New York, March 8, 2016 – TIAA today announced that the Association of Christian Schools International (ACSI), one of the largest Protestant educational organizations in the world, has selected the financial services provider as the sole recordkeeper of its 403(b) retirement plan. TIAA will recordkeep approximately $15 million in assets for more than 200 employees1.
Under the new arrangement, TIAA will help ACSI, which is based in Colorado Springs, Colorado, provide a robust investment menu to plan participants, streamline plan administration, and comply with financial regulations and fiduciary requirements.
ACSI implemented a new investment menu that includes options for guaranteed retirement income, non-proprietary mutual funds and a suite of TIAA indexed target-date funds, which offer participants a professionally managed investment fund that is automatically reallocated over time as the fund’s target date approaches. As with all mutual funds, the principal value of a target-date fund is not guaranteed. In addition, the target date represents an approximate date when investors may plan to begin withdrawing from the fund.
Strategic Financial Partners (SFP), an advisory firm located in Colorado Springs, Colorado, assisted ACSI with a review of its retirement plan. ACSI’s employees also can take advantage of financial planning opportunities with SFP and meet personally with a financial advisor to discuss their retirement goals and plan for the future.
“By moving to a sole recordkeeping model, our goal was to streamline plan administration and offer high-quality, low-cost investment options to our participants,” said Bret Wichert, vice president of finance at ACSI. “This new model of collaboration among ACSI, SFP and TIAA helps improve the retirement plan in a number of ways and should give our plan participants the tools they need to make informed decisions for their future.”
“At TIAA, we strive to help clients in the education profession build plans that serve their employees over the course of their careers,” said Ben Lewis, senior managing director of the Select Plan Market for TIAA. “By providing a wide range of investment options, retirement plan advice services to help guide them as they work toward their retirement goals and a plan interface that will give them more insight into their progress, ACSI’s long-term commitment to its employees’ retirement goals is clear.”
TIAA (TIAA.org) is a unique financial partner. With an award-winning track record for consistent investment performance, TIAA is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $854 billion in assets under management (as of 12/31/2015) and offers a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services.
About the Association of Christian Schools International
The Association of Christian Schools International (ACSI) is one of the largest Protestant educational organizations in the world. Since 1978, ACSI has advanced excellence in Christian schools by enhancing the professional and personal development of Christian educators and providing support functions for Christian schools.
Those functions include a host of services, including teacher and administrator certification, school accreditation, legal/legislative help and textbook publishing.
ACSI member schools serve more than 5.5 million students worldwide. Along with a headquarters facility, ACSI has 25 offices in North America and around the globe. Nearly 24,000 schools from more than 100 countries are members. The primary financial support for ACSI is from 3,300 US-based schools.
ACSI is a 501(c)(3) religious nonprofit organization.