Governor Chafee, Treasurer Raimondo and TIAA-CREF CEO Ferguson to
Commemorate Opening at Ribbon Cutting
PROVIDENCE, R.I., Sept. 19, 2012 - TIAA-CREF, a leading financial services provider, will mark the grand opening of its Providence office with a ribbon-cutting ceremony Wednesday, Sept. 19 at 11 a.m. TIAA-CREF President and CEO Roger W. Ferguson Jr. will join Rhode Island Governor Lincoln D. Chafee and General Treasurer Gina M. Raimondo to welcome TIAA-CREF clients, employees and special guests.
“I am proud to celebrate the opening of TIAA-CREF’s first Rhode Island office,” Governor Chafee said. “Although this marks the beginning of their physical presence in our state, TIAA-CREF has been serving Rhode Island for 80 years. This new office, however, demonstrates TIAA-CREF’s continued commitment to Rhode Islanders, and is a welcome addition to the state’s economy.”
“TIAA-CREF is an essential partner in providing retirement security for our valued public employees,” Treasurer Raimondo said. “By opening an office in Providence, they are furthering their commitment to the state by providing robust and dependable customer service.”
With the launch of the Rhode to Retirement Program this summer, TIAA-CREF professionals now will help 30,000 Rhode Island public employees build retirement readiness by offering personalized, objective advice to help develop their retirement plans.
“We’ve had a long-standing commitment to Rhode Island since we started serving Brown University in 1920, and we’re very pleased to have a new office dedicated to serving local clients,” Ferguson said. “We welcome all of our Rhode Island clients – both the new and the familiar – to come for one-on-one counseling and objective advice about saving and investing so they can build their own financial well-being.”
This advice has helped thousands of other TIAA-CREF plan participants take positive action toward their retirement readiness. For example, more than half of employees who received TIAA-CREF’s advice increased their contributions. Over a 30-year career, that could result in $200,000 more in retirement savings* – or $1,100 more a month for life.**
The Providence office opening is a part of a continuing effort by TIAA-CREF -- with more than 80 offices nationwide -- to get closer to the institutions and individuals it serves. TIAA-CREF manages assets for more than 50,000 Rhode Island residents and administers plans for 213 nonprofit educational, research and health care institutions in Rhode Island including Brown University, the University of Rhode Island and Rhode Island College. Additionally, TIAA-CREF’s real estate investments in Rhode Island include properties such as the Warwick Center.
The TIAA-CREF office is located in Suite 102 at the Gateway Center, 15 Park Row West. The office is staffed with client-service professionals who can provide customized investment advice to plan participants in Providence and its surrounding areas. The new office also will be used to provide financial planning seminars and educational workshops for plan administrators.
TIAA-CREF ( www.tiaa-cref.org) is a national financial services organization with $481 billion in assets under management (as of 6/30/12) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
Chad Peterson, TIAA-CREF
email@example.com / 888-200-4062
* Based on TIAA-CREF proprietary research, 2010-2012. In 2010, the average annual contribution of premium paying participants who took advantage of our Advice offering was $11,900 prior to the session and $13,700 after the session, representing an increase of 15%. Hypothetically, over a 30-year period, the additional accumulation at retirement will be $204,388. This assumes end-of-month contributions, 6% annual rate of return and 3% annual premium increase rate.
** The payout annuity in all cases assumes a 65 year old retiree, single life annuity with 10 years guaranteed, 4% rate of return, and the mortality assumptions used in computing current total income under TIAA pension payout annuities. The experience of each investor depends on a number of factors and individual experience will vary. These calculations are purely hypothetical and do not illustrate past or projected performance. Past performance is not indicative of future returns. Account balances depend on employee and employer contribution rates as well as performance of the investments selected.
Objective advice is provided by TIAA-CREF through the Ibbotson advice tool.
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.
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.
© 2012 Teachers Insurance and Annuity Association-College Retirement Equities Fund, New York, NY 10017