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Benefits June 28, 2007
CalSTRS and TIAA-CREF Join to Expand Retirement Program
June 28, 2007 (PLANSPONSOR.com) - The California
State Teachers' Retirement System (CalSTRS) and TIAA-CREF, a
national financial services organization and the leading
provider of retirement services in the academic, medical,
research and cultural fields, announced they have joined
forces to expand CalSTRS' supplemental retirement savings
program covering about 800,000 Californians.
Reported by Rebecca Moore
According to the announcement, the organizations are working together to increase the number and types of investment products available to educators by adding a 457(b) plan and Roth 403(b) plan this year and traditional and Roth Individual Retirement Account (IRA) offerings in the coming year. TIAA-CREF will perform all recordkeeping and trust functions and act as custodian of program records and assets for CalSTRS’ existing 403(b) program.
In addition, TIAA-CREF mutual funds; other TIAA-CREF investment strategies, including the TIAA Real Estate Account, which invests directly into a diversified array of commercial and residential properties; as well as third party mutual funds will be offered in the program, the announcement said.
“The combined strength of two leaders in the educational market will provide California’s educators with enhanced savings options from a provider in which they can have confidence,” said Jack Ehnes, Chief Executive Officer, CalSTRS.