Stetson University in Florida has retained TIAA-CREF as sole recordkeeper for its 403(b) and 457(b) retirement plans.
TIAA-CREF will keep records for approximately $160 million in assets for Stetson’s more than 1,800 employees.
A client since 1946, Stetson University is a private, nonprofit university with four colleges and schools located across the I-4 corridor in central Florida, with the primary undergraduate campus located in DeLand.
The university has reached a new arrangement with TIAA-CREF under which a Roth 403(b) option will be offered to its employees that allows them to designate some or all of their elective deferrals as designated Roth contributions.
Roth contributions are made using after-tax dollars but can be withdrawn in retirement tax-free, a benefit that can result in significant tax savings for certain participants, depending on their individual financial situation.
In addition, Stetson is moving to a new fee structure that will provide its employees with full transparency into the investment costs of the plan, and also implementing a set of tools to help meet regulatory compliance standards and handle online salary deferral for employees.
TIAA-CREF, with $834 billion in assets under management as of September 30, is the leading provider of retirement services in the academic, research, medical and cultural fields.
Prudential adds clients
Prudential Retirement, for its part, has added as clients the City of Shelton, Connecticut and Interfaith Medical Center, a not-for-profit community and teaching hospital that provides healthcare to the residents of Bedford Stuyvesant, Crown Heights and surrounding Brooklyn communities.
Prudential Retirement will administer the City of Shelton, Connecticut’s 401(k) and deferred compensation plans, as well as Interfaith Medical Center’s defined contribution plan.
The City of Shelton has 427 participants in its 401(k) plan with $33 million in assets, and 27 participants in its deferred compensation plan with $2 million in assets. Interfaith Medical Center has 876 participants in its defined contribution plan with $34 million in assets.
Prudential Retirement, with 4.0 million participants and annuitants, has $366.2 billion in retirement account values as of September 30.
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