University Park, Pa. -- Penn State recently announced important changes to the current investment options in employee retirement plans provided by TIAA-CREF. These changes were made to reduce overall fund expenses and give employee’s retirement account balances more earning potential.
These changes included the transition of TIAA-CREF Lifecycle Funds that are currently offered in the plan’s investment menu into Lifecycle Index Funds, which will have similar investment strategies, but lower management fees and expenses.
Additionally, the plan’s other TIAA-CREF mutual funds have been transitioned into other TIAA-CREF mutual funds that have identical investment strategies, but lower management fees and expenses.
Employees who currently are invested in TIAA-CREF do not need to take any action; the required changes in employee accounts have happened automatically. These changes do not affect the employee’s current investment allocation, and the investment strategies of the replacement funds are essentially the same as their current funds. They are just offered at a much lower cost to the employee.
To learn more about the new investment options, visit the dedicated Penn State retirement plan website at http://www.tiaa-cref.org/psu.
TIAA-CREF’s consultants are available at no additional charge for employees who want more information about the new investment options. Employees also can call to ensure that their current retirement portfolio is in line with their retirement goals. To speak with a TIAA-CREF consultant, call 800-842-2776, between 8 a.m. and 10 p.m. from Monday to Friday, and between 9 a.m. and 6 p.m. on Saturday.