Plan offers a robust investment menu as well as advice services to help employees plan for retirement
NEW YORK, January 27, 2015 — TIAA-CREF today announced that Embry-Riddle Aeronautical University has selected the financial services provider to be the sole recordkeeper of its 403(b) retirement plan. Having worked with the university since 1967, TIAA-CREF is well-positioned to manage the plan, which includes overseeing approximately $273 million in assets for more than 4,500 employees.
With TIAA-CREF's sole recordkeeping model, Embry-Riddle employees can choose from a variety of investment options like fixed income, stable value options, annuities and equities. A more robust investment menu will give employees greater flexibility in designing a retirement plan that can help them pursue their financial objectives.
"We're looking forward to continuing our strong relationship with TIAA-CREF through this new program," said Brandon Young, vice president and chief human resources officer at Embry-Riddle. "Our employees can customize their portfolio to match their financial preferences and leverage TIAA-CREF's tools and advice services to round out their retirement plan. We're confident that this will help them as they chart a course toward planning for a successful retirement."
The sole recordkeeping model will also allow the university to boost compliance with fiduciary requirements and alleviate the burden on administrative staff by streamlining benefits enrollment.
"The sole recordkeeping model provides a comprehensive approach to retirement planning by giving employees the power to manage their investment assets and seek advice along the way," said Ed Moslander, senior managing director and head of institutional client services for TIAA-CREF. "This approach will work for Embry-Riddle employees at every stage, whether they're just beginning their careers or nearing retirement."
Through the new relationship, Embry-Riddle employees will have access to TIAA-CREF's personalized advice service, where participants can meet independently with a financial consultant in person or via phone. Employees also can take advantage of TIAA-CREF's suite of financial resources and tools, which are available online.
TIAA-CREF (www.tiaa.org) is a national financial services organization with $851 billion in assets under management (as of 12.31.14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
About Embry-Riddle Aeronautical University
Embry-Riddle Aeronautical University, the world's largest, fully accredited university specializing in aviation and aerospace, is a nonprofit, independent institution offering more than 70 baccalaureate, master's and Ph.D. degree programs in its colleges of Arts & Sciences, Aviation, Business, Engineering and Security & Intelligence. Embry-Riddle educates students at residential campuses in Daytona Beach, Fla., and Prescott, Ariz., through the Worldwide Campus with more than 150 locations in the United States, Europe, Asia and the Middle East, and through online programs. The university is a major research center, seeking solutions to real-world problems in partnership with the aerospace industry, other universities and government agencies. For more information, visit www.embryriddle.edu , follow on Twitter ( @EmbryRiddle ) and facebook.com/EmbryRiddleUniversity , and find expert videos at YouTube.com/EmbryRiddleUniv .