Politics & Government
City of Shoreline Selects TIAA-CREF as Retirement Plan Provider
Company will be sole record keeper for Shoreline employees' 457(b) and 401(a) retirement plans.
TIAA-CREF has been selected by the City of Shoreline as the sole record keeper for its 457(b) and 401(a) retirement plans.
Under the new agreement, funds previously managed by Shoreline’s previous administrator will now be managed by TIAA-CREF beginning on June 1. Shoreline offers workers a 401(a) deferred compensation plan as well as a 457(b) supplemental plan for retirement savings.
“Following a rigorous selection process, TIAA-CREF was selected as the new provider of our retirement plans due to the depth and breadth of services they will provide,” said Julie Underwood, Shoreline City Manager, in a press release. “They not only demonstrated a true understanding of our participants’ financial needs, but stressed the importance of financial advice – a tool that will help our employees better save for retirement.”
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Under the agreement, Shoreline plan participants will receive the following services from TIAA-CREF:
- An advice platform which provides objective, personalized retirement planning tailored to individual and diverse goals and at varying life stages
- An interactive customized website where employees can go to receive plan details, account information and schedule appointments with TIAA-CREF advisors
- New fund options, supported by a comprehensive mapping feature allowing participants to be updated on current account activity
“We appreciate the opportunity to serve the City of Shoreline and its employees to help them achieve their financial goals,” said Richard Hiller, Vice President, Government Market, for TIAA-CREF. “This agreement further establishes TIAA-CREF as a valued provider of retirement plans in the municipal market, and we’re enthusiastic about showing other municipalities the value TIAA-CREF can add.”
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TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $466 billion in combined assets under management as of March 31, and is the leading provider of retirement services in the academic, research, medical and cultural fields.