NEW YORK, June 19, 2012 – TIAA-CREF today announced that the San Diego County Water Authority has selected the financial services organization to manage its defined contribution and deferred compensation plans. The San Diego County Water Authority is a public agency serving the San Diego region as a wholesale supplier of water from the Colorado River and Northern California.
Under the new agreement, retirement funds managed by the San Diego County Water Authority’s previous administrator will now be administered by TIAA-CREF, beginning this month.
"TIAA-CREF was the best partner for us because of the full suite of investment capabilities, cost-effective compliance services, and the educational and advisory services they offer our participants,” said Susan Leone, director of human resources for the San Diego County Water Authority. “With TIAA-CREF, our plan fees will be substantially lower, so more money will stay in our employees’ accounts.”
“TIAA-CREF values the chance to support the San Diego County Water Authority and its employees and assist in their retirement planning,” said Richard Hiller, senior vice president, government market for TIAA-CREF.
San Diego County Water Authority plan participants will also gain access to advice from TIAA-CREF financial consultants, who provide objective, personalized retirement planning advice1 tailored to individuals’ diverse goals and life stages; new investment options, which will provide exposure to a wide number of asset classes and new target date funds; and an interactive, customized website.
The plans will also include TIAA-CREF's self-directed brokerage option, which allows plan participants to access thousands of mutual funds not found in the investment menu.
The San Diego County Water Authority is a public agency serving the San Diego region as a wholesale supplier of water from the Colorado River and Northern California. The water authority works through its 24 member agencies to provide a safe, reliable water supply to support the region’s $186 billion economy and the quality of life of 3.1 million residents.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $487 billion in combined assets under management (as of 3/31/12) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
1 Using an advice methodology from Ibbotson Associates, Inc.
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