Strategic partnership builds on TIAA's extensive retirement
experience while leveraging Accenture's technologies so plans are
easier to administer and more engaging for employees
TIAA and Accenture will build enhanced experiences for plan
participants with elevated digital capabilities across enrollment,
money management features, and innovative retirement education and
advice planning solutions
Plan sponsors and consultants will work with their existing TIAA
relationship management and consultant relations teams, which will
have new tools to deliver enhanced services
TIAA remains focused on its mission to provide a more secure
retirement for more Americans, continuing its leadership and
innovation in guaranteed lifetime income for 106 years and
counting
NEW
YORK, Aug. 27, 2024 /PRNewswire/ -- TIAA,
the largest U.S. provider of lifetime income, today announced a
strategic partnership with Accenture (NYSE: ACN) to accelerate the
transformation of TIAA's retirement recordkeeping capabilities and
operations. The agreement capitalizes on the strengths of both
organizations to provide next-generation technologies and enhanced
recordkeeping to TIAA's plan sponsor clients and their employees,
and plan consultants.
Beginning in 2025, Accenture – a leading professional services
company that helps businesses reinvent themselves using technology,
data, and artificial intelligence (AI) – will support parts of
TIAA's recordkeeping operations, making them more efficient through
automation and enhanced processes over time. TIAA will retain full
responsibility for retirement plans and recordkeeping services, as
well as hosting and safeguarding plan data on its platforms. TIAA
also will continue to be responsible for all aspects of
relationships with plan sponsors, their employees, and plan
consultants.
"With more than 40% of American households at risk of running
short of money in retirement, the U.S. faces a real retirement
crisis," said Kourtney Gibson, Chief
Institutional Client Officer at TIAA. "Joining forces with
Accenture and leveraging their capabilities at scale better
positions us to strengthen how we operate, enhance our clients'
experience and deliver on our mission of securing retirements."
New capabilities for plan sponsors and consultants
Plan sponsors and consultants will continue to work with their
existing TIAA relationship management and consultant relations
teams. Over time, the partnership will result in new digital
capabilities and AI-enabled tools for TIAA relationship managers,
enabling them to provide enhanced service for plan sponsors. Plan
consultants will see improvements that include an elevated digital
experience and expanded reporting capabilities with access to data
and insights that can be used across their practice.
Positioning participants for a more secure financial
future
The strategic partnership will develop capabilities that will
help individual plan participants create a more secure financial
future through new digital features – from the moment they enroll,
to managing their retirement plans, to when they're ready to
retire, and into retirement. Planned enhancements include access to
innovative retirement planning solutions featuring simple ways to
track progress toward their retirement readiness.
Over time, they will also see enhanced education and advice
offerings on a wide range of financial topics that can better
prepare them to meet their retirement goals consistently throughout
their careers and life stages.
"The power of AI, cloud and digital ecosystems opens a new world
of opportunities in the way we serve our clients," said
Sastry Durvasula, Chief Information
and Client Services Officer at TIAA. "Now is the perfect time to
partner with Accenture to reimagine our recordkeeping capabilities
and revolutionize the retirement industry."
Providing continuity for clients
Approximately 1,500 TIAA full-time associates in the U.S. and
India will be offered positions at
Accenture, reflecting the important role they will play in
providing continuity and institutional knowledge for clients. These
associates primarily support TIAA's back-end recordkeeping
operations. They will continue to perform similar client-support
roles as they do now, but with automated tools and enhanced
processes. This will integrate Accenture into TIAA's recordkeeping
operations in a way that is seamless to its institutional
clients.
"TIAA's highly skilled professionals play a critical role in
supporting those who depend on the company for their retirement
security, and we're thrilled to welcome them to the Accenture
team," said Manish Sharma, CEO of
Accenture North America. "Our new colleagues will have access to
Accenture's technology, data, and AI capabilities and the resources
to build skills for the future and deliver even greater business
value to clients."
Jack Azagury, group chief
executive, Consulting, Accenture, said: "These advances, combined
with our innovation-focused partnership and shared values, will
accelerate TIAA's ability to provide next-generation capabilities
to clients."
Today's announcement builds upon an existing relationship, with
TIAA and Accenture having successfully partnered on TIAA
infrastructure, business process, and technology projects. Terms of
the agreement are not being disclosed.
About TIAA
TIAA is a leading provider of secure retirements and
outcome-focused investment solutions to millions of people and
thousands of institutionsi. It is the #1 not-for-profit
retirement market provider, paid more than $5.6 billion in lifetime income to retired
clients in 2022ii and has $1.3
trillion in assets under management (as of
6/30/2024).iii
Learn more about TIAA
Read the latest TIAA news
Forward-Looking Statements
Except for the historical information and discussions contained
herein, statements in this news release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as "may,"
"will," "should," "likely," "anticipates," "aspires," "expects,"
"intends," "plans," "projects," "believes," "estimates,"
"positioned," "outlook," "goal," "target" and similar expressions
are used to identify these forward-looking statements. These
statements are not guarantees of future performance nor promises
that goals or targets will be met, and involve a number of risks,
uncertainties and other factors that are difficult to predict and
could cause actual results to differ materially from those
expressed or implied. These risks include, without limitation, that
the partnership might not achieve its anticipated benefits, as well
as the risks, uncertainties and other factors discussed under the
"Risk Factors" heading in Accenture plc's most recent Annual Report
on Form 10-K and other documents filed with or furnished to the
Securities and Exchange Commission. Statements in this news release
speak only as of the date they were made, and Accenture undertakes
no duty to update any forward-looking statements made in this news
release or to conform such statements to actual results or changes
in Accenture's expectations.
About Accenture
Accenture is a leading global professional services company that
helps the world's leading businesses, governments and other
organizations build their digital core, optimize their operations,
accelerate revenue growth and enhance citizen services—creating
tangible value at speed and scale. We are a talent- and
innovation-led company with approximately 750,000 people serving
clients in more than 120 countries. Technology is at the core of
change today, and we are one of the world's leaders in helping
drive that change, with strong ecosystem relationships. We combine
our strength in technology and leadership in cloud, data and AI
with unmatched industry experience, functional expertise and global
delivery capability. We are uniquely able to deliver tangible
outcomes because of our broad range of services, solutions and
assets across Strategy & Consulting, Technology, Operations,
Industry X and Song. These capabilities, together with our culture
of shared success and commitment to creating 360° value, enable us
to help our clients reinvent and build trusted, lasting
relationships. We measure our success by the 360° value we create
for our clients, each other, our shareholders, partners and
communities. Visit us at www.accenture.com.
Any guarantees under annuities issued by TIAA are
subject to TIAA's claims-paying ability. TIAA may establish
additional amounts of interest and income benefits above
contractually guaranteed levels. Additional amounts are not
guaranteed beyond the period for which they are declared.
This material is for informational or educational purposes only
and does not constitute fiduciary investment advice under ERISA, a
securities recommendation under all securities laws, or an
insurance product recommendation under state insurance laws or
regulations. This material does not take into account any specific
objectives or circumstances of any particular investor, or suggest
any specific course of action. Investment decisions should be made
based on the investor's own objectives and circumstances.
Investment, insurance and annuity products are not FDIC
insured, are not bank guaranteed, are not deposits, are not insured
by any federal government agency, are not a condition to any
banking service or activity, and may lose value.
i As of July 21,
2022. Based on data in PLANSPONSOR's 403(b) 2022 DC
Recordkeeping Survey, combined 457 and 403(b) data.
ii As of December 31,
2022. Other benefits from TIAA include: surrender benefits
and other withdrawals, death benefits, health insurance and
disability insurance benefits, and all other policy proceeds
paid.
iii As of June 30,
2024, assets under management (AUM) across Nuveen
Investments affiliates and TIAA investment management teams were
$1,349 billion.
©2024 Teachers Insurance and Annuity Association of
America-College Retirement Equities Fund.
3042440
(08/24)
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SOURCE TIAA