Independent Benefits Council, Tallahassee, Fla., a consortium of retirement plans for the state’s 67 public school districts, hired TIAA-CREF as a retirement plan provider to the Florida Model Plan, a consolidated 403(b) plan for primary and secondary educators across the state.
Bruce Corcoran, managing director, K-12 market, TIAA-CREF, said in a telephone interview that TIAA-CREF will be one of five retirement plan providers to the Florida Model Plan, giving the company the opportunity to compete in the market of more than $5 billion.
TIAA-CREF will provide mutual fund and annuity investments, according to a TIAA-CREF news release.
Also, GWN Securities was hired to provide communication, education and advice to educators participating in the model plan.
Mr. Corcoran said IBC issued the RFP for the mandate a little over a year ago. He said TIAA-CREF was awarded the three-year contract last week. It takes effect April 1.
IBC is a non-profit organization created by the Florida Education Association, Florida Association of School Administrators, Florida School Boards Association and Florida Association of District School Superintendents, according to the IBC website.