University of North Carolina System, Chapel Hill, hired TIAA-CREF as its single record keeper for its five defined contribution plans, said Brian M. Usischon, senior associate vice president for human resources, in an email.
The system issued an RFP in April in order to consolidate to a single firm for the plans' record keeping and administration, Mr. Usischon said at the time. TIAA-CREF is currently one of two record keepers along with Fidelity Investments. Both firms rebid for the services and both were the only finalists, Mr. Usischon said in his email Tuesday.
In a notice to participants on the system’s website, Mr. Usischon and Ashley Nicklis, associate vice president of university benefits and retirement, said consolidating to the single firm will "streamline and simplify the enrollment process, better leverage the university's $10 billion in defined contribution retirement plan assets to reduce record-keeping expenses, consider investment solutions that better fit the unique aspects of our employee demographics and provide employees with a clear and consistent financial education and advice program."
The system's five DC plans include the $7.8 billion Optional Retirement Program and $2.2 billion 403(b) plan.
