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Providence College Selects TIAA-CREF to be Sole Record-keeper
New York, September 18, 2013 — TIAA-CREF announced today that Providence College, a Catholic and Dominican liberal arts institution, has selected the company as sole recordkeeper for its 403(b) defined-contribution retirement plan.
Earlier this year, Providence College transitioned from three retirement plan providers to a sole recordkeeping model where TIAA-CREF will manage the plan’s more than $184 million in assets. Plan members will have access to an array of customizable investment options, including annuities and mutual funds, along with financial advice through on-site, phone and online resources. Plan members will also be able to purchase mutual funds of their choice through TIAA-CREF’s self-directed brokerage platform.
Providence College plan members will be able to take advantage of TIAA-CREF’s open-architecture investment platform to select from a variety of professionally managed, low-cost1 and tailored investment options. The full suite of investment choices will enable plan members to craft customized portfolios based on their preferences. The plan will include TIAA-CREF annuities and mutual funds, plus a variety of other investment options to help provide guaranteed lifetime income in retirement.
“The strength of TIAA-CREF’s sole recordkeeping capability simplifies fiduciary requirements, lowers plan costs and makes it remarkably easier to administer our retirement plan, helping to ensure it meets the varying needs of our plan members,” said Kathy Alvino, associate vice president for human resources at Providence College. “TIAA-CREF retirement plan options and financial advice will make our benefits package more attractive and can improve our employees’ readiness for retirement.”
Plan members also will have access to TIAA-CREF financial advisors, who provide personalized retirement advice tailored to individual goals at various life stages, plus online financial advice and resources.
TIAA-CREF (www.tiaa.org) is a national financial services organization with $523 billion in assets under management (as of 06.30.13) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa.org for details.
About Providence College
Providence College is a primarily undergraduate, independent, not-for-profit, Catholic and Dominican liberal arts institution of higher education. Committed to fostering academic excellence through the sciences and humanities, the college provides a variety of opportunities for intellectual, social, moral and spiritual growth in a supportive environment.