TIAA-CREF Selected by Chapel Hill-Carrboro City Schools as 403(b) Provider
NEW YORK, NY, August 17, 2010 -- TIAA-CREF today announced it has been selected by the Chapel Hill-Carrboro City Schools in North Carolina as a 403(b) retirement plan provider.
"In reevaluating our retirement plan, it was important to us to find a service to help us simplify administration, even with a reduced number of providers," said Ruby Pittman, Executive Director of Budget and Finance, Chapel Hill-Carrboro City Schools. "We wanted to ensure our employees had access to high-quality investment advice from local, fee-based Registered Investment Advisors (RIAs) with expertise in 403(b) plans. By adding TIAA-CREF we will be able to help both our participants and the RIAs with who they choose to work."
"We look forward to working closely with Chapel Hill to provide teachers with low-cost, high quality investment options from TIAA-CREF and other providers along with advice and education services from fee-based registered investment advisors to help them seek a safe and secure retirement," said Bruce Corcoran, managing director, K-12 market, TIAA-CREF.
Chapel Hill-Carrboro City Schools' 1,500 eligible employees will have access to investment advice through Verity Investments, a fee-based RIA located in Durham, NC, well-versed on TIAA-CREF's products, and an expanded line-up of investment options from TIAA-CREF and other providers.
"Objective investment advice can help employees make better long-term investment decisions and help them maximize the income they can draw on in retirement," said Amy L. Simonson, AIF®, Vice President, Finance & Operations, Verity Investments. "We are pleased to work with partners that also value objective advice for retirement plan participants, which we can offer through our fee-based model."
Chapel Hill-Carrboro City Schools has also selected TIAA-CREF's Compliance Coordinator service, an easy to use, web-based tool designed to help plan sponsors with multiple investment providers ensure that all loans and hardship withdrawals are in compliance with applicable IRS regulations.
TIAA-CREF provides high quality, low-cost investment products and services across the non-profit sector, including the K-12 sector. TIAA-CREF's Advisor Services group provides a robust platform that offers RIAs an easy way to work with participants in employer-sponsored retirement plans.
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $410 billion in combined assets under management (as of 6/30/10) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
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