North Carolina Retirement Systems, Raleigh, hired TIAA-CREF as record keeper for its new public school teachers and employees 403(b) plan.
State Treasurer Janet Cowell, sole trustee for the $77.1 billion retirement systems, said in a statement that TIAA-CREF was selected by the Supplemental Retirement Board of Trustees, which oversees all of the state's defined contribution plans, “based on its ability to offer competitive investment vehicles, its exceptional participant education and communication program, and its existing relationships with compliance third-party administrators.”
Other finalists were Horace Mann Insurance and ING.
The five-year contract will begin in the first quarter of 2013 as the 403(b) program starts phasing in.
Ms. Cowell was authorized by the state General Assembly this year to start the 403(b) plan. North Carolina Supplemental Retirement Plans, which include 401(k) and 457 plans, have combined assets of $7 billion, will administer the 403(b) plan.