Search the News Archive

TIAA-CREF Comment Letter to SEC on Pay Versus Performance Proposed Rule (PDF)

4 pages. "[T]he Proposed Rule could be strengthened by requiring separate disclosures for each PEO that held the position during the required time period. Combining compensation paid to multiple PEOs in a single year, as currently proposed, may obfuscate the board's decisions related to leadership change. This could result in inaccurate representations of information and cause confusion."

Back to the Future: Hybrid Co-operative Pensions and the TIAA-CREF System

"Hybrid retirement plans that combine the best features of defined benefit and defined contribution plans can provide an efficient and equitable method of ensuring retirement security for workers. Co-operative pension structures also enhance retirement security through risk pooling and leveraging economies of scale.... The TIAA-CREF system ... provides an example of a plan design with features of a hybrid co-operative pension. [The authors] examine the historical performance of the core components, TIAA (a guaranteed fixed annuity) and CREF (a variable annuity), discuss key design features, and analyze data on contributions, investment returns, risk pooling, and retirement distribution characteristics." [WP2014-11]

TIAA-CREF Hires Hundreds of Advisors After RIAs, and Fidelity, Pose New Threats

"The non-profit [TIAA-CREF] ... is still working with independent RIAs. But that initiative is playing second fiddle to the ... initiative, announced in October -- to add more than 200 advisors to its internal ranks bringing the number of advisors to nearly 650 by end of 2014. The growth of more than 45% in this division is part of the company's concentrated efforts to reach individuals who are close to retiring and have some $250,000 or more in investable assets."

TIAA-CREF Comment Letter to SEC on Duties of Brokers, Dealers and Investment Advisers (PDF)

"TC Services continues to support a uniform standard of conduct for broker-dealers and investment advisers when providing personalized advice about securities to retail customers.... [We] believe a uniform standard will benefit investors. We agree the distinctions between the suitability standard to which broker-dealers are subject and the fiduciary standard to which investment advisers are subject are not consistently appreciated and understood by investors. At the same time, we believe it is of paramount importance that the Commission establish a common understanding of the framework for such a uniform standard. We support a uniform standard which imposes a duty to act in the best interests of the customer through a duty of loyalty and a duty of care when providing advice about securities, but which also recognizes the value of episodic advice and the nature of such relationships."

TIAA-CREF Opens 'Socially Responsible Investing' Bond Fund

"To date, the world of socially responsible investing (SRI) has been largely focused on equities, while 'green bond' proponents have struggled to get a market off the ground. But the budding market got a boost in late September when TIAA-CREF, the New York City-based retirement plan provider with $481 billion in assets under management, announced the launch of its Social Choice Bond Fund, an actively managed mutual fund, seeded with $50 million in start-up capital."

Remarks by TIAA-CREF CEO on Retirement Security

"Many of you have done research, some of which I'll cite today, that is changing the way we think about retirement, from the perspectives of employers, employees, retirees, and public policy makers. We clearly are at a pivotal moment in the national discussion on retirement security. Over the past 30 years, the responsibility for funding retirement and the associated risks has shifted from employers to individuals." [2010 Martin Feldstein Lecture]

DOL Advisory Opinion on Whether Assets Held in TIAA-CREF 'Traditional Annuity' Are Plan Assets

"After examining the Traditional Annuity, the ERISA regulations and Form 5500 Instructions, the Advisory Opinion concluded that the Traditional Annuity is not a fully allocated contract within the meaning of 29 C.F.R. section 2520.104-44(b)(2). This obtains because upon payment of each contribution or 'premium' to the Traditional Annuity, TIAA-CREF does not unconditionally guarantee to provide a retirement benefit of a certain amount, or a 'specific dollar benefit'."

TIAA-CREF Endorses Legislation Calling for Domestic Partner Benefits

Excerpt: TIAA-CREF today announced its support for H.R. 1820, Tax Equity for Health Plan Beneficiaries Act of 2007, introduced by Congressman Jim McDermott (D-WA) in the House and S. 1556, Tax Equity for Domestic Partner and Health Plan Beneficiaries Act of 2007, introduced by Senator Gordon Smith (R-OR) in the Senate.

Fidelity Fighting for 403(b) Plan Market: 'Renewed Attention' to Unseating Giant TIAA-CREF

Originally published July 23, 2007. Excerpt: The Boston-based firm ranks second in 403(b) plan assets, significantly behind TIAA-CREF Inc., New York. Now, Fidelity executives want to change that. While Fidelity clearly has a stronghold in the corporate 401(k) market -- it is top dog, with about $397 billion in 401(k) assets as of Dec. 31 -- the firm had just $49.8 billion in 403(b) assets under management, a fraction of TIAA-CREF's $370.8 billion[.]

TIAA-CREF 401(k) Plan's Auto Enrollment Sends Participation Rate Skyrocketing

Before Jan. 1, 53% of employees were deferring at least 3% of salary into their 401(k) plans, while another 10% were deferring 1% to 3%. After auto enrollment took effect, the average deferral was 7%, the report said.