TIAA Launches New Mobile Enrollment to Encourage Positive Savings Behaviors
September 30, 2020 by TIAA
NEW YORK, Sept. 29, 2020 /PRNewswire/ — TIAA unveiled a new mobile experience that makes it easier for participants to manage their retirement plans. The enhanced experience allows clients to quickly and securely enroll in their plans, change contributions, set investment strategy and update personal details. It streamlines the enrollment process into a few easy steps and provides recommendations for participants who may need guidance along the way.
The sleek and responsive design shows participants only the most important and action-oriented information in order to ease the on-boarding process and help facilitate decision making. These updates will continue to help participants save for their retirement as they navigate unprecedented challenges brought by COVID-19.
“It’s important that plan sponsors continue to encourage retirement plan participation – even in times of crisis – to help create positive long-term financial outcomes for their participants,” said Doug Chittenden, Head of Institutional Relationships at TIAA. “We’re pleased to work with them to achieve this goal by providing an attractive and informative experience that can help further engagement in an efficient format.”
Participants can now determine and set their election rates with the benefit of knowing and seeing their employer’s contribution and match, along with the amount that will be deducted from their pay each pay period. The new experience also offers a simple way for clients to confirm and update beneficiary information.
To support participants with investment selection, the new experience provides three options:
- “Choose for me” – Participants will be quickly enrolled based on their plan sponsor’s default option.
- “Help me choose” – TIAA will walk participants through options1 based on their retirement goals and help them make decisions on all account options including information on how guaranteed2 income can impact a participant’s financial future. In this option, participants can choose an investment mix that matches their risk tolerance. Within each asset class, they can allocate their exposure to plan options.
- “Choose from a List of Available Investments” – Participants interested in creating their own asset allocation can choose from a list of available investment options.
“In order to best support clients throughout their full financial lives, we’re constantly working to meet them where they are and engage in ways that create convenience,” said Scott Blandford, Head of TIAA Financial Solutions Technology and Chief Digital Officer. “We’re committed to continually raising the bar on our digital capabilities to help encourage positive savings behaviors so that clients are better off no matter their financial situation or goals.”
Expanded Digital Capabilities
In addition to enhanced mobile enrollment, TIAA has launched expanded capabilities on Amazon Alexa and Apple’s Siri, today’s leading digital assistants for devices ranging from smart phones, watches and displays to speakers such as Amazon’s Echo and Dot. For TIAA clients, new features include personalized account information, such as balance inquiry for retirement, TIAA Bank and brokerage, tax updates, and advisor and office location look-ups.
Ready to start your own conversation with Alexa? Enable TIAA’s Alexa skill.
With an award-winning3 track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1.1 trillion in assets under management (as of 6/30/20204) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.
1 Based on models by Morningstar Investment Management, LLC.
2 Any guarantees under annuities issued by TIAA are subject to TIAA’s claims-paying ability.
3 The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. Lipper Leaders fund ratings do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. For more information, see lipperfundawards.com. Lipper Fund Awards from Refinitiv, ©2020 Refinitiv. All rights reserved. Used under license. The Award is based on a review of risk-adjusted performance of 39 companies for 2016, 36 for 2017, 35 for 2018 & 2019, and 30 for 2020. The award pertains only to the TIAA-CREF mutual funds in the mixed-asset category. Without such waivers ratings could be lower. Past performance does not guarantee future results. For current performance, rankings and prospectuses, please visit TIAA.org.
4 Based on $1.1 trillion of assets under management across Nuveen affiliates and TIAA investment management teams as of 6/30/20.
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