TIAA

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TIAA
Company type
Non-profit corporation owning subsidiaries for-profit
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Headquarters730 Third Avenue,
New York City, New York
,
United States
Key people
Thasunda Duckett (CEO)[1]
Roger W. Ferguson Jr. (former CEO)
ProductsFinancial services
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AUMIncrease US$1.3 trillion (2020)[2]
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Total equityIncrease US$ 38.871 billion (2020)[1]
Number of employees
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SubsidiariesNuveen, TIAA Bank, Westchester Group
Websitetiaa.org

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The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, formerly TIAA-CREF) is an American financial services organization that is a private provider of financial retirement services in the academic, research, medical, cultural and governmental fields. TIAA is listed on the Fortune 100 and serves over 5 million active and retired employees participating at more than 15,000 institutions and has $1 trillion in combined assets under management with holdings in more than 50 countries (as of December 31, 2017).[2]

Profile

Long organized as a tax-exempt non-profit organization, a 1997 tax bill removed TIAA's tax exemption.[3] It is now organized as a non-profit organization, the TIAA Board of Governors,[4] with taxable subsidiaries; all profits are returned to policyholders.[citation needed]

TIAA bought its Manhattan headquarters building, 730 Third Avenue, in 1955.[5][6] It has major offices in Denver, Colorado; Charlotte, North Carolina; Chicago, Illinois; and Frisco, Texas; as well as 70 local offices throughout the U.S. In 2018, TIAA ranked 84th on Fortune's list of the 500 largest corporations in America.[7] As of 2017, TIAA is the largest global investor in agriculture, the second-largest grower of wine grapes in the United States (by acreage), and the third-largest commercial real estate manager in the world.[2]

History

In 1918, Andrew Carnegie and his Carnegie Foundation for the Advancement of Teaching, under the leadership of Henry S. Pritchett, created the Teachers Insurance and Annuity Association of America (TIAA), a fully funded system of pensions for professors. Funding was provided by a combination of grants from the foundation and the Carnegie Corporation of New York, as well as ongoing contributions from participating institutions and individuals.[8][unreliable source] The policyholders voted in 1921 to implement policyholder representation on the TIAA board so that educators would have a role in running the organization.[9][10]

TIAA's namesake and signature investment/insurance product is the TIAA Traditional, which offers a contractually guaranteed return on principal and, at the discretion of the board of trustees on a periodic basis, additional profit/dividend interest over and above the guaranteed return. From the relatively illiquid and stable, long-term investments of its general account, TIAA has been able to consistently add some dividends to TIAA Traditional contributions since 1948.[11]

Annuities and real estate

In 1952, TIAA created the College Retirement Equities Fund (CREF) a variable annuity, in order to diversify its retirement funds.[12]

In 1995, TIAA introduced the TIAA Real Estate account, also a variable annuity, but more stable than equity investments and more flexible than TIAA Traditional.[11]

21st century

On June 15, 2007, TIAA became one of the first U.S. companies to voluntarily adopt, and the first to implement, a policyholder advisory vote on executive compensation policy.[citation needed]

On February 22, 2016, TIAA-CREF rebranded as simply TIAA as part of a new marketing and imaging campaign. CMO Connie Weaver explained that the old name was perceived by customers as being complicated, and that the new branding scheme was meant to portray a simpler and friendlier image of the organization.[13][14]

Environmental Impacts

In May 2021, TIAA announced its net zero by 2050 commitment for the General Account.[15] In 2022, TIAA’s annual climate report, “Ensuring Our Future,”[16] stated that TIAA views climate risk as investment risk. A November 2022 report from the Institute for Energy Economics and Financial Analysis (IEEFA) asserts that TIAA’s failure to divest its fossil fuel holdings to clear its portfolio of financial and environmental risk is strategically unsound.[17]

On October 19, 2022, nearly 300 TIAA clients filed a complaint with the UN-supported Principles for Responsible Investment initiative (PRI), asking PRI to remove TIAA from its list of sustainable investors.[18] TIAA is one of the world’s largest fossil fuel investors,[19] with at least $78 billion[16] invested in coal, oil and gas industries. After the top two coal investors Vanguard and BlackRock, TIAA is the fifth largest holder of coal bonds worldwide with $6.7 billion invested in companies that mine, transport, and burn coal for energy.[20] PRI agreed to review the complaint but dismissed it after internal review.

In March 2024, a group of TIAA clients and university student activists published their response[21][22][23] to TIAA sponsoring the Big 10 while utilizing harmful investing practices.[24] The activists stated that land grabs,[25] the spraying of toxic chemicals, and fossil fuel investments are contributing to the climate crisis.

Investments and diversification

  • 2012: bought Festival Place, a shopping center in Basingstoke, England for £280 million.[26]
  • 2013: purchased a 50% stake in the Grand Canal Shoppes, including the Shoppes at the Palazzo, in Las Vegas, Nevada, for net proceeds of US$410 million as part of a new joint venture with General Growth Properties. GGP will continue to oversee the asset management of the project.[27]
  • 2014: announced that it would acquire Nuveen Investments in a deal valued at $6.25 billion.[28]
  • 2016: announced deal to buy EverBank Financial Corp. for $2.5 billion in cash;[29] completed June 12, 2017. The combined bank's legal entity name is TIAA, FSB.[30] Nearly a year after the acquisition of EverBank, TIAA began rebranding all of its banking activities under the TIAA Bank name on June 4, 2018.[31] In November 2022, TIAA announced plans to sell TIAA Bank to private investors. TIAA Bank changed its name back to EverBank when the transaction was completed.[32]

References

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  1. ^ a b c d e Page Module:Citation/CS1/styles.css has no content."TIAA". 2021 Fortune 500.
  2. ^ a b c Page Module:Citation/CS1/styles.css has no content."Q4 2017 Facts and Stats" (PDF). TIAA. January 2018. Archived from the original (PDF) on May 17, 2018. Retrieved February 6, 2019.
  3. ^ Abelson, Reed. "Budget Deal to Cost T.I.A.A.-C.R.E.F. Its Tax Exemption", The New York Times. 20 July 1997.
  4. ^ Page Module:Citation/CS1/styles.css has no content."TIAA Governors & Trustees". TIAA. TIAA-CREF. Retrieved September 13, 2022.
  5. ^ Page Module:Citation/CS1/styles.css has no content.Schram, Lauren Elkies (January 30, 2018). "TIAA Selling HQ Building at 730 Third Avenue [Updated]".
  6. ^ Page Module:Citation/CS1/styles.css has no content."On second thought, TIAA doesn't want to sell its headquarters". October 17, 2018.
  7. ^ Page Module:Citation/CS1/styles.css has no content."Fortune 500 Companies 2018: Who Made the List". Fortune. Archived from the original on January 15, 2019. Retrieved November 10, 2018.
  8. ^ Page Module:Citation/CS1/styles.css has no content.Lowell, Jim (October 14, 2006). "TIAA-CREF's 401(k) Options". Forbes. Retrieved February 6, 2019.
  9. ^ Page Module:Citation/CS1/styles.css has no content."Our History: 100 years of serving those who do good in the world". Retrieved February 6, 2019.
  10. ^ Page Module:Citation/CS1/styles.css has no content.Greenough, William C (1990). It's My Retirement Money, Take Good Care of It: The TIAA-CREF Story. Boston, MA 02116: IRWIN Homewood, IL 60430. ISBN 0-256-08657-5.{{cite book}}: CS1 maint: location (link)
  11. ^ a b Page Module:Citation/CS1/styles.css has no content.Schloss, Irving S.; Abildsoe, Deborah V. (2000). "Chapter 16: What are the TIAA investment choices?". Understanding TIAA-CREF: How to Plan for a Secure and Comfortable Retirement. New York: Oxford University Press. pp. 69–71. ISBN 0195131975. This book has not been prepared, approved, or licensed by TIAA-CREF or any affiliated organization.
  12. ^ Page Module:Citation/CS1/styles.css has no content.Hershey, Jr., Robert D. (November 12, 2000). "Teachers' Fund Happily Learns a New Math, Plus Tax". The New York Times.
  13. ^ Page Module:Citation/CS1/styles.css has no content.Svaldi, Aldo (February 22, 2016). "Denver employer TIAA-CREF dropping second half of name". The Denver Post. Retrieved February 6, 2019.
  14. ^ Page Module:Citation/CS1/styles.css has no content.Monllos, Kristina (February 22, 2016). "Rebranded TIAA Hopes Its Shortened Name Makes Financial Planning Seem Simpler". Adweek. Retrieved February 6, 2019.
  15. ^ Page Module:Citation/CS1/styles.css has no content."TIAA General Account is Committing to Achieving Net Zero Carbon by 2050 | TIAA". www.tiaa.org. Retrieved April 19, 2024.
  16. ^ a b Page Module:Citation/CS1/styles.css has no content."Ensuring our future" (PDF). TIAA. 2022.
  17. ^ Page Module:Citation/CS1/styles.css has no content."TIAA fails clients on climate". ieefa.org. Retrieved April 19, 2024.
  18. ^ Page Module:Citation/CS1/styles.css has no content."Formal complaint regarding Serious Violations of the Principles for Responsible Investment (PRI) by signatory Nuveen, a TIAA company" (PDF). October 19, 2022.
  19. ^ Page Module:Citation/CS1/styles.css has no content.Mulvey, Lauren (April 20, 2021). "Activists finally seeing movement on fossil fuel divestment". The Legislative Gazette. Retrieved April 19, 2024.
  20. ^ Page Module:Citation/CS1/styles.css has no content."Who is investing in toxic coal bonds?". Reclaim Finance. March 7, 2022. Retrieved August 7, 2024.
  21. ^ Page Module:Citation/CS1/styles.css has no content.Khandelwal, Meena. "TIAA is sponsoring Big Ten basketball. Know that it's driving the climate crisis". The Des Moines Register. Retrieved April 19, 2024.
  22. ^ Page Module:Citation/CS1/styles.css has no content."Eric Hayot and Ned Ketyer: TIAA's 'sportswashing' its contribution to climate change". Pittsburgh Post-Gazette. Retrieved April 19, 2024.
  23. ^ Page Module:Citation/CS1/styles.css has no content."Letter | Don't let 'sportswashing' ruin Badger pride". The Cap Times. March 20, 2024. Retrieved April 19, 2024.
  24. ^ Page Module:Citation/CS1/styles.css has no content.Finholdt, Isabella. "Ignoring Warning Signs, US Retirement Manager TIAA Bought Farms from Alleged Land Grabbers with Brazilian Sugar Giant". OCCRP. Retrieved April 19, 2024.
  25. ^ Page Module:Citation/CS1/styles.css has no content.II, Vann R. Newkirk (August 12, 2019). "The Great Land Robbery". The Atlantic. ISSN 2151-9463. Retrieved April 19, 2024.
  26. ^ Page Module:Citation/CS1/styles.css has no content.Garfield, Richard (October 14, 2012). "Festival Place is sold for £280 million". Basingstoke Gazette. Retrieved February 6, 2019.
  27. ^ Page Module:Citation/CS1/styles.css has no content.Phillips, David (May 17, 2013). "GGP and TIAA-CREF Partnership Buys Grand Canal Shoppes for $410M". GlobeSt. Retrieved April 2, 2019.
  28. ^ Page Module:Citation/CS1/styles.css has no content.Condon, Christopher; Stein, Charles (April 14, 2014). "TIAA-CREF to Buy Nuveen Investments in $6.25 Billion Deal". Bloomberg News. Retrieved February 6, 2019.
  29. ^ Page Module:Citation/CS1/styles.css has no content.Ensign, Rachel Louise; Telis, Demos (August 8, 2016). "TIAA to buy EverBank for $2.5 billion". The Wall Street Journal. Retrieved February 6, 2019 – via MarketWatch.
  30. ^ Page Module:Citation/CS1/styles.css has no content."TIAA Completes Acquisition of EverBank" (Press release). TIAA. Retrieved February 6, 2019.
  31. ^ Page Module:Citation/CS1/styles.css has no content.Gibbons, Timothy. "As TIAA Bank becomes official, merger 'favorable' to Jacksonville job market". Jacksonville Business Journal. Retrieved June 13, 2018.
  32. ^ Page Module:Citation/CS1/styles.css has no content."TIAA Bank to Become EverBank | News | EverBank".

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