TIAA announced today a major partnership with global professional services firm Accenture, aimed at developing the company’s retirement recordkeeping capabilities and operations starting in 2025.
The agreement aims to provide next-generation technologies and enhanced recordkeeping to TIAA’s plan sponsor clients, their employees, and plan consultants. According to the announcement, Accenture will support TIAA’s recordkeeping operations through automation and enhanced processes, while TIAA will keep full responsibility for its retirement plans, recordkeeping services, and its hosting and safeguarding of plan data.
TIAA will also continue to be responsible for its existing relationships with plan sponsors, their employees, and plan consultants.
“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,” said Kourtney Gibson, chief institutional officer at TIAA.
Overtime, TIAA says its relationship will develop new digital capabilities and artificial intelligence (AI)-enabled tools for TIAA relationship managers, all in an effort to help participants secure their financial future. This will include using digital features across all stages, from the moment participants first enroll and into retirement.
“The power of AI, cloud and digital ecosystems opens a new world of opportunities in the way we serve our clients,” added 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.”
According to the release, approximately 1,500 full-time associates in the U.S. and India, who primarily support TIAA’s back-end recordkeeping operations, will be offered positions at Accenture in an effort to streamline the process for institutional clients. They will continue to perform similar client-support roles, but with automated tools and enhanced processes.
“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.”
The announcement today builds upon an existing relationship between TIAA and Accenture. Terms of the deal were not disclosed.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.