University of Mount Olive, visit www.umo.edu .