New plan offers diversified investment menu and simplifies administration
New York, November 12, 2014 — TIAA-CREF announced today that the University of Maine System has chosen the financial services provider as the sole recordkeeper of its 403(b), 401(a) and 457(b) retirement plans, which cover approximately 5,000 active participants and $1.2 billion in assets1.
"We are happy to offer our participants new investment offerings that are well diversified and best in class with enhanced advice services. Participants will benefit from a more comprehensive view of their plan options and opportunities to improve their retirement outlook," said Tracy Elliott, director of Finance and Controller at the University of Maine System. "Preparing for retirement and building retirement savings is critical for our employees, and TIAA-CREF's offerings allow us to provide valuable financial advice while simplifying the plan management process for our administrators."
By working with TIAA-CREF under a sole recordkeeping agreement, the University of Maine System will be able to look deeply into its plan's management and accounting practices and better monitor online enrollment, salary deferral agreements, plan sponsor calculated eligibility, contribution limits, hardship withdrawals, auto-enrollment and savings rates for all participants.
University of Maine System plan members will benefit from a revamped investment menu with six TIAA-CREF annuity options, online access to their account information and personalized financial advice available in person and via phone and web.
"We're pleased to be working with the University of Maine System to give plan administrators a more holistic view of their participants' retirement readiness, as well as guide the participants to the tools and advice they need to help them pursue financial well-being leading up to and during their retirement years,' said Ed Moslander, senior managing director and head of institutional client services for TIAA-CREF.
TIAA-CREF (www.tiaa.org) is a national financial services organization with $840 billion in total assets under management (as of 10.1.14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
About the University of Maine System
The University of Maine System is Maine's largest educational institution enrolling nearly 40,000 students annually and serving 500,000 individuals annually through educational and cultural offerings. Established in 1968, the System features seven public universities, a school of law, various outreach centers and course sites, and Cooperative Extension offices.