New TIAA-CREF Whitepaper Reviews Basic Requirements and Best Practices for Retirement Plan Sponsors

NEW YORK, April 19, 2010

A new whitepaper released today by TIAA-CREF highlights critical steps retirement plan sponsors can take to uphold their fiduciary obligations and help plan participants maximize their retirement savings.

The whitepaper, “Minimizing Risk and Maximizing Outcomes,” provides guidance to help plan sponsors understand their role as a fiduciary, reviews strategies to minimize fiduciary and compliance risk, and details seven best practices that can serve to improve performance in areas such as plan design, governance and oversight.

“Research has shown that more than a year after the final 403(b) regulations went into effect, nearly half of plan sponsors have difficulty understanding them,” said Teresa Hassara, Senior Managing Director, Institutional Client Services at TIAA-CREF. “This white paper makes it easier for plan sponsors to address the challenges of an evolving regulatory environment. It’s the latest addition to a suite of educational resources, services and tools TIAA-CREF has developed to help plan sponsors fulfill their fiduciary and compliance obligations, and meet the lifetime financial needs of their employees and retired participants.”

Plan sponsors may obtain a copy of the whitepaper here. Other resources available to plan sponsors from TIAA-CREF include:

  • Fiduciary education, including communication and training for administrators through consultation, access to subject matter experts, a comprehensive guide, checklist and other educational support.
  • Plan document services for creating, modifying or updating plan documents and helping to remain compliant with IRS and Department of Labor regulations.
  • Investment consulting to develop investment policy guidelines, assist with investment menu design and conduct annual investment reviews.
  • Compliance monitoring services to help minimize risk and promote plan compliance in such areas as loan and hardship withdrawals, contribution limits, nondiscrimination testing and universal availability.
  • Employee education and advice for participants through a broad range of programs including individual objective counseling and advice, seminars, publications and online tools and resources.
  • Plan review and financial reporting services, including annual plan reviews and support for audit requirements associated with Form 5500 financial reporting.

About TIAA-CREF

TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $414 billion in combined assets under management (12/31/09) and the leading provider of retirement services in the academic, research, medical and cultural fields.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.

Media Contact:
Abby Aylman Cohen, Manager, Corporate Media Relations
aacohen@tiaa-cref.org, 212 916-4381, Cell: 917 596-4758

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