This document contains the prepared text for Mr. Hiller’s testimony where he provides TIAA-CREF's expertise as the committee explores adopting changes to ERISA in the context of the current retirement savings environment and to support the Retirement Security Advice Act of 2001 (HR.2269).
Mr. Hiller presents TIAA-CREF’s position that HR.2269 will be a great advantage for individuals who are seeking investment advice to be able to receive it from their retirement plan's financial service provider. Trust of participants is a crucial dimension of their relationship with a financial services firm. The responsibilities of a "fiduciary advisor" are standards that TIAA-CREF currently employ and, under HR.2269, this high standard will be imposed on any financial advisor that wants to provide investment advice to retirement plan participants.
