Florida Gulf Coast University, Fort Myers, hired TIAA-CREF as the sole record keeper of its $31 million 403(b) plan, said Tracy Malach, the university's assistant director of benefits.
The university issued an RFP to consolidate its list of record keepers to a single provider. The change is effective Nov. 15.
The current record keepers are AIG Retirement Services, Jefferson National, MetLife, Symetra, TIAA-CREF and Voya Financial.
Ms. Malach said all current record keepers were invited to bid for the services, and AIG and Voya were the only other ones to do so.
Investment consultant CAPTRUST Financial Advisors assisted.
