TIAA-CREF - Profile

Profile

TIAA–CREF was created to replace the system of free pensions provided by Carnegie Corporation for professors. When the original fund proved inadequate, TIAA was created in an Act of the New York State Legislature in 1918 as a stock life insurance company for the purpose of providing retirement income for professors through fixed premium guaranteed deferred annuity contracts. Later in 1952, CREF was created to allow professors to invest in the stock market through the nation's first variable annuity. Its core business continues to be retirement plan administration and annuity products. It is by far the largest manager of employer-sponsored 403(b) tax-sheltered annuity plans, a defined contribution retirement plan for employees of 501(c)(3) educational, religious, and charitable organizations. The company also offers 401(k) and 457 plans, Keogh plans, and Supplemental Retirement Plans. Contributions from these plans are typically invested in the company's traditional or variable annuities or its line of mutual funds.

In recent years the company has greatly expanded its capabilities and advisory services and broadened clients' investment choices. Internally it has focused on developing customer support IT infrastructure and leadership development.

At the retail level, TIAA–CREF offers Traditional and Rollover Individual Retirement Accounts, Roth IRAs, mutual funds, after-tax annuities and life insurance (through TIAA–CREF Life), 529 college savings plans, Coverdell Education Savings Accounts, financial planning, and trust and investment management (through TIAA–CREF Trust Company, FSB). These investments are offered to the general public, and TIAA–CREF is no longer limited to the academic community.

On the institutional side, TIAA–CREF Asset Management serves institutional investors and intermediaries, including registered investment advisors, investment-only defined contribution platforms and broker/dealers.