Hamilton College, Clinton, N.Y., selected TIAA-CREF to be the sole bundled provider of services for the college's $150 million 403(b) plan, confirmed Karen Leach, vice president for administration and finance.
TIAA-CREF was one of two providers — the other was Fidelity Investments — when the college decided last year to issue an RFP to simplify administration, streamline the investment lineup and reduce costs, Ms. Leach said in an interview.
The majority of participants' investments had been with TIAA-CREF, said Ms. Leach, adding that TIAA-CREF was chosen for its fees and flexibility. Under TIAA-CREF's sole administration, the investment menu features 14 options compared to the 200 that were available when TIAA-CREF and Fidelity were providers.
“TIAA-CREF's sole record-keeping solution streamlines plan enrollment, manages employee contributions and tracks transactions related to loans and withdrawals, giving Hamilton significantly more visibility into its plan's management and accounting,” said a TIAA-CREF news release issued Thursday.
“By moving to a sole record-keeping model, Hamilton can also provide its employees with a comprehensive view of all the assets in their retirement plan, which gives employees the ability to make better decisions regarding their investment mix, risk profile and portfolio rebalancing decisions,” the news release said.
