State Street Global Advisors and the University of California Innovate on Retirement Income Strategy with Launch to Participants - Seite 2

“We are proud to partner with the University of California on its journey to improve retirement security, and also to work across the industry to build the framework that will further empower participants and plans in managing the retirement transition,” said David Ireland, global head of defined contribution at State Street Global Advisors. “We are excited by the opportunity IncomeWise offers retirees at UC and elsewhere.”

The launch at UC reflects collaboration and innovation with a leading plan sponsor, record keeper and insurance provider. State Street has worked in partnership with Fidelity to implement Deferred Lifetime Income as a custom solution on behalf of the University of California. Additionally, State Street conducted a thorough vetting process of insurance providers, culminating in the selection of Metropolitan Tower Life Insurance Company (“MetLife”) as the annuity provider for the 2021 annuitization.

“A predictable and lasting source of retirement income should be the outcome of any qualified retirement plan, ensuring that retirees have a solid foundation for their future,” said Graham Cox, MetLife’s executive vice president and head of Retirement & Income Solutions. “MetLife has been a leader and innovator in the retirement income space for more than 40 years and we are happy to be working with State Street to bring this unique solution to market for UC Retirement Savings Program participants.”

About State Street Global Advisors

For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s third-largest asset manager with US $3.9 trillion* under our care.

*This figure is presented as of September 30, 2021 and includes approximately $60 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

About the UC Retirement Savings Program

The UC Retirement Savings Program is the defined contribution program of the University of California consisting of the 403(b), 457(b) and 401(a) plans with assets of $34.6 billion serving over 300,000 participants.