Hello all,
Had not seen this posted yet.
"As part of the upcoming plan changes, the State University of New York (SUNY) has developed a new default investment option for the plans or, said differently, a new North Star for plan participants. The SUNY Targeted Allocation Retirement Series (STARS) will help you chart your course to a secure retirement and serve as the plans’ default investment option, replacing the current TIAA default choice."
https://www.tiaa.org/public/tcm/suny
https://www.tiaa.org/content/dam/tiaa/m ... _guide.pdf
They just forced new contributions into an RC account and rebranded to add Nuveen in many of their investment options and now this. It appears to target new enrollees with no allocation decisions and anyone who was in a target date funds that was rebranded to Nuveen Lifecycle.
"If you currently hold a balance in any of the TIAA Access Nuveen Lifecycle variable annuities in your Retirement Choice (RC) account, on or about July 23, 2024, you will be enrolled in a new account and a STARS model portfolio based on the year you turn 65"
My thoughts
1. too many changes to what has been a solid retirement company
2. defaulting to 65 as retirement age when retirement eligibility begins at 55 in SUNY may not be wise
3. can many benefit from target date - of course
4. 6 funds in model portfolios (page 6 of PDF)
5. 14 different portfolios in 4 year birth year clusters
6. not sure if you have to opt out if not in a Nuveen lifecycle now
7. 120 day reentry timeline to get back in once opted out
8. "Is there a cost?
If you use STARS, or if you don’t select investment options and it becomes your default investment, you will be charged 60¢ annually for each $1,000 in your account managed by the series. This fee will be deducted from your account each quarter and reflected on your quarterly statement as a “TIAA RetirePlus Pro® fee.”"
9. "The service has been designed specifically by SUNY and its investment advisor, CAPTRUST, for your retirement plan using the TIAA RetirePlus Pro® service"
10. "The Plan Fiduciary and the Plan Advisor may determine that an underlying investment(s) is appropriate for a model portfolio, but not appropriate as a stand-alone investment for a participant who is not participating in the program."
11. This is no doubt stressful for anyone who is paying attention or is close to retirement. These 24 page brochures are not cheap, guess I will sit in on a webinar or two.
Had not seen this posted yet.
"As part of the upcoming plan changes, the State University of New York (SUNY) has developed a new default investment option for the plans or, said differently, a new North Star for plan participants. The SUNY Targeted Allocation Retirement Series (STARS) will help you chart your course to a secure retirement and serve as the plans’ default investment option, replacing the current TIAA default choice."
https://www.tiaa.org/public/tcm/suny
https://www.tiaa.org/content/dam/tiaa/m ... _guide.pdf
They just forced new contributions into an RC account and rebranded to add Nuveen in many of their investment options and now this. It appears to target new enrollees with no allocation decisions and anyone who was in a target date funds that was rebranded to Nuveen Lifecycle.
"If you currently hold a balance in any of the TIAA Access Nuveen Lifecycle variable annuities in your Retirement Choice (RC) account, on or about July 23, 2024, you will be enrolled in a new account and a STARS model portfolio based on the year you turn 65"
My thoughts
1. too many changes to what has been a solid retirement company
2. defaulting to 65 as retirement age when retirement eligibility begins at 55 in SUNY may not be wise
3. can many benefit from target date - of course
4. 6 funds in model portfolios (page 6 of PDF)
5. 14 different portfolios in 4 year birth year clusters
6. not sure if you have to opt out if not in a Nuveen lifecycle now
7. 120 day reentry timeline to get back in once opted out
8. "Is there a cost?
If you use STARS, or if you don’t select investment options and it becomes your default investment, you will be charged 60¢ annually for each $1,000 in your account managed by the series. This fee will be deducted from your account each quarter and reflected on your quarterly statement as a “TIAA RetirePlus Pro® fee.”"
9. "The service has been designed specifically by SUNY and its investment advisor, CAPTRUST, for your retirement plan using the TIAA RetirePlus Pro® service"
10. "The Plan Fiduciary and the Plan Advisor may determine that an underlying investment(s) is appropriate for a model portfolio, but not appropriate as a stand-alone investment for a participant who is not participating in the program."
11. This is no doubt stressful for anyone who is paying attention or is close to retirement. These 24 page brochures are not cheap, guess I will sit in on a webinar or two.
Statistics: Posted by SUNYalum — Wed Jun 26, 2024 5:01 pm — Replies 3 — Views 262