TIAA-CREF was chosen as sole recordkeeper as the university works to streamline plan administration. Contribution rates, eligibility requirements and all other aspects of the plan’s design will remain the same.
The plan covers approximately $937 million in assets, $39 million in annual contributions and more than 10,000 plan members. Saint Louis University is a Catholic, Jesuit institution. The agreement goes into effect later this year.
The plan includes a new investment menu featuring a select set of mutual funds, as well as a self-directed mutual fund brokerage account for employees who wish to invest in funds beyond those on the menu. Plan members will continue to have access to several TIAA-CREF annuities, which can help provide guaranteed lifetime income in retirement.Saint Louis University plan members also will retain access to advice from TIAA-CREF financial consultants, and a new website will provide plan details and account information to participants.