Products August 30, 2016

TIAA Clients Will Soon Use ‘Voice Biometric’ Account Authentication

TIAA says voice recognition technology offers customers a “fast, easy and secure password alternative.”
Reported by

TIAA announced the launch of its new voice biometric authentication system, aimed at improving customer account security and ease of access. 

The digital technology allows for a more seamless customer experience, the firm says. With the voice recognition functionality, TIAA customers can create a “voiceprint” to securely identify themselves when they call to speak to a representative, transfer funds or check their account balances. The technology eliminates the need to remember yet another password, PIN or account number.

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Scott Blandford, executive vice president and chief digital officer at TIAA, explains that when customers enroll in the functionality, the TIAA system will “meticulously capture their unique voiceprint.” By using their secure vocal password, customers will be able to skip many of the various authentication steps used today, he notes, and the system is equipped to detect and safeguard against voice recordings.

Voice biometrics is now available to most TIAA retirement participants. For more information, visit www.tiaa.org/public/land/voice-biometrics.  

Products August 29, 2016

Cafaro Greenleaf Adds to HSA Advisory Capabilities

The national advisory firm announced the addition of HSA tax-exempt savings analysis to its core service lineup. 
Reported by

Cafaro Greenleaf, a national advisory firm for corporate and public retirement plans headquartered in Red Bank, New Jersey, has announced a new service that will provide analysis of health savings accounts (HSAs) for clients.

As the firm explains, HSAs are tax-exempt private savings accounts for adults who are covered by a high-deductible health plan, designed for the purpose of paying or reimbursing qualified current and future medical, dental, vision, alternative, and preventative care expenses for an individual, spouse or family. They were created to lower overall health care costs without compromising quality and choice in medical care.

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“With an HSA, you can make tax-deductible contributions to pay for health care costs,” explains Wayne Greenleaf, managing principal of CG. “What you don’t use in any given year will stay invested and continue to grow tax-free. The money saved in a HSA can also be withdrawn for medical expenses without incurring any federal tax liability. In short, an HSA is like a 401(k) for medical expenses, because withdrawals for qualified expenses are tax-free. If you can afford the higher deductible and higher annual max, the combination of a high-deductible health plan and an HSA can help you to build up savings to cover the inevitable out-of-pocket health care expenses you’re likely to encounter in retirement.”

Cafaro Greenleaf ensures a fiduciary process around the selection, monitoring and reporting on the HSA’s investments.

“Many HSAs inefficiently sit in money market accounts and are under-utilized as a retirement savings vehicle,” the firm warns. “From optimal plan design and implementation to in-person education and reporting, Cafaro Greenleaf will ensure participants maximize the benefits that an HSA offers. They will extend their independent advice and tailored support to HSAs, helping clients invest in the future health of their employees.”

More information is available online here. 

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