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:
- 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.