TIAA-CREF's evolution into a firm that paid out $10 billion to more than a half million individuals in 2007 is the subject of a recent article by Brett Hammond, chief investment strategist, Leo Kamp, chief economist, and Douglas Fore, director of portfolio analytics, published in the company's Weekly Market Monitor.
According to the authors, the goal of any retirement system should be to ensure that a retiree's income will be adequate enough to continue through his or her remaining life.
TIAA-CREF, which serves 3.4 million individuals and more than 15,000 institutions, was founded 90 years ago to provide guaranteed retirement income and is uniquely positioned for today's renewed emphasis on retirement income as opposed to the 401(k) model's emphasis on wealth accumulation. The organization has a deep understanding of longevity risk and long-term investing. Perhaps most important, TIAA-CREF has made ensuring lifetime retirement income the center of its mission to help meet the financial needs of the individuals and institutions it serves on the best terms practicable.
TIAA-CREF's combination of choice, value, objective advice, strong historical investment performance1 , staying power and integrity distinguishes the organization from other financial companies and defines its commitment to clients.
TIAA-CREF continues to evolve its approach to providing retirement income. In January 2008, the company introduced a Lifecycle Retirement Income Fund, which seeks a high total return over time, primarily through income, with a secondary emphasis on growth through capital appreciation. Because it is a mutual fund, investors can also withdraw their money at any time.
TIAA-CREF offers a full range of quality retirement products and services with fees that are among the lowest in the variable annuity and mutual fund industries, as measured by Morningstar Direct.2 These efforts serve to renew TIAA-CREF's position as the national leader in providing lifetime retirement income to those in higher education, medical services and other nonprofit organizations.
The complete Market Monitor article is available here.
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161, or go to www.tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing. All TIAA-CREF investment vehicles are subject to market and other risk factors, which could result in loss of principal. Annuity guarantees are based on the claims-paying ability of Teachers Insurance and Annuity Association. Unlike annuities, mutual funds do not guarantee lifetime income.
In addition to the fees and expenses associated with the Lifecycle Retirement Income Fund, there is exposure to the fees and expenses associated with the investments underlying the funds.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity products are issued by TIAA (Teachers Insurance and Annuity Association), New York, NY. Advice and Planning Services is a division of TIAA-CREF Individual & Institutional Services, LLC.
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural
fields with more than $419 billion in combined assets under management (3/31/08).
1Past performance cannot guarantee future results.
2Morningstar Direct (February 2008) based on Morningstar expense comparisons by category.
© 2008 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
