There’s a new authority watching over faculty and staff on campus at Wellesley College.
That’s because the all-women’s university today said it is working with TIAA-CREF to re-launch the school's retirement program by offering employees an expanded menu of investment options.
TIAA-CREF will now serve as the sole provider for the college's entire 403(b) defined contribution retirement plan. The Massachusetts college employs an estimated 347 full-time and part-time faculty.
Fidelity Investments and Calvert Investments also formerly served as the plan‘s providers.
The new investment menu features a focused slate of low-cost, mutual fund options as well as a self-directed mutual fund brokerage account, according to TIAA-CREF. The plan will continue to offer its participants advice through TIAA-CREF Advice and Planning Services.
"These changes to our investment menu will benefit plan participants while also enabling Wellesley College to more effectively comply with the new 403(b) plan regulations and our fiduciary responsibility," stated Eloise McGaw, assistant vice president and director of human resources and equal opportunity for Wellesley College.