US -The California State Retirement system (CalSTRS) is to oversee the Los Angeles Unified School District's (LAUSD) defined contribution plan.
CalSTRS will be responsible for holding the records for LAUSD, alongside current record keeper TIAA-CREF, which provides retirement services in the academic, research, medical and cultural fields.
CalSTRS will also oversee education and counselling services for LAUSD employees about the role defined contribution accounts play in a retirement plan.
The LAUSD is the second-largest school district in the US with 110,000 full and part-time employees. The district comprises of about 800 schools and its programme manages $30.3m for more than 2,200 participants.
"We are delighted that LAUSD recognises the expertise CalSTRS brings to helping educators build strong financial futures in retirement," CalSTRS chief executive officer said Jack Ehnes.
"And by leveraging our partnership with TIAA-CREF, we'll give LAUSD plan participants the opportunity to enhance their own retirement security and set a standard for efficiency and benefits."
Steve Schullo, member of the LAUSD 457(b) Retirement Investment Advisory Committee added: "This agreement benefits our members in the Los Angeles Unified School District by providing access to expertise and information from CalSTRS and TIAA-CREF on how to supplement their retirements to build a secure future."
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