Ohio's Otterbein University has chosen TIAA-CREF as the sole recordkeeper for its 403(b) retirement plan.
Vanguard Group had been a co-administrator.
The move will put the company in charge of managing approximately $84 million in assets for the more than 800 employees of the university.
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In addition to the investment options offered within the plan by TIAA-CREF, such as fixed income, stable value options, and the company's annuities and equities, employees will have access to one-on-one meetings with financial advisors for personalized advice on achieving retirement goals.
Using a sole recordkeeper simplifies Otterbein's responsibilities for oversight of fiduciary requirements, and reduces plan costs by streamlining administration and enrollment processes.
In addition, the university said it can more closely monitor plan member enrollment, salary deferral agreements, contribution limits, hardship withdrawals, and savings rates for plan members.
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