Many large organizations, like universities and hospitals, have long provided their employees with a TIAA Benefits Trust 403(b) retirement plan—but may not be aware of a major record keeping administrative problem they face in maintaining and growing that program.

Legacy participants in the plan, prior to 2008, are considered individuals for record keeping and program administration, whereas post-2008 participant decisions are administered as a group plan. This disjointed governance leads to inefficient, time consuming, and expensive administration costs for an organization, and hindered growth potential for individual and group participant outcomes alike.

Take a look at our graphic that shows the various types of contracts TIAA record keeps for participants and distribution rules for TIAA Traditional.