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Univ of Mount Olive revamps retirement IT

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Abhigna
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NEW YORK, USA: TIAA-CREF announced that the University of Mount Olive (UMO) has selected the company to be sole recordkeeper of its 401(k) retirement plan. TIAA-CREF previously record-kept a portion of the UMO’s 401(k) plan.

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UMO was founded in 1951 and is located in Mount Olive, N.C. By moving to a sole recordkeeping model, UMO will streamline the management of its $15 million retirement plan and take advantage of TIAA-CREF’s open-architecture platform to select from a variety of professionally managed, cost-effective and customized investment options.

As an announcement shared, the university worked with Compass Financial Partners, an LPL Financial firm, located in Greensboro, N.C., to complete a review of its retirement program. The approximately 400 UMO employees enrolled in the retirement plan will have access to a variety of investment options, including TIAA-CREF annuities, which help provide guaranteed lifetime income in retirement, and mutual funds.

UMO employees also will have access to TIAA-CREF financial advisors, who provide personalized retirement advice tailored to individual goals at various life stages, plus online financial advice and resources.

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