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Yale University Selects TIAA-CREF to Manage Retirement Program
New investment menu and plan data accessibility gives sponsors and employees a comprehensive look at retirement readiness
New York, April 15, 2015 — TIAA-CREF announced today that Yale University has selected the financial services provider as the recordkeeping provider of its new Yale University Retirement Program. All of Yale's retirement plans, which hold approximately $4.4 billion in assets for more than 22,000 plan members, will be consolidated into one program with all current investments transitioned to TIAA-CREF and accessible through a single site. This will allow employees to access all of their investment options and manage their entire retirement portfolio from one location.
This model will enable Yale employees to make informed decisions regarding their investment mix, risk profile and portfolio rebalancing. Plan administrators will be able to monitor and manage online enrollment, online salary deferral agreements, plan sponsor calculated eligibility, contribution limits, hardship withdrawals, auto-enrollment and savings rates for all plan members from one location, streamlining and improving the plan management experience.
The Yale University Retirement Program now includes an updated investment menu with reduced fees and the addition of a new Roth option for the program's 403(b) plans this year. Plan members also will continue to have access to TIAA-CREF annuities, which can provide lifetime income in retirement.
With the new retirement program, plan members can receive online account information and personalized financial advice, based on the plan's investment options, available via the phone, web and in person, and tailored to their retirement goals and life stage.
“With the new offering, our employees are able to have a better, more holistic view of their plan assets and fund options," said Hugh Penney, senior director of compensation and benefits at Yale University. “Yale consistently strives to offer the best retirement benefits to participants, and this bird's-eye retirement view is crucial for promoting financial well-being and the importance of adequate savings among employees."
“By selecting TIAA-CREF as its only recordkeeper, Yale has elected to implement a comprehensive approach to retirement planning that will optimize Yale's employees' retirement planning experiences," said Teresa Hassara, executive vice president of the Institutional Business at TIAA-CREF. “We're pleased to be working closely with Yale to offer a refreshed approach that engages employees and gets to the core of effectively preparing for participants' retirement goals."
About Yale University
Yale University comprises three major academic components: Yale College (the undergraduate program), the Graduate School of Arts and Sciences, and the professional schools. In addition, Yale encompasses a wide array of centers and programs, libraries, museums, and administrative support offices. Approximately 11,250 students attend Yale.
TIAA-CREF (www.tiaa.org) is a national financial services organization with $851 billion in total assets under management (as of 12.31.14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.