Colorado Mesa University, Grand Junction, hired TIAA-CREF as sole record keeper of its 401(a) and 403(b) defined contribution plans, which have a total of $100 million in assets, a university spokesman confirmed.
The plans currently have four providers: TIAA, Fidelity Investments, VALIC and MetLife. The university decided to switch to a single provider to simplify options for plan participants. There are currently almost 200 investment options, according to the university's website. After the switch, that number will drop to 29, according to a transition guide.
The transition will be completed sometime during the first quarter.
