American lifetime income provider TIAA has joined forces with professional services company Accenture to enhance the former’s retirement recordkeeping capabilities and operations.
The collaboration leverages the strengths of both organisations to introduce next-generation technologies and improve recordkeeping services for TIAA’s plan sponsor clients, their employees, and plan consultants.
The terms of the agreement have not been disclosed.
The new partnership builds on an existing relationship between TIAA and Accenture, with both organisations having collaborated on TIAA infrastructure, business processes, and technology projects.
TIAA chief institutional client officer Kourtney Gibson said: “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.”
Accenture will assist with certain aspects of TIAA’s recordkeeping operations from 2025, aiming to enhance efficiency through automation and improved processes over time.
TIAA will maintain full responsibility for retirement plans, recordkeeping services, along with hosting and securing plan data on its platforms. The lifetime income provider will also continue to manage all relationships with plan sponsors, employees, and consultants.
Plan sponsors and consultants will continue to interact with their current TIAA relationship management and consulting teams.
As the partnership progresses, new digital capabilities and artificial intelligence (AI)-enabled tools are expected to be introduced, enhancing the services offered by TIAA’s relationship managers.
Besides, plan consultants will experience upgraded digital tools and expanded reporting features with access to data and insights for their practices.
In addition, the collaboration will focus on developing capabilities that support individual plan participants in securing their financial futures.
Participants will gain access to innovative retirement planning solutions and improved education and advice on various financial topics, designed to help them meet their retirement goals throughout their careers and life stages.
As part of the collaboration, around 1,500 TIAA employees in the US and India will be offered positions at Accenture. The employees, who support TIAA’s back-end recordkeeping operations, will continue in similar client-support roles with the aid of automated tools and improved processes.
Accenture North America CEO Manish Sharma said: “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.
“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.”
