New York, April 19, 2016 – TIAA today announced that the Los Angeles County Sanitation Districts (LACSD) has selected it to be the recordkeeper of their 457(b) retirement plan, which includes approximately $255 million in assets1. LACSD is a public agency created under the California Health and Safety Code to manage wastewater and solid waste on a regional scale. There are 24 independent special districts serving approximately 5.5 million people in Los Angeles County, California.
During a periodic review of their retirement plan, LACSD solicited proposals from a number of recordkeepers. TIAA was selected to be the sole recordkeeper of their retirement plan because of the high ranking for customer service given by LACSD’s consultant and the low cost of its recordkeeping offering.
Underscoring LACSD’s decision is TIAA’s approach to employee engagement, which leverages participant segmentation, technology, and personalized advice and guidance. This approach will give LACSD’s nearly 2,000 plan participants a more comprehensive look at all of the assets in their retirement plan, improving their ability to make informed decisions and helping them on the path toward achieving their retirement income goals.
Under the new agreement, LACSD employees will have access to TIAA’s individual advice and guidance services and integrated web planning tools, which can help guide them as they plan for retirement. Personalized investment advice is available across a broad range of investments included in the plan. TIAA financial consultants will be available via phone, online and on site to provide advice and guidance, and they will host workshops and seminars for LACSD participants.
LACSD also is implementing TIAA’s Plan Outcome Assessment, a service that will analyze the retirement plan and provide metrics to help LACSD evaluate overall plan performance and measure and improve employee retirement readiness.
“LACSD is committed to providing our employees with a supplemental retirement plan that is simple to understand, contains high-quality investments and is backed up by TIAA’s unique education and guidance that will help our employees gather information, make decisions and take action in achieving their financial goals,” said Tom Mueller, LACSD Deferred Compensation Committee chair. “When we stacked the providers up next to one another, TIAA was the logical choice.”
“We are honored LACSD has selected us to recordkeep their retirement plan,” said Roderick Crane, managing director of government markets for TIAA. “We are confident this solution will streamline plan administration and offer a more seamless and productive experience for LACSD employees.”
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 Los Angeles County Sanitation Districts
Los Angeles County Sanitation Districts protect public health and the environment through innovative and cost-effective wastewater and solid waste management, and in doing so convert waste into resources such as recycled water, energy and recycled materials. Los Angeles County Sanitation Districts are a public agency created under state law to manage wastewater and solid waste on a regional scale and consist of 24 independent special districts serving about 5.5 million people in Los Angeles County. The service area covers approximately 824 square miles and encompasses 78 cities and unincorporated territory within the county.