Company Profile
Company Overview
TIAA-CREF
Participants: 3.7 million
Institutions: 15,807
Employees: 7,821
Locations: Major operations in New York City (New York), Charlotte (North Carolina) and Denver (Colorado) as well as more than 80 local offices nationwide.
Total Assets Under Management: $481 billion (as of 6/30/12)
Retirement Income: One of the largest private providers of retirement benefits nationwide. Enrollment Rates: We’ve enrolled an average of 170,000 new pension clients per year for the last four years.
Client Contributions: Our participants and their associated institutions contributed $16 billion toward participant retirement savings in 2011.
Lifetime Income Payouts: 262,000 participants received annualized payments of $4.3 billion through TIAA-CREF lifetime annuity contracts in 2011.
Wealth Advisors: 199 Wealth Management Advisors Advice Sessions 146,848 advice sessions held in 2011
Awards and accolades
*In a recent survey of 30 companies, TIAA-CREF participants had the highest average retirement account balances.
*Diversity Trailblazer” award, Diversity Forum (2009).
*Portfolio Advisor winner of Managed Solution of the Year by Money Management Institute 2010.
*Listed among the “40 Best Companies for Diversity” by Black Enterprise five years in a row (2007, 2008, 2009, 2010, 2011 and 2012).
*Best Companies for Latinas,” Latina Style (2011).
*100% rating for support of LGBT employees,” Human Rights Campaign Corporate Equality Index (2010, 2011).
*Awarded eight “Best in Class” honors as part of Plan Sponsor’s 2011 DC Survey for our participant and plan sponsor services
*Named among the “100 Best Companies for Working Mothers” by Working Mother (1996, 2001, 2002, 2003, 2011)
*Listed as one of the “Top 10 Companies for Executive Women” by the National Association of Female Executives (NAFE) (2012)
Performance and Ratings Market Share TIAA-CREF is the not-for-profit retirement market leader, ranked first in total assets under management.
*TIAA-CREF is the leader in the combined public and private K-12 retirement market.
*TIAA-CREF has assets of approximately $27 billion in the healthcare segment for retirement assets.
Pensions & Investments
*TIAA is one of the top ten managers of equity assets based on institutional tax-exempt assets under management.
*TIAA is one of the top ten managers of fixed income assets based on institutional tax-exempt assets under management.
*TIAA is the largest real estate manager of U.S. tax-exempt assets.
Morningstar
*97% of our mutual funds and annuities received an overall Morningstar rating of three or more stars across all asset classes (66% – 3 stars, 29% – 4 stars, 2% – 5 stars; as of 6/30/12).
*The expense ratio on all mutual fund products and variable annuity accounts managed by TIAA-CREF is generally less than half the mutual fund industry average. Lipper/Barron’s ranked 13 out of 58 mutual fund families based on asset-weighted total returns (as of 12/31/11).
Insurance Company Ratings for TIAA
*TIAA is among the highest-rated insurance companies in the United States. TIAA is one of only three insurance groups in the United States to hold the highest ratings currently awarded from all four leading independent insurance industry ratings agencies.
*A.M. Best: Financial strength is A++ (as of 4/12).
*S&P: Financial strength is AA+ (as of 5/12).
Moody’s: Financial strength is Aaa (as of 6/12).
*Fitch: Financial strength is AAA (as of 6/12).
In all it does, TIAA-CREF strives to uphold its historic mission: helping to meet the financial needs of the institutions and individuals we serve on the best terms practicable.
Company History
Origins of TIAA and CREF
In 1918, Andrew Carnegie and his Carnegie Foundation established Teachers Insurance and Annuity Association (TIAA), a fully-funded system of pensions for professors. Funding was provided by a combination of grants from the foundation and Carnegie Corporation of New York, as well as ongoing contributions from participating institutions and individuals.
After World War II, in reaction to rising inflation and lengthening life expectancies, TIAA recognized the need for its participants to invest in equities in order to diversify their retirement funds. In 1952, TIAA created the College Retirement Equities Fund ("CREF") for that purpose.
Benefits
At TIAA, employee benefits are a key component of our total compensation and benefits package. We offer a comprehensive benefits package to help employees protect their family, plan for the future and manage their personal and financial goals. Following is a brief description of the benefits available to employees of TIAA.
As a TIAA employee, you have access to a highly competitive benefits package that includes the following plans:
Retirement
401(k), including an excess plan
Medical coverage, including prescription drug coverage
Dental coverage
Vision care
Long– and short-term disability
Life insurance
Flexible spending accounts
Paid time off
Work/life programs
Tuition reimbursement
Adoption assistance
Fitness reimbursement
Commuter benefits
Backup childcare