TIAA was previously one of two record keepers, along with Vanguard Group. The change was made because “streamlining to one plan record keeper (TIAA) makes it easier for all participants to access the plans’ information and resources, as well as potentially benefit from investment and administrative cost savings.” The change was effective July 5. Whether there was an RFP issued could not be learned by press time.
No investment options changes are being made. The plans, which all have the same investment options lineup, offer a TIAA lifecycle fund lineup, a Vanguard target-date fund lineup and 33 investment options.
The four plans had combined assets of $1.8 billion as of Sept. 30, according to Pensions & Investments data.
Lianne Sullivan-Crowley, vice president for human resources, was not available, and Min Pullan, university spokeswoman, could not provide further information by press time.