State University of New York Research Foundation adopts TIAA RetirePlus Pro®

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Smarter Default Option Leverages Existing Plan Lineup to Build Customized Retirement Savings and Lifetime Income Solution in Plan

Posted: October 19, 2021 at 7:15 am MDT|Update: 34 minutes ago

NEW YORK, October 19, 2021 / PRNewswire / – The Research Foundation for State University of New York (RF) is the latest customer to sign up for the innovative TIAA RetirePlus Pro® model service.

(PRNewsfoto / TIAA)

In collaboration with its advisor CAPTRUST, RF implemented a personalized set of low cost, target date model portfolios. These easy-to-use model portfolios have the potential to provide RF employees with higher income replacement and guaranteed income for life in retirement while reducing portfolio volatility.

“By adding RetirePlus Pro, we were able to maintain control over all aspects of the default design and model and leverage the fiduciary prudence we already have in place to create top-notch model portfolios,” said Timothy Irvin, senior financial advisor at CAPTRUST. “Equally important, TIAA has also given us the option of including a fixed annuity to help reduce portfolio volatility and provide guaranteed returns to help ensure that RF employees have a clear path to secure retirement. “

Flexibility and control were key points for the foundation.

“We care deeply about the financial well-being of our employees, and it was important for us to tailor the plan to meet their specific needs,” said Kathleen Caggiano-Siino, vice president of human resources at The Research Foundation for The State University of New York. “RetirePlus Pro combines the simplicity and familiarity of a target date option with the potential for lifetime income in an adaptable package that we can customize for our unique workforce. “

The pandemic has put financial stability, including preparation for retirement, at the forefront of employees and employers across the country. TIAA’s 2021 retirement survey found that seven in ten plan members and sponsors would rate a retirement plan with guaranteed income for life as extremely / very valuable.

“As employers seek even more ways to help their employees achieve financial well-being, we are providing a flexible and easy-to-use solution that offers the potential for better retirement outcomes,” said Tim walsh, Senior Managing Director of TIAA. “And when a plan sponsor chooses to include an annuity in their default option, they offer their employees the guarantee of steady growth during accrual and the possibility of a lifetime income they can never survive.” retired. a long way towards building peace of mind. “

Learn more about RetraitePlus Pro

TIAA RetirePlus Pro, part of the TIAA RetirePlus series, enables a plan sponsor and their consultant to offer a default solution tailored to the unique demographics of the plan while integrating lifetime income into a target date structure. Models adjust over time to manage retirement savings for early career growth and a gradual transition to security as retirement approaches.

About TIAA
TIAA is a leading provider of secure pensions and results-driven investment solutions to millions of people and thousands of institutions. It is the leading provider of the non-profit retirement market1, paid more than $ 3.6 billion to retired clients in 2020 and $ 1.3 trillion in assets under management (at 09/30/2021).2

About the Research Foundation for State University of New York
The Research Foundation for State University of New York is the largest comprehensive university research foundation in the country. It provides essential administrative services that allow State University of New York (SUN) to focus their efforts on educating students and conducting life-changing research across a wide range of disciplines, including artificial intelligence, clean energy, biotechnology, longevity, drug addiction, computer science Nextgen quantum, environmental health and resilience. The RF works with the academic and commercial direction of SUN campus to facilitate research and discovery by administering sponsored projects and providing intellectual property and technology transfer services that fuel innovation and move ideas and inventions to market. The RF is a private, not-for-profit education corporation that is tax exempt under Section 501 (c) (3) of the Internal Revenue Code (IRC). To learn more about RF, visit www.rfsuny.org.

The TIAA RetirePlus Pro® models are asset allocation recommendations developed in one of three ways, depending on your plan structure: i) by your plan sponsor, ii) by your plan sponsor in consultation with consultants and other investment advisers appointed by the plan sponsor, or iii) exclusively by consultants and other investment advisers selected by your plan sponsor, with the assets allocated to the underlying mutual funds and annuities which are investments authorized under the plan. The model accounts will be managed based on the personal financial situation of the plan member and their investment objectives.

All annuity guarantees issued by TIAA are subject to TIAA’s claims capacity.

1Based on data from 56 vendors in PLANSPONSOR magazine’s 2019 DC Recordkeeping Survey, combined with 457, 403 (b) data and silver purchase plans as of December 31, 2018.

2 Based on approximately $ 1.3 trillion assets under management of Nuveen affiliates and TIAA investment management teams as of 09/30/2021.

TIAA RetirePlus® and TIAA RetirePlus Pro® are administered by the Teachers Insurance and Annuity Association of America (“TIAA”) as the Plan Archivist. Transactions in the underlying investments made on the basis of the models on behalf of the plan participants are executed by TIAA-CREF Individual & Institutional Services, LLC, member of FINRA.

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