Syracuse University is a 2013 PLANSPONSOR Plan Sponsor of the Year finalist in the 403(b) category (see “Cover: 2013 Plan Sponsors of the Year”).
The refreshed plan includes a new investment menu and dedicated toll-free phone number for Syracuse plan members. A new website provides easy online access to accounts, information and advice. The plan’s 11,000 members continue to have access to personalized retirement advice from TIAA-CREF and access to TIAA-CREF annuities, which can help provide guaranteed lifetime income in retirement.
TIAA-CREF’s sole recordkeeping solution enables plan enrollment, manages employee contributions and tracks transactions related to loans and withdrawals, giving Syracuse visibility into its plan’s management and accounting.
By retaining a sole recordkeeping model, Syracuse provides its employees with a comprehensive view of all the assets in their retirement plans, which gives employees the ability to make better decisions regarding their investment mix, risk profile and portfolio rebalancing.
Syracuse employees also have access to TIAA-CREF financial advisers, who provide personalized retirement advice tailored to individual goals at various life stages. They receive a comprehensive picture of their retirement plan assets, which they can use in conversations with the TIAA-CREF advisers to help build a successful retirement investment strategy. TIAA-CREF advisers are available on campus, over the phone and online to assist Syracuse employees with their investment decisions.
“TIAA-CREF remains the best retirement plan provider for us because our plan members benefit from its full suite of investment capabilities, cost-effective compliance services, and educational and advisory services,” said Karen Morrissey, executive director of human resources operations for Syracuse University. “And, by employing a sole recordkeeper, the university has the ability to more efficiently allocate resources, minimize fiduciary liabilities and provide a more streamlined experience for plan members.”
The university’s 403(b) retirement plan holds approximately $1.4 billion in assets. TIAA-CREF retained the business following a competitive review.
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