TIAA-CREF's Commitment To Service Quality
October 29, 2009
TIAA-CREF continues to broaden our offerings and provide advice to help you make sound financial decisions. At the same time, we have been improving our technology and infrastructure to enhance the quality of service we offer you. We understand this may have caused problems or issues for some clients. The good news is that we have successfully moved all plan and client accounts to our modern, reliable service platform. In addition to facilitating accurate and timely transactions, this new platform can offer many more investment options.
TIAA-CREF remains committed to upholding our historic mission of meeting your financial needs on the best terms practicable. Below, we have posted some frequently asked questions about our service quality.
In addition to the new platform, what are some other examples of improvements you are making?
Our goal is to make it easier for you to do business with us. We believe that is another sign of quality. Our new Quarterly Retirement Portfolio Statements give you more information and help track your accounts while also being easier to read. We are simplifying forms, to make it easier to enroll with us or make account changes. We continue to improve our website and training for phone consultants.
We continue to take steps to help ensure that all participants can rely on their transactions being processed in a timely manner, their account statements being accurate, and queries or complaints responded to and resolved quickly and completely. We will continue to work on accelerating service improvements and improving overall service quality until we feel confident that we can deliver the service that you expect from TIAA-CREF. Our external auditor, PricewaterhouseCoopers, conducted testing related to our SAS 70 (Statement of Auditing Standards No. 70) and validated both the design and operating effectiveness of our controls this year. This serves as independent evidence of the significant improvements in both plan recordkeeping and service delivery and the more than 200 new reporting validations and controls we have instituted.
What have you done to address customer complaints?
Over the past three years, TIAA-CREF has implemented enhanced procedures to identify and resolve customer complaints. The organization has improved its technology infrastructure, revised policies and procedures, and implemented oversight and quality control over complaint capture and regulatory reporting. We strive to avoid issues which result in complaints, but when they do occur, we are ready to respond and resolve them in a timely manner and to the client’s satisfaction.
What if I experience a service problem?
If you experience a problem with your transaction or account, please contact a TIAA-CREF customer service representative at 800 842-2776. Representatives are available Monday through Friday from 8 a.m. to 10 p.m. (ET), and Saturday from 9 a.m. to 6 p.m. (ET). See additional ways to Contact Us. We will work to resolve your problem as quickly as possible.
What benefits can TIAA-CREF clients expect as result of the organization's transformation?
Clients can expect that TIAA-CREF's combination of choice, objective, non-commissioned1 advisors, a commitment to consistent performance2 and guaranteed lifetime income options3 surpasses what is available from many other financial companies. TIAA-CREF operates as a non profit, the primary purpose of which is to serve individuals and institutions in the academic, research, medical and cultural fields.
1 TIAA-CREF compensates the advisors through a salary-plus-incentive program based on client service excellence and financial results. Advisors will only recommend products that help achieve our clients' goals.
2 Past performance cannot guarantee future results. Like most fund families, TIAA-CREF mutual funds have been adversely affected by recent market volatility. For current performance, please visit tiaa-cref.org/performance.
3 Guarantees are subject to the claims-paying ability of the issuer.
TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org for details. Past performance is no guarantee of future results.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY.
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 or log on to www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing.
