University of Pittsburgh, Duquesne University Win Prestigious Participant Education Awards

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Jun 06, 2023, 10:30 ET

NEW YORK, June 6, 2023 /PRNewswire/ -- The University of Pittsburgh and Duquesne University earned standout recognition as 2023 Signature Award winners for the care they took to inform and educate employees about plan changes, including TIAA RetirePlus^®, a retirement plan default solution that can help lower costs and improve retirement outcomes through a guaranteed-income-for-life option.

The Plan Sponsor Council of America, a retirement industry group, presents the Signature Awards annually in various categories for exemplary plan education with an emphasis on creatively targeting education to an employer's workforce, resulting in tangible positive outcomes. Pitt won first place in the "Plan Changes" category, and Duquesne won second place in the "Conversion" category.

"Plan sponsors are increasingly looking for innovative ways to help secure their employees' retirement for as long as they may live," said Kourtney Gibson, Chief Institutional Client Officer at TIAA. "Both universities set high standards for their attentiveness and responsiveness to their people and show a strong commitment to help them retire with confidence and without worry over running out of money."

TIAA RetirePlus allows plan sponsors and their consultants to create model portfolios rather than rely on standard, off-the-shelf target date funds.^1,2 By combining the simple efficiency of a target-date structure with the flexibility to select investments from the existing plan, RetirePlus can lower administrative costs and fees.

Details on winners

A panel of 23 business leaders evaluated and selected the winners of the 2023 Signature Awards from 66 entries in eight key categories. The winners were honored throughout PSCA's 2023 Annual National Conference recently in Orlando, Florida.

The University of Pittsburgh introduced RetirePlus as the new default investment, replacing the current target-date fund suites. Targeted groups of participants were automatically enrolled, depending on how they were currently invested. For the rest of the population, administrators introduced "Panther Target-Date Plus Models" as a new, innovative option in the plan. Through engaging, recognizable and clear communications, participants were able to understand the benefits of TIAA RetirePlus.
Duquesne chose to streamline administration and provide easier retirement planning, enhanced services and education for employees, resulting in consolidating recordkeepers to a single-service provider. With TIAA, participants now have access to a more efficient and robust education and advice solution. With RetirePlus as the new plan default, all participants received new investment options (several with lower costs), lower fees and a custom target-date solution that includes an option for monthly income in 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 provider³, paid more than $6.4 billion in lifetime income to retired clients in 2021 and has $1.2 trillion in assets under management (as of 3/31/2023)⁴.

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¹TIAA RetirePlus® model portfolios 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 (for example, taking into account factors such as participant age and risk capacity as determined by a risk tolerance questionnaire).

No registration under the Investment Company Act, the Securities Act or state securities laws – a model is not a mutual fund or other type of security and will not be registered with the Securities and Exchange Commission as an investment company under the Investment Company Act of 1940, as amended, and no units or shares of the model will be registered under the Securities Act of 1933, as amended, nor will they be registered with any state securities regulator. Accordingly, the model is not subject to compliance with the requirements of such acts, nor may plan participants investing in underlying investments based on the model avail themselves of the protections thereunder, except to the extent that one or more underlying investments or interests therein are registered under such acts.

TIAA RetirePlus Select^SM 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.

More information about TIAA RetirePlus model portfolios can be found at tiaa.org/public/plansponsors/investment-solutions/custom-default-options.
TIAA RetirePlus Select^SM is a service mark and TIAA RetirePlus® and TIAA RetirePlus Pro® are registered trademarks of Teachers Insurance and Annuity Association of America.

² Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability.

³As of July 21, 2022. Based on data in PLANSPONSOR's 403(b) 2022 DC Recordkeeping Survey, combined 457 and 403(b) data.

⁴ As of March 31, 2023 assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,240 billion.

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SOURCE TIAA