YaleUniversity has announced the selection of TIAA-CREF as the sole recordkeeper for its new Yale University Retirement Program.
Not only has Yale changed recordkeepers, but it is also consolidating all its retirement plans into a single program.
That means that assets of approximately $4.4 billion, from more than 22,000 plan members, will be transitioned to TIAA-CREF. All will be accessible through a single site, so that participants can manage investments from one place. Under the old system, both TIAA-CREF and Vanguard were recordkeepers.
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The move has resulted in an updated investment menu with reduced fees and the addition of a new Roth option for the program's 403(b) plans this year. Plan participants will also have access to TIAA-CREF annuities.
In addition, plan members will be able to access online account information and personalized financial advice, based on the plan's investment options, via the phone, Web and in person.
Administrators will also have a single location from which to monitor and manage online enrollment, online salary deferral agreements, plan sponsor calculated eligibility, contribution limits, hardship withdrawals, auto-enrollment and savings rates for all plan members.
Yale University comprises three major academic components: YaleCollege (the undergraduate program), the Graduate School of Arts and Sciences, and the professional schools. In addition, Yale encompasses a wide array of centers and programs, libraries, museums, and administrative support offices. Approximately 11,250 students attend Yale.
As of the end of December, TIAA-CREF had $851 billion in total assets under management.
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