San Diego County Water Authority hired TIAA-CREF as plan administrator for its $23.6 million 457 and $2.3 million 401(a) plans, said Susan Leone, director of human resources for the water authority.
The selection was made following an RFP that was issued in July 2011. The Hartford had been the plans’ administrator since their inception, close to 20 years ago. Authority executives wanted to see what other firms had to offer, including fee structures, Ms. Leone said.
With the switch to TIAA-CREF effective June 1, plan participants will have personalized retirement planning; new investment options, including new target-date funds and a self-directed brokerage option; and an interactive, customized website.