San Diego's National University has chosen TIAA-CREF to serve as sole recordkeeper of its 403(b) plan.
The selection means that TIAA-CREF will be managing more than $80 million in assets for the plan's 1,625 members.
The university is the second-largest private nonprofit institution of higher education in California. It consists of five schools and one college, and offers programs at 27 campuses throughout California, one in Nevada, and numerous online graduate and undergraduate degree programs.
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In considering its retirement plan's options, National University, founded in 1971, worked with Multnomah Group, based in Portland, Oregon.
Plan participants will have access to TIAA-CREF's investment options, including annuities, as well as personalized advice from financial consultants.
The streamlined administration and enrollment processes in using a single recordkeeper are expected to benefit university administrators, as well as to help keep plan costs low.
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