The Los Angeles County Sanitation District (LACSD) has chosen TIAA as the recordkeeper for its 457(b) retirement plan.
The decision came as a result of a periodic review of LACSD's retirement plan, for which it solicited proposals from a number of recordkeepers. TIAA was selected to be the sole recordkeeper for the plan because of the high ranking for customer service given by LACSD's consultant and the low cost of its recordkeeping offering.
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Under the new agreement, LACSD employees will have access to individual advice and guidance services, as well as integrated Web planning tools. Personalized investment advice is also available across a broad range of investments included in the plan. Financial consultants will be available via phone, online and on site to provide advice and guidance, and they will host workshops and seminars for LACSD participants.
LACSD is are implementing TIAA's Plan Outcome Assessment, a service that analyzes the retirement plan, then provides metrics to help LACSD evaluate overall plan performance and to measure and improve employee retirement readiness.
The LACSD plan has nearly 2,000 participants and includes approximately $255 million in assets. LACSD is a public agency created under the California Health and Safety Code to manage wastewater and solid waste on a regional scale. There are 24 independent special districts serving approximately 5.5 million people in Los Angeles County, California.
TIAA provides financial services in the academic, research, medical, cultural and government fields. It has $861 billion in assets under management, as of March 31, and among the financial solutions it provides are investing, banking, advice and guidance and retirement services.
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