Washington State University is aware of and monitoring the current Securities and Exchange Commission whistleblower complaint and allegations against TIAA, the service provider for the university’s WSURP and VIP retirement plans.
Given recent news coverage of the SEC investigation and potential concerns that may arise within the WSU community, Human Resource Services has established a website that will provide pertinent information and updates as they become available. The allegations, which TIAA disputes, involve assertions that the company used its online advisor tool and consultants to steer retirement customers to pricier in-house investment products to cover other financial losses.
Potential steps being looked into by the university at this time include:
- Providing educational presentations on investment products, and how to interpret/understand their associated fees/costs and how those impact retirement savings.
- Investigate obtaining a financial consultant to advise the university and the Investment Review and Plan Oversight Advisory Committee.
- Ensuring WSU employees are aware of the Deferred Compensation Plan, a 457b plan, which is administered by the state’s Department of Retirement Systems, an alternative/additional option to the VIP.
- Other options/ideas will be investigated/reviewed.
