A TIAA-CREF news release said Chapel Hill-Carrboro City Schools has also selected TIAA-CREF’s Compliance Coordinator service, a Web-based tool designed to help plan sponsors with multiple investment providers ensure that all loans and hardship withdrawals comply with applicable regulations.
Chapel Hill-Carrboro City Schools’ 1,500 eligible employees will have access to investment advice through Verity Investments, a Durham, North Carolina-based RIA that works on a fee-for-service basis.
“In reevaluating our retirement plan, it was important to us to find a service to help us simplify administration, even with a reduced number of providers,” said Ruby Pittman, Executive Director of Budget and Finance, Chapel Hill-Carrboro City Schools, in the announcement. “We wanted to ensure our employees had access to high-quality investment advice from local, fee-based Registered Investment Advisors (RIAs) with expertise in 403(b) plans. By adding TIAA-CREF we will be able to help both our participants and the RIAs with whom they choose to work.”