TIAA-CREF had selected SunGard earlier this year to supply software and systems for the platform. By incorporating SunGard’s OmniPlus recordkeeping system into its Open Plan Solutions, TIAA-CREF is able to offer its participating institutions new and improved products and services such as enhanced and customizable reporting, an expanded lineup of investment offerings (including products from other companies), and consolidated plan administration, the company said.
Additional integrated SunGard products are OmniPay for
check writing and pension disbursements, OmniTrade for
trade management, SunGard Financial Network’s STN trading
platform, and SunGard Workflow Solutions’ automated imaging
and workflow system, PowerImage.
The phased-in implementation of Open Plan Solutions is proceeding as scheduled with the successful conversion of TIAA-CREF’s own employees to the new recordkeeping system. TIAA-CREF will begin to convert interested institutional clients to its Open Plan Solutions later this year.