Products August 17, 2010

TIAA-CREF Gets Nod by NC School District

TIAA-CREF has been selected by the Chapel Hill-Carrboro City Schools in North Carolina as a 403(b) retirement plan provider.  

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A TIAA-CREF news release said Chapel Hill-Carrboro City Schools has also selected TIAA-CREF’s Compliance Coordinator service, a Web-based tool designed to help plan sponsors with multiple investment providers ensure that all loans and hardship withdrawals comply with applicable regulations.

Chapel Hill-Carrboro City Schools’ 1,500 eligible employees will have access to investment advice through Verity Investments, a Durham, North Carolina-based RIA that works on a fee-for-service basis.

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“In reevaluating our retirement plan, it was important to us to find a service to help us simplify administration, even with a reduced number of providers,” said Ruby Pittman, Executive Director of Budget and Finance, Chapel Hill-Carrboro City Schools, in the announcement. “We wanted to ensure our employees had access to high-quality investment advice from local, fee-based Registered Investment Advisors (RIAs) with expertise in 403(b) plans. By adding TIAA-CREF we will be able to help both our participants and the RIAs with whom they choose to work.”
Deals & People August 17, 2010

Broadridge Announces Agreement to Acquire NewRiver

Broadridge Financial Solutions, Inc. has signed an agreement to acquire NewRiver, Inc., a provider of electronic investor disclosure solutions, for approximately $77 million.

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The merger agreement has been approved by the Boards of Directors of both companies, and the transaction is expected to close in August subject to customary closing conditions.   

According to a press release, NewRiver has been an important supplier to Broadridge for nearly 10 years. The acquisition strengthens Broadridge’s compliance communication capabilities.  

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NewRiver’s associates, located in Andover, Massachusetts, and New Delhi, India, will become part of Broadridge’s Investor Communication Solutions division.  

More about Broadridge is at http://www.broadridge.com.

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