Memo to the Board of Directors. A Board Member & a watch dog from the NYDFS needs to be on milestone calls with Accenture & firm managment constantly to oversee this transition. In case you have not see it, our first real glimpse into the major issues w/Accenture have come from a recent lawsuit filed in the Southern District of NY by a former managing director of TIAA-CREF. Her name is Marcella Gift. The accusations, if proven true, should send shivers down the spine of every Board Member, CFO, and CFO. Read this from the Complaint:
**"106. Ms. Gift provided specific examples of products and services dependent on Record
Keeping Transformation work with Accenture and launching in Q4 2025, which were
experiencing serious challenges. The first was Annuity Payment Automation for the SIA product
recently launched for 401(k) accounts where the recordkeeper is TIAA or another party. The
second was MyChoice MYGA."
"114. By the end of July 2025, there were critical failures in the overarching Accenture/TIAA Recordkeeping partnership, and by September 2025, there were critical failures in the launch of
the products named by Ms. Gift."
"134. As Ms. Gift was under the threat of the written warning, she was forced to comply and said nothing about the documented and unfolding problems. Months later, the launch of MyChoice MYGA was imperiled. Had the observed problems been escalated in June, providing a long runway for a solution to be devised, TIAA teams would not have been working round the
clock, seven days a week, to build and test the technology needed to launch the product. Instead, TIAA product and technology teams were only made aware in September that Accenture would not be able to meet the October delivery date."
"139. Penrose also learned that there were significant problems in the support model from Accenture and that these problems were creating obstacles to achieving necessary goals and
milestones. He was also surprised to hear this. These were the same concerns that Ms. Gift had been raising. This was also inextricably linked to the requirements laid out in the MSA for the NBIA program."
"By July 2025,
the overall Accenture/TIAA recordkeeping performance scorecard was flashing red due to missed milestones and other failings. By September 2025, the ability to launch MyChoice MYGA in October/November 2025 was severely compromised due to critical failures in technology resourcing through RKT, scoping, and achievement of technology delivery
milestones."**
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