New York, January 8, 2019 – TIAA announced today that Chowan University, based in Murfreesboro, North Carolina, has selected the financial services provider to be the sole recordkeeper of its 403(b) retirement plan, which includes approximately $20 million in assets.
Under the new agreement, faculty and staff will have access to a diversified, open architecture investment menu of mutual funds and lifetime income options. TIAA will provide employee education, recordkeeping, and plan administration services, including a new enhancement to allow for after-tax Roth contributions. After a thorough review of investment offerings by SageView Advisory Group, Chowan University’s Retirement Plan Committee voted to consolidate recordkeeping with one vendor, TIAA.
“Our faculty and staff provide years of service to the University and its students, so it is equally important for us to provide the support they need to achieve financial wellness and stability in retirement,” said Donnie Clary, Vice Chancellor for Business Affairs at Chowan University. “With TIAA as our sole recordkeeper, we will not only simplify our plan administration, but will be able to offer personalized investment advice and services to our faculty and staff.”
During the rollout of the plan changes, financial consultants from TIAA met with over 150 employees of Chowan through group seminars and individual advice sessions.
“Providing employees with a holistic view of their finances and sound advice is essential to help ensure faculty and staff can meet their needs and wants in retirement,” said Ben Lewis, Senior Managing Director of Institutional Financial Services at TIAA. “We’re excited to support Chowan University with a retirement plan that can help its employees prepare for and feel confident about their retirement.”
With an award-winning1 track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1 trillion in assets under management (as of 9/30/20182) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.
About Chowan University
Chowan University, grounded in its Christian faith, has been transforming the lives of students of promise for over 170 years. A Christian liberal arts university founded in 1848, Chowan enrolls 1,400 students each year and is located in the Historic Inner Banks community of Murfreesboro in northeastern North Carolina. Accredited by the Southern Association of Colleges and Schools Commission on Colleges, Chowan offers over 70 undergraduate academic programs among the School of Arts and Sciences, the School of Education, the School of Fine & Applied Arts, and the School of Business, and offers master’s degrees through the School of Graduate Studies.