NEW YORK, July 16, 2013 – TIAA-CREF, a leading financial services provider, today held the CREF1 annual meeting at its Charlotte, N.C., campus. TIAA-CREF provides retirement plans, IRAs, mutual funds, brokerage services, life insurance, college savings plans, trust services and outsourced endowment management services to the non-profit market.
"Helping our clients achieve financial well-being throughout all stages of their lives has been at the forefront of who we are and how we do business for more than 95 years,” said Roger W. Ferguson Jr., president and chief executive officer of TIAA-CREF. “This past year, we’ve continued to strengthen TIAA-CREF’s financial position while also enhancing our products and services to meet the changing needs and demands of our clients.”
Ferguson cited the following key indicators of the organization’s strong financial position:
Ferguson reaffirmed TIAA-CREF’s commitment to putting its clients first and outlined the progress the organization is making to expand and enhance its products and services, including:
In meeting-related actions, CREF participants:
In addition, TIAA policyholders expressed support for the organization’s executive compensation policies through an advisory vote on the compensation of TIAA’s named executive officers. Preliminary results of the TIAA advisory vote on executive compensation show that approximately 79 percent of TIAA policyholders who voted approved of the quality of TIAA's executive compensation plan and disclosure, including its connection to performance, achievement of TIAA’s business objectives and creation of long-term value for policyholders.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $523 billion in assets under management (as of 06/30/13) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
1 CREF is a SEC-registered investment company and the companion organization to TIAA, a New York-based life insurance company.
2 For its stability, claims-paying ability and overall financial strength, Teachers Insurance and Annuity Association of America (TIAA) and TIAA-CREF Life Insurance Company (TIAA Life) are one of only three insurance groups in the United States to currently hold the highest possible rating from three of the four leading insurance company rating agencies: A.M. Best (A++ as of 6/15), Fitch (AAA as of 9/15) and Standard & Poor's (AA+ as of 7/15) and the second highest possible rating from Moody’s Investors Service (Aa1 as of 8/15). There is no guarantee that current ratings will be maintained. Ratings represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities or any other product or service not fully backed by the issuer’s claims-paying ability.
3 Source: LIMRA, Not-for-Profit Market Survey, first-quarter 2013 results. Based on a survey of 28 companies; TIAA-CREF assets under management by market segment estimated; segment breakdown based on 20 companies.
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161, or go to tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing.
Per S&P criteria, the downgrade of U.S. long-term government debt limits the highest rating of U.S. insurers to AA+ (the second-highest rating available). There is no guarantee that current ratings will be maintained. Ratings represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities, mutual funds or any other product or service not fully backed by TIAA’s claims-paying ability.
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, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, 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.
College Savings Plans are managed by TIAA-CREF Tuition Financing, Inc. (TFI).
Life Insurance is issued by TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017. TIAA-CREF Life Insurance Company (TIAA-CREF Life) is a wholly owned subsidiary of Teachers Insurance and Annuity Association (TIAA).
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.