The Research Foundation for The State University of New York Adopts TIAA RetirePlus Pro®

A smarter default option leverages existing plan lineup to create a custom in-plan retirement savings and lifetime income solution

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TIAA

Oct 19, 2021, 09:15 ET

NEW YORK, Oct. 19, 2021 /PRNewswire/ -- The Research Foundation for The State University of New York (RF) is the latest client to sign up for the innovative TIAA RetirePlus Pro^® model service.

Working with its adviser, CAPTRUST, RF has implemented a custom set of low-cost, target-date model portfolios. These simple-to-use model portfolios have the potential to offer RF employees higher income replacement and guaranteed lifetime income in retirement while reducing portfolio volatility.

"By adding RetirePlus Pro, we were able to maintain control over all aspects of the default and model design and leverage the fiduciary prudence we already have in place to build best-in-class model portfolios," said Timothy Irvin, senior financial advisor at CAPTRUST. "Equally important, TIAA also gave us the ability to include a fixed annuity to help reduce portfolio volatility and provide guaranteed returns to help ensure RF employees have a clear path to a secure retirement."

The flexibility and control were key points for the foundation.

"We care deeply about the financial well-being of our people, and tailoring the plan to meet their specific needs was important to us," said Kathleen Caggiano-Siino, vice president of Human Resources at The Research Foundation for The State University of New York. "RetirePlus Pro combines the simplicity and familiarity of a target-date option with the potential for lifetime income in an adaptable package we can customize for our unique workforce."

The pandemic has put financial stability, including retirement readiness, front and center with employees and employers across the country. TIAA's 2021 Retirement Insights Survey found that seven in 10 of both participants and plan sponsors would consider a retirement plan that offered guaranteed lifetime income to be extremely/very valuable.

"As employers are looking for even more ways to help their employees achieve financial wellbeing, we're providing a flexible, simple-to-use solution that offers the potential for better retirement outcomes," said Tim Walsh, senior managing director at TIAA. "And when a plan sponsor chooses to include an annuity in their default option, they are giving their employees the guarantee of steady growth during accumulation and the opportunity for lifetime income they can never outlive in retirement. For many shaken by recent events, that goes a long way toward building peace of mind."

More on RetirePlus Pro

TIAA RetirePlus Pro, part of the TIAA RetirePlus Series, lets a plan sponsor and their consultant offer a default solution tailored to the plan's unique demographics while embedding lifetime income in a target-date structure. The models adjust over time to manage retirement savings for growth early in careers, and gradually transition toward security near retirement.

About TIAA
TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It is the #1 not-for-profit retirement market provider¹, paid more than $3.6 billion to retired clients in 2020 and has $1.3 trillion in assets under management (as of 9/30/2021).²

About The Research Foundation for The State University of New York
The Research Foundation for The State University of New York is the largest comprehensive university-connected research foundation in the country. It provides essential administrative services that enable State University of New York (SUNY) faculty to focus their efforts on educating students and performing life-changing research across a wide range of disciplines including Artificial Intelligence, Clean Energy, Biotechnology, Longevity, Substance Addiction, Nextgen Quantum Computing, Environmental Health, and Resiliency. The RF works with the academic and business leadership of SUNY campuses to facilitate research and discovery by administering sponsored projects and delivering intellectual property and technology transfer services that fuel innovation and move ideas and inventions to the marketplace. The RF is a private non-profit education corporation that is tax-exempt under Internal Revenue Code (IRC) Section 501(c) (3). To learn more about the RF, visit www.rfsuny.org.

The TIAA RetirePlus Pro® models are asset allocation recommendations developed in one of three ways, depending on your plan structure: i) by your plan sponsor, ii) by your plan sponsor in consultation with consultants and other investment advisors designated by the plan sponsor, or iii) exclusively by consultants and other investment advisors selected by your plan sponsor whereby assets are allocated to underlying mutual funds and annuities that are permissible investments under the plan. Model-based accounts will be managed on the basis of the plan participant's personal financial situation and investment objectives.

Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability.

¹Based on data from 56 providers in PLANSPONSOR magazine's 2019 DC Recordkeeping Survey, combined 457, 403(b) and money purchase plan data as of December 31, 2018.

² Based on approximately $1.3 trillion of assets under management across Nuveen affiliates and TIAA investment management teams as of 9/30/2021.

TIAA RetirePlus® and TIAA RetirePlus Pro® are administered by Teachers Insurance and Annuity Association of America ("TIAA") as plan recordkeeper. Transactions in the underlying investments invested in based on the models on behalf of the plan participants are executed through TIAA-CREF Individual & Institutional Services, LLC, member FINRA.

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