TIAA-CREF Wins Two Profit Sharing/401k Council of America (PSCA) Awards
Education & Advice program and Spanish-language financial education cited
New York, September 28, 2010
TIAA-CREF was recognized today by The Profit Sharing/401k Council of America, (PSCA) winning an Education Award for the company’s robust Advice program and a Language and Cultural Diversity Award for the collaboration between TIAA-CREF and Rice University to provide in-language financial education materials, seminars and consultations for the University’s Spanish-speaking employees.
The PSCA awards were presented on September 22nd during the 63rd Annual PSCA National Conference, which took place at a luncheon ceremony in Amelia Island, Florida.
“PSCA’s recognition highlights the quality and distinctiveness of our comprehensive advice program,” said James Nichols, TIAA-CREF’s vice president of Enterprise Advice. “We believe the personalized, non-commissioned, objective advice we offer individuals throughout every phase of their career and into retirement is unique in our industry.”
TIAA-CREF launched its advice program in 2005. Today, retirement consultants in over 60 regional offices provide clients with objective, non-commissioned advice at no additional cost. These consultants receive no sales commission as part of their total compensation and therefore only recommend products that help achieve clients’ goals. TIAA-CREF compensates consultants through a salary-plus-incentive program based on client service excellence and financial results. More than half of those clients who take advantage of the advice program choose to save more, revisit their portfolio allocation, or both. They also increase their diversification from three asset classes to nine on average.
“The joint award with Rice University, our first institutional partner in presenting Spanish-language financial education seminars and one-on-one counseling sessions about the importance of saving for retirement, represents an important component of our commitment to serving Spanish speaking workers in the non-profit community,” said Charlotte Boc, co-leader of the U.S. Hispanic/Latino initiative at TIAA-CREF.
The successful partnership between Rice University and TIAA-CREF began in October 2009, when TIAA-CREF held two presentations for 70 Spanish-speaking Rice University employees, followed by Spanish language one-on-one counseling sessions. Designed specifically to raise awareness about planning and saving for retirement, the presenters were Spanish-speaking TIAA-CREF employees from the company’s National Contact Center in Lewisville, Texas.
TIAA-CREF is committed to helping people plan for lifetime retirement income. TIAA-CREF recently launched “Become Your Future You,” an integrated marketing and advertising campaign that urges people to think about their futures, how they must plan to achieve their goals, and how TIAA-CREF can help them pursue those goals.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $410 billion in combined assets under management (6/30/10) 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.
Chad Peterson, TIAA-CREF
firstname.lastname@example.org, 704 988-6811
PSCA Signature Awards are based on evaluations of retirement program characteristics and marketing objectives. Awards do not reflect performance of participant accounts or products.
Diversification is a technique to help reduce risk. There is no absolute guarantee that diversification will protect against a loss of income.
Advisory services are provided by Advice and Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a registered investment advisor.
TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org for details.