Products December 7, 2009

Caltech Moves 403(b), 457 Plan Administration to Single Provider

December 7, 2009 (PLANSPONSOR.com) - The California Institute of Technology has chosen TIAA-CREF to be the single administrative services provider for the Caltech Retirement Program, beginning January 1, 2010.

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Julia M. McCallin, Caltech’s Associate Vice President for Human Resources, said in a press release that the institution decided on a single vendor to “help us enhance our program, navigate legal and regulatory changes, and make it easier for faculty and staff to save for retirement.” The Caltech Retirement Program includes a 403(b) defined contribution base plan, a 457(b) deferred compensation plan, and a 403(b) voluntary plan.

The TIAA-CREF press release said that with TIAA-CREF, faculty and staff of Caltech and The Jet Propulsion Laboratory will see a number of enhancements to their retirement program, including:

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  • An expanded choice of mutual funds and annuities from TIAA-CREF as well as a variety of funds from other companies;
  • Personalized, objective investment advice with specific fund recommendations to help participants determine whether they are on track to meet their retirement savings goals and to build a diversified portfolio;
  • A new brokerage option for the 403(b) voluntary plan which offers access to a wider array of mutual funds and exchange-traded funds; and
  • A single point of contact for managing all Caltech retirement savings, as well as educational information and online retirement planning tools.

 “These enhancements reflect our commitment to providing faculty and staff with a comprehensive workplace retirement offering that includes the right tools and resources to meet their financial needs beyond their years with the Institute,” McCallin added.

Products December 7, 2009

SSgA Introduces Community Investing Index Strategy

December 7, 2009 (PLANSPONSOR.com) - State Street Global Advisors (SSgA) has launched its US Community Investing Index strategy.

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The company says the strategy is the only offering that seeks to match the returns and characteristics of the U.S. Community Investing Index (USCII).

According to a press release, the underlying investment approach for SSgA’s U.S. Community Investing Index strategy is to buy and hold securities with the aim to minimize turnover and transaction costs, trading only when the composition of the Index changes or when cash flow activity occurs in the strategy.

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Launched in 2005 by the F.B. Heron Foundation in collaboration with Innovest Strategic Value Advisors, the U.S. Community Investing Index is comprised of more than 300 large- and mid-cap companies spanning all sectors that have demonstrated successful and proactive engagement with economically underserved populations in rural and urban communities in the United States.

The USCII employs a methodology that positively evaluates the community investment and engagement performance of a broad universe of companies, using three main factors: strategic alignment, workforce development and wealth creation, and community engagement and corporate philanthropy, the announcement said.

“By positively screening for companies with strong track records in community investing, the U.S. Community Investing Index can be considered part of the second generation of the evolution of environmental, social and governance (ESG) investing,” said Luther M. Ragin, Jr., chief investment officer, the F.B. Heron Foundation, in the announcement.

More information is at www.ssga.com.

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